LIC Amulya Jeevan 2 (823)- A pure Term Insurance Plan

LIC Amulya Jeevan 2 table no. 823 is a plan is a pure term insurance plan. In short, it’s without a bonus facility and there is no maturity benefit. It is only going to provide a death benefit in case of the insured life meets death within the policy term. In that case, the sum assured is provided to the nominee of the policyholder. There is no money-back facility that means the premium you have paid is not going to be returned. It is mainly taken to secure the family life in case of the unfortunate death of the policyholder.

Features of LIC Amulya Jeevan 2

• This is a plan with no maturity benefit it only provides a death benefit.
• It is a non-participating traditional plan.
• The sum that is assured by the policyholder is given to the nominee in case of death on the policyholder within the policy term.
• This is a higher sum assurance policy.
• The premium amount is very less as compared to other plans.
• A higher policy term of 35 years is available.

Benefits provided under LIC Anmol Jeevan II

The sum assured is very high with less premium amount that is enough to meet the basic needs of the family after the sudden demise of the policyholder.

There is a discount allotted for the premium paid in annual mode.

The premium paid under this plan is tax-free as per section 80c and the claim received is also tax-free as per section 10D of the income tax act.

Eligibility criteria for LIC Amulya Jeevan II

• The minimum age for the entry of this plan is 18 years and the maximum age for the entry of this plan is 60 years
• The maximum age of policyholder can be 70 years at the time of maturity of the policy
• The minimum policy term is 5 years and the maximum policy term is 35 years for which the policy can be taken.
• Premium paying term is equal to the policy term such as if we take a policy of 10 years then we will have to pay the premium for 10 years.
• The minimum sum that can be assured is 25 lacs and there is no maximum limit for the sum assured.

Documents required for LIC Amulya Jeevan II

• Fully filled application form with photographs
• Age proof of policy buyer.
• Address proof.
• PAN card and Aadhar card for KYC document
• Accurate medical history
• Medical examination report if required.

Terms related to LIC Amulya Jeevan II

Surrender value

There is no provision for the surrender value in the policy plan.

Grace period

There are 30 days allotted for the payment of the premium of the policy as a grace period. If the policy premium would not be paid within 30 days the policy will lapse.

Loans

There is no provision of loans in this policy plan.

Free lookup period 

After purchasing the policy if the policy buyer is not satisfied with the policy then within 15 days the policy can be return after receiving the policy document.