Term insurance plans help in protecting your family’s financial security. These plans pay a lump sum benefit to the family on the death of the insured and the premiums are very low. As such, they help in replacing the income for the family which is lost on the death of the bread-winner. LIC Amulya Jeevan II is such a protection plan which provides unmatched protection to you and your family.
LIC Amulya Jeevan II is a pure term insurance plan which pays a lump sum death benefit if the insured dies during the term of the policy.
Here are the notable features of the plan which make it advantageous for policyholders –
Here are the benefits which the plan offers –
If the insured dies within the term of the policy, the sum assured is paid in a lump sum and the policy is terminated.
Since this is a pure term insurance plan, the plan has no maturity benefit. If the insured survives the term of the policy, no benefit would be paid.
If the due premiums are not paid within the due date of the policy, the policy would lapse. If the policy lapses the coverage stops and no benefits are payable. However, LIC Amulya Jeevan II allows you a period of two years to revive a lapsed policy. Within these two years, you can pay the outstanding premiums and reinstate a lapsed policy. Once revived, the policy allows you full coverage for the remaining period of insurance.
LIC Amulya Jeevan II Plan offers you two different tax benefits both on the investments that you as well as the benefits which you receive. The tax benefits are as follows –
The premiums that you pay to buy and renew the policy are allowed as a tax-free deduction from your taxable income. You can reduce your taxable income by INR 1.5 lakhs by claiming a deduction on the premium paid for the policy.
The death benefit which is paid under the policy also does not attract any tax. The benefit is completely free from tax. Thus, your family can enjoy a lump sum benefit on which no tax would be payable.
Eligibility parameters of LIC Amulya Jeevan II Plan
18 years to 60 years
Maximum maturity age
Term of the policy
Minimum – 5 years
Maximum – 35 years
Minimum – INR 25 lakhs
Maximum – no limit
Depends on age, term and sum assured selected
Premium payment tenure
Equal to the term of the plan
Premiums for LIC Amulya Jeevan II are payable either annually or semi-annually. In the case of semi-annual premium payments, however, an additional 2% premium would be payable.
The sample premium rates, payable under the policy, at different combinations of age and term are given in the table below. For calculation purposes, the following are assumed –
Age of the insured
Term 10 years
Term 15 years
Term 20 years
Term 25 years
Let’s say Mr Verma buys LIC Amulya Jeevan II Plan for a sum assured of INR 50 lakhs. He is 30 years old and he buys the policy for a term of 25 years. The premium for the plan would be INR 9800 (as per the above table). Here’s how the policy would work –
Suicides are excluded from the coverage of the plan if committed within a year of buying or reviving the policy. If the insured dies due to suicide within 12 months of buying a policy or reviving a lapsed policy, 80% of the premiums paid would be refunded back.
LIC Amulya Jeevan II Plan has been withdrawn by LIC and so you cannot apply for a fresh policy. However, LIC offers other term insurance plans like LIC’s Tech Term, LIC’s Anmol Jeevan II and LIC’s Jeevan Amar. If you are looking to buy a term plan from LIC, you can choose from these three.
How to make a claim under the LIC Amulya Jeevan II Plan?
In case of death of the insured, the nominee or legal heir should inform LIC about the death. Claim Form 3783 should be filled and submitted with the relevant documents. Once the documents are submitted, LIC would check and verify them and then pay the death claim directly to the bank account of the nominee or the legal heir.
You can also choose to make your term insurance claim through Turtlemint. If you have bought LIC Amulya Jeevan II Plan from Turtlemint’s platform, you can raise your claim with Turtlemint itself. Just call 1800 266 0101 or send a mail to firstname.lastname@example.org and your claim would be registered. Turtlemint would then take the necessary steps to get your claim settled at the earliest possible time.
To make a valid death claim, the following documents would be required –
A grace period of 30 days is allowed under the policy after the expiry of the premium due date. During this period the policy continues to run and you can pay the outstanding premium without incurring any penalty.
No, the sum assured cannot be chosen in thousands. It should be chosen in multiple of 1 lakh. Thus, if you need coverage of more than INR 25 lakhs, you would have to choose a sum assured of INR 26 lakhs.
For reviving a lapsed policy, the outstanding premiums, interest thereon and proof of insurability would have to be submitted. This proof of insurability is in the form of a medical check-up as specified by LIC. You would have to bear the cost of the check-ups and submit a report to the company for reviving the policy.