LIC Amulya Jeevan II Plan

LIC’s Amulya Jeevan II Plan is a well known term plan. When it comes to offering bonuses, no pure term insurance plan offers additional bonus facilities to the policyholder. Moreover, if the insured dies within the tenure of the policy, then the nominee gets to receive the death benefits. However, nothing is payable to the policyholder when the policy reaches the maturity age.

LIC Amulya Jeevan - Key Features

• Pure Term Plan that offers death benefit but not maturity benefits.
• Without Profit Traditional Plan.
• The nominee gets to receive the Sum assured as the death benefit if the insured dies within the term of the policy. 

LIC Amulya Jeevan - Benefits: 

• High sum assured LIC term insurance plan.
• Very long tenure of 35 years can be chosen.
• Premium discounts for annual mode and high sum assured.
• Income Tax Act has Section 80 C under which the policyholder gets Income tax benefits on the Premiums paid, and as per Sections 10(10 D), tax benefits can be enjoyed on the claims as well.

LIC Amulya Jeevan - Product Specification:

LIC Amulya Jeevan - Details About Premium

Annual premium in Rupees for a Policy Tenure of 15 years. Basic Premium is mentioned below (Tax not included) 

LIC Amulya Jeevan - Policy Details 

• Grace Period: Policyholder gets thirty days to pay the premium. The policy gets to lapse if the policyholder fails to make the payment in the assigned grace period.
• Surrender Benefit or Termination Clause: The policyholder does not get any surrender benefits available in Amulya Jeevan plan.
• Free Look Period: After taking the policy, you are allowed to go through it thoroughly for about fifteen days in order to find out its suitability for you. After completion of this period, the policyholder has the option to quit the policy provided no claims have been made.
• Backdating interest: The policies can be dated back to the same financial year.
• Assignments/Nominations:  This plan offers nominations and assignment.

Exclusions

In cases the policyholder commits suicide within 12 months of taking the policy, only 80 % of the premium that the policyholder pays is returned to the nominee. However, if the insured commits suicide within 12 months of revival, then higher of surrender value or 80% of premiums is paid by the insured.

Documents Required for Amulya Jeevan

To take the policy, you need to submit documents that can attest your existence such as address proof along with your complete medical history. Further, you might have to go for a medical examination depending on your age or the sum you need to assure.