LIC ANMOL JEEVAN (Table No. 164)
LIC Anmol Jeevan is a pure term insurance policy, suitable for the people who want protect their family with good sum assured at an economical premium. This term insurance policy from LIC India comes with risk cover of less than Rs. 25,00,000. SUM assured exceeding Rs. 25,00,000 can be availed in LIC Amulya Jeevan policy. This Term insurance policy provides risk cover at lower premium rates. On death within the terms, SUM assured is payable to nominee, no maturity benefits are applicable. All males and females with earned income (Category I) and females with unearned income and paying tax (Category II) are eligible for this insurance policy.
BENEFITS & FEATURES
Maturity Benefits: Nothing will be paid on maturity of policy
Death Benefits : SUM Assured payable to nominee in case of death within term of policy
Policy Loan : No loan feature available under this policy
Tax Benefits : Tax benefits on premium under section 80C and death claim under section 10 (10D) as per IT Act 1961
Surrender Value : No paid up value or surrender value will be available in this policy in case of surrender before completion of selected period.
Others Benefits : Revival and assignment are available
ELIGIBILITY & PREMIUM PAYMENTS
- Min / Max Age: 18 Years to 55 Years
- Max age of maturity: 65 years
- Min / Max Term: 5 Years to 25 Years
- Min / Max Sum Assured: Rs.5,00,000 to less than Rs. 25,00,000
- Premium Payment: Yearly, Half- Yearly and Single premium
1 % of rebate on annual premium for yearly premium payment mode will be given. No rebate is available for premium paymen on half yearly mode. No Sum Assured Rebate is available in case of regular premium policies.
Grace Period: 15 days grace period is provided in Anmol Jeevan policy for both half yearly and yearly premium modes. In case of non-payment within the grace period, policy will be considered lapse. In case of death during grace period, policy benefit will be provided (SUM assured) after deducting the amount of said premium as also unpaid premiums falling due before the next policy anniversary of the Policy.
Revival: Lapsed policy can be revived during term of plan by submitting proof of continued insurability and the payment of overdue payment together with interest at such rate as may be prevailing at the time of the payment. LIC of India reserves the right to accept or decline the revival of discontinued policy. The cost of the Medical reports, including Special Reports, if any, required for the purposes of revival of the policy, should be borne by the Life Assured.