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.
Overview of LIC Amulya Jeevan II Plan
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.
Key features of LIC Amulya Jeevan II Plan
Here are the notable features of the plan which make it advantageous for policyholders –
- The sum assured is paid in a lump sum on the death of the insured within the policy duration
- The premiums are very low and affordable allowing you to opt for high coverage levels for your family’s financial security
- Coverage for up to 35 years is available under the plan
Benefits offered by LIC Amulya Jeevan II Plan
Here are the benefits which the plan offers –
- Death benefit
If the insured dies within the term of the policy, the sum assured is paid in a lump sum and the policy is terminated.
- Maturity benefit
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.
Tax benefits of LIC Amulya Jeevan II Plan
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 –
- Section 80C
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.
- Section 10 (10D)
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
|Entry age||18 years to 60 years|
|Maximum maturity age||70 years|
|Term of the policy||Minimum – 5 yearsMaximum – 35 years|
|Sum assured||Minimum – INR 25 lakhsMaximum – no limit|
|Premium amount||Depends on age, term and sum assured selected|
|Premium payment tenure||Equal to the term of the plan|
Premium details of LIC Amulya Jeevan II 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 –
- The insured is a male
- The insured does not smoke
- The sum assured is INR 50 lakhs
- Premiums are paid annually
|Age of the insured||Term 10 years||Term 15 years||Term 20 years||Term 25 years|
|30 years||INR 6450||INR 7100||INR 8200||INR 9800|
|40 years||INR 12,050||INR 14,850||INR 17,850||INR 21,150|
|50 years||INR 29,250||INR 34,450||INR 40,250||NA|
How does LIC Amulya Jeevan II Plan work?
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 –
- The coverage would continue for 25 years till Mr Verma reaches 55 years of age
- If Mr Verma dies during the term of the plan, the death benefit payable would be INR 50 lakhs
- If, however, Mr Verma survives till the end of the term of 25 years, no benefit would be paid on maturity
Exclusions under LIC Amulya Jeevan II Plan
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.
How to buy LIC Amulya Jeevan II Plan?
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.
Documents required for making a claim
To make a valid death claim, the following documents would be required –
- Death certificate
- Policy bond
- Identity proof of the nominee/legal heir
- Bank details of the claimant
- Police FIR, post mortem report, inquest report, etc. if the insured died in an accident