LIC Anmol Jeevan II Plan

LIC Anmol Jeevan II- An Overview

LIC Anmol Jeevan II is a term insurance plan offered by the Life Insurance Corporation of India. It provides affordable life insurance coverage for a specific term of 5 to 25 years. In the event of the policyholder's demise during the policy term, the plan offers a lump sum death benefit to the nominee. This policy does not offer any maturity or survival benefits, making it a pure protection plan. It is a cost-effective option for individuals seeking to secure their family's financial future in case of an unfortunate event.

Features of LIC Anmol Jeevan 

Here are some of the key features of the Anmol Jeevan II Plan:

• Pure Term Plan with only death benefit and no maturity benefit

• Individuals are allowed to opt for a policy term that suits their requirements. 

• Premium payment can be made yearly or every 6 months as per the preference of a policyholder. 

• Individuals can select a sum assured that matches their lifestyle, with an upper limit of Rs. 24 lacs, ensuring their family’s protection if something unfortunate happens to them. 

• An individual can opt for policy terms that suits their requirements i.e., ranging between 5 and 25 years. 

• Non-Participating Traditional Plan

• Sum Assured paid to the nominee in case of death of the life insured during the policy term

Eligibility Criteria of LIC Anmol Jeevan II

Benefits of LIC Anmol Jeevan II

• Death Benefit – A death benefit equal to the sum assured will be paid to the nominee at the time of the unfortunate demise of the policyholder while the policy is in force. 

• Affordable Premiums: This policy is cost-effective, making it accessible to a wide range of individuals.

• Tax Benefits - Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Policy Details of LIC Jeevan Anmol II

• Grace Period: 30 30-day grace period is allowed for premium payment in annual and half-yearly modes. If the policyholder fails to make payment within the grace period, the policy lapses.

• Policy Termination or Surrender Benefit: There are no surrender benefits available in this plan

• Free Look Period: If you are not pleased with the coverage and terms and conditions of the policy, you have the option of cancelling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

• Revival Period: The plan also provides the provision to revive the policy if it gets terminated because of the non-payment of premium amounts. 

• Pre-Purchase or Policy Renewal Medical Examination: The need to undergo a medical examination during the application process of this plan is strictly subject to the choice made by the LIC. The insurer evaluates whether the policyholder is required to submit a medical examination on the basis of his/her medical history and other factors. Policyholders who purchased this plan under the ‘No Smoking’ section might have to go through some medical tests to prove that he/she has no smoking history. 

• Surrender Value: No Surrender value is available under the plan 

Exclusions of LIC Jeevan Anmol II

In case of suicide committed within 12 months of policy inception, only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, a higher of 80% of premiums paid or acquired Surrender Value is paid

Documents Required

The policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. A medical examination may be required in some cases, based on the sum assured and the age of the person.

FAQs