LIC’s Term Insurance is a protection plan which gives only financial protection to the insured’s family in case of his/her unfortunate demise.
There are two Term Insurance Plans are in LIC of India
- Anmol Jeevan
- Amulya Jeevan
Eligibility Conditions And Other Restrictions for Anmol Jeevan
- Minimum Sum Assured: Rs. 6,00,000
- Maximum Sum Assured: Rs. 24,00,000
- (The Sum Assured shall be in multiples of Rs. 1, 00,000/-)
- Minimum age at entry 18 years (completed)
- Maximum age at entry : 55 years (nearest birthday)
- Maximum cover age : 65 years (nearest birthday)
- Minimum policy term : 5 years
- Maximum policy term : 25 year
Eligibility Conditions And Other Restrictions for Amulya Jeewan Plan
- Minimum Sum Assured : Rs. 25,00,000
- Maximum Sum Assured : No uper limit
- (The Sum Assured shall be in multiples of Rs. 1, 00,000/-)
- Minimum age at entry : 18 years (completed)
- Maximum age at entry : 60 years (nearest birthday)
- Maximum cover age : 70 years (nearest birthday)
- Minimum policy term : 5 years
- Maximum policy term : 35 years
Features and benefits:
Death Benefit: In case of unfortunate death of the Life Assured during the policy term Sum Assured shall be payable.
Maturity Benefit: On survival to the end of the policy term, nothing shall be payable.
Paid -Up value– Both policy can not be Paid Up.
Surrender Value: No Surrender Value will be available under this plan.
Taxes: Income Tax benefits (80 c) are available
Cooling-off period:If the Policyholder is not happy with the “Terms and Conditions” of the policy, the policy may be returned to us within 15 days from the date of receipt of the policy .
Suicide: This policy shall be void if the Life Assured (whether sane or insane) commits suicide within 12 months from the date of commencement of risk or from the date of revival, an amount equal to 80% of the premiums paid till the date of death (excluding any taxes, extra premium, if any,), provided the policy is inforce, shall be payable. The Corporation will not entertain any other claim under this policy.
Revival of Policy: If Premiums are not paid on time with in grace period then then the policy ,A lapsed policy can be revived with in the two consecutive years from the date of first unpaid premium.
Suppose A Person age 35 yrs old took this Term Insurance for 35 years
Plan Amulya jeevan (823)
Sum Assured :5000000
Premium With Tax 18.0% :
Yearly : 23128 (19600 + 3528) Halfly : 11795 (9996 + 1799)
