LIC Amulya Jeevan - Key Features

• Pure Term Plan that offers a death benefit but no 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. 

• Choose policy terms between 5 years and 35 years as per the suitability 

• Plan provides an option to choose premium payment mode either once time in a year or one time every 6 months. 

• Policyholder can secure themselves with a minimum sum assured of Rs. 25 Lacs 

• Long tenure of 35 years can be chosen.

• Premium discounts for annual mode and high sum assured.

LIC Amulya Jeevan - Benefits

• Death Benefit: In case of death of the life policyholder during the policy term, sum assured on death shall be payable. 

• Maturity Benefit: On the survival to the end of the term of policy, no amount shall be payable.

• Income Tax Benefit: Under Section 80 C, 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 

Here are the salient policy details of LIC Amulya Jeevan-II Plan that one should be aware of before making a purchase decision: 

1. Grace Period

   The policyholder gets 30 days to pay the premium. The policy gets to lapse if the policyholder fails to make the payment in the assigned grace period.

2. Surrender Benefit or Termination Clause

   The policyholder does not get any surrender benefits available in the Amulya Jeevan plan.

3. 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.

4. Backdating interest

   The policies can be dated back to the same financial year.

5. Assignments/Nominations

   This plan offers nominations and assignments.

6. Revival of discontinued policies 

   If the policy lapses due to non-payment of the due premium amount within the grace period, it may be revived during the policyholder’s lifetime, but within a time of 2 consecutive years from the date of 1st unpaid premium and before the maturity date. 

Exclusions

In case, the policyholder commits suicide within 12 months of taking the policy, only 80 % of the premium that the policyholder has paid is returned to the nominee. However, if the insured commits suicide within 12 months of revival, then a higher 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 to 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.

FAQ's