LIC Amulya Jeevan II (lic table no 823) is a pure risk cover term plan of sum assured for Rs 25 lakhs and no limit, which can be opted primarily for protection.In LIC Amulya Jeevan II, the nominee will get the entire Sum assured if the life insured dies during the policy term.This plan also knows as LIC term insurance plan.
Key Features of LIC Amulya Jeevan II Policy
- Pure term plan with only death benefit
- Sum Assured of Rs.25 Lakhs or more can be opted
- There is no maturity benefit in this plan
- Tax benefits available U/S 80-c
LIC Term Plan Amulya Jeevan-II conditions
|Age||Min. age : 18 years (completed)
Max. age: 60 years (nearest birthday)
|Policy Term||Min. Policy Term: 5 years.
Max. Policy Term: 35 years.
Max. Risk Cover ceasing age: 70 years (nearest birthday)
|Sum Assured||Min. SUM ASSURED: Rs. 25, 00, 000.
Max. SUM ASSURED: No limit.
|Premium Paying Mode||Yearly, Half Yearly only.|
Benefits of LIC Amulya Jeevan II Insurance Plan
Death Benefit – The entire Sum Assured is paid to the nominee on death of the Life Insured during the policy term.
Maturity Benefit – No benefit is payable on maturity as this is a pure protection plan.
Income Tax Benefit –Up to Rs.1,50,000 are allowed as a deduction from the taxable income each year under section 80C. Death Benefit is also tax free.
An example of DEEPAK who is purchasing this Plan with following details.
Sum Assured: Rs.50,00,000
Policy Term: 35 Years
Policy Purchase Year: 2016
Age: 30 Years
Yearly Premium: Rs. 15572/-
Year-wise Death Claim
|Year||Age||Risk Cover Normal||Premium||Tax Saved||Net Premium|
If death happens during the policy term Before 35 years,Sum Assured Rs. 5000000/- will be paid to nominee and it is indicated as Normal Life Cover or accidental death.
Additional details of LIC Amulya Jeevan 823
- Loan Facility: No loan is provided.
- Riders: No riders are available under this policy.
- Paid-up Value: Amulya Jeevan 2 will not acquire any paid-up value.
- Surrender Value: No surrender value will be available under LIC term plan 823.
- Policy Revival: Policy can be revived before 2 years from date of First Unpaid Premium.
- Suicide Clause: if insured commit suicide before 12 months he will be returned back 80% of premium what he paid.
- Proposal Forms: Proposal Form no. 300 will be used for this plan.
- Cooling-off Period: If a policyholder is not satisfied with the Terms and Conditions of the policy, customer may return the policy within 15 days from the date of receipt of the policy.
- Back-dating interest: The policies can be dated back within the same financial year.
- Assignments/Nominations: Assignment and nominations is possible under this plan.
LIC Amulya Jeevan Premium Calculator
Services that I offer
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BASPA NAND PANCHOLI
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