LIC’s Anmol Jeevan II Plan
LIC, Life Insurance Corporation of India has dominated the Indian Insurance market for 6 decades. It has been the go-to insurance company for millions of Indians. LIC caters to the different financial needs and plans of different people. There are many plans and products that are regularly announced by the LIC. LIC’s Anmol Jeevan II is one such plan that has been introduced by LIC.
This plan by LIC is basically a term insurance plan. When an LIC’s Anmol Jeevan II policyholder dies during the term of the policy, his appointed nominee receives financial aid from LIC. This plan provides protection and security to the bereaved family, who might otherwise be in a financial crisis. Therefore, by investing in this policy the breadwinner makes an attempt to cater to the uncertainty that life brings.
Investing in LIC’s Anmol Jeevan II is a sensible option for any individual who wishes to provide his loved ones with a safe and secure future. An individual as young as 18 years can buy this plan, which is a full-proof plan in many ways.
Other important Features of LIC’s Anmol Jeevan II Policy
Grace Period
To make the premium payment without paying a fine from the policyholder gets a grace period of 30 days.
| Annual Mode | 30 days |
| Half Yearly Mode | 30 days |
In a case where the death of the insured individual takes place during the grace period, the plan would still be considered active and the death benefit will be paid to the nominee, the unpaid premium amount will be deducted from the sum assured.
Revival Period
The policyholder also has the provision of reviving his policy if his policy gets terminated due to non-payment of premium. But this has to be done in no more than 2 successive years of the earliest unpaid premium and before the end of the tenure of the policy.
Availability of Riders
There are no riders available with this plan
Section 45, Insurance Act, 1938
Under Section 45 of the Insurance Act, 1938 if a policy has expired it cannot be called in question after 3 years from the date it was issued or from the date that it was revived.
No Availability of Loan
There is no provision to take a loan under LIC’s Anmol Jeevan II plan.
Forfeiture of LIC’s Anmol Jeevan II Plan
In case the due premiums are not paid or it is found that the personal details provided by the policyholder are incorrect or the submitted documents are inaccurate, the policy would be declared void. The claims and benefits will then be subjectto Section 45 of Insurance Act, 1938.
Exclusions in the Plan
LIC will not serve any claim other than
- 80% of the amount paid through premiums, if the individual commits suicide within 1 year of purchase of the policy.
- 80% of the premiums that have been paid till the date of death, if the policyholder commits suicide within 1 year of revival of the policy.
Cooling-off Period
If a policyholder is not completely satisfied with the policy, he has the provision of returning it to LIC. This period, which is called the cooling-off period, is available for 15 days from the date of buying the policy. The reason of objection has to be mentioned by the policyholder, after which LIC will annul the policy and the premium that has been paid by the policyholder will be returned after a deduction of the pre-specified costs.
Pre-Purchase/Policy Renewal Medical Test
Whether an individual requires to undergo a Medical test or not depends on his age, his health and the details given by him. LIC then decides if he needs to submit his reports or not. It is extremely important that the correct details about the medical history and current lifestyle are provided at the time of buying the policy.
Hiding facts about your drinking or smoking habits can adversely affect your policy benefits.
In most cases, where the sum assured is above INR 10 lakhs it requires a test. Sometimes government officials are allowed a risk cover of INR 15 lakhs without a medical examination. Generally, FBS, Lipidogram, ELISA etc are tested.
It should be remembered, that if for the purchase of a new policy revival of the policy a medical examination is required, the entire cost of the medical procedures is to be borne by the policyholder alone.
Purchasing LIC’s Anmol Jeevan II Plan
LIC Anmol Jeevan II Plan can be purchased online or through intermediaries like brokers, agents and distributors.
Claim Procedure
To ensure a smooth claim settlement it is advised that the claimant presents-Duly filled and signed Claim form, an NEFT Mandate, Title as well as Death Proof and Certification of medical treatment, and ensure satisfaction of Corporation.
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