The LIC Amulya Jeevan-II is one protection plan that provides financial protection to the insureds’ family in case of any unfortunate event.
The table below shows the eligibility criteria of LIC Amulya Jeevan-II:
|Entry Age||18 years and 60 years|
|Ceasing Age||70 years|
|Policy Term||05 years and 35 years|
|Sum Assured||Rs 25 lakh|
Note: The sum assured will be in the multiples of Rs 1, 00,000.
Here is a rundown of the benefits of LIC Amulya Jeevan-II by LIC of India:
In case the life assured passes away while the policy is active the sum assured is payable to the nominee.
Flexibility in the premium payment is offered to the policyholder who can opt for an annual or bi-annual payment option. This option is intended to ease the burden of payment and split it over six months in case of affordability issues.
The tenure of the Amulya Jeevan-II plan lies in the range of 5 to 35 years. This implies that the minimum period for which the policy can be taken is 5 years and the maximum subscription time is 35 years. Hence, short term and long term goals can be kept in mind while finalizing the policy tenure.
Under any circumstance the policyholder is unable to pay the premium amount within the grace period, a time of 30 days is provided in annual and half-yearly mode.
Tax benefits under Section 80C and Section 10D (10) of the Income Tax Act is available to eligible individuals under the Amulya Jeevan-II plan.
Note: Tax benefit is subject to changes in tax laws.
The Amulya Jeevan-II plan can be purchased offline by visiting any of the branches of LIC India. One can also apply online by filling in the required information such as name, address, e-mail, annual income, products, etc., and wait for a correspondent from the LIC to contact via phone after a meeting can be arranged between the insurance agent and the prospective policyholder.
The following are the documents required to buy LIC Amulya Jeevan-II
The claim process for LIC’s Amulya Jeevan-II plan is simple. To claim the policy amount,
Visit the official website and download the “Claim Form” One can get the form by visiting any nearby physical branch of the LIC.
For death claims (other than death by suicide), the nominee (legally entitled person) needs to procure the forms and fill in the requisite information in Claim Form A in Form No. 3783 or Form No. 3783 (as the case may be)
Attach the required documents- original policy documents, death certificate, form, and submit them with the respective authority.
Note: Being a pure-term insurance plan, no maturity benefits are available under this plan in case of the policyholder's survival through the policy period
The LIC Amulya Jeevan-II will be void when the life assured commits suicide within twelve months from the commencement date of risk from the revival date and an amount equal to 80 per cent of the paid premiums until the death date excluding taxes, rider premiums and additional premium in case of any provided the policy is active will be payable.
Ans. Amulya Jeevan-II plan does not entail any maturity benefits if the policyholder survives by the time the policy reaches its maturity period. Being a pure term insurance plan, maturity benefits are not given out.
Ans. If the policyholder fails to pay the premium amount within the grace period, then the time of 30 days is provided in annual and half-yearly mode.
No, the surrender value option is not available for LIC’s Amulya Jeevan-II plan.
Ans. No, it does not offer any riders to the policyholders of the Amulya Jeevan-II plan.
Ans. Death by suicide is excluded from LIC’s Amulya Jeevan-II insurance coverage. However, the clause states that only 80% of the premium paid will be granted to the nominee of the policyholder in case of death by suicide.