Jeevan Amar – Life Term Assurance Plan

Jeevan Amar – Life Term Assurance Plan

Jeevan Amar Plan No.855 is a term insurance plan which offers financial security to your family members. It’s Non-Linked, Without Profit, pure protection plan.

Features

  • The special premium rate for women
  • Option to choose Level Sum Assured and Increasing Sum Assured
  • Increase your risk cover by Accident Benefit Add-on.
  • Single-Premium, Regular Premium, and Limited Premium Payment options
  • Choose your Policy Term/Premium Paying Term

Eligibility conditions

Minimum Entry Age: 18 years
Maximum Entry Age: 65 years
Maximum age at Maturity: 80 years
Minimum Basic Sum Assured: Rs. 25 lakh
Maximum Basic Sum Assured: No Limit
BSA should be in multiples of 1 lakh if the sum assured is between 25 lakh to 40 lakh and if SA is above 40 lakh then it should be multiple of Rs.10 lakh.
Policy Term: 10 – 40 years

Premium Paying Term: You can choose the Regular premium paying term of you can opt for a Limited Premium Paying Term.

In limited premium term, you can pay 5 years less premium than your term if its less than 15 years and if you opt for minimum 15 years term you can pay 10 years less premium than your term. For example, if your term is 30 years you will only need to pay for 20 years.

Jeevan Amar

Death Benefits

Death Benefit will be the highest of:
7 Times of the annual premium OR
105% of all the premium paid till date OR
Assured amount to be paid OR

For single Premium Plans:
125% of single premium OR
Assured amount to be paid

If you want to opt for monthly payment:
Minimum installment amount
Monthly Rs. 5000/-
Quarterly Rs. 15000/-
Half-Yearly Rs. 25000/-
Yearly Rs. 50000/-

Maturity Benefit

On completing the maturity term, you will not get any benefit in a term plan.

If you are looking for a term plan that protects your family in financial crisis, LIC Jeevan Amar is the answer. This is the latest plan launched by LIC with monthly payment or even onetime premium if you just want to make payment in one go.

LIC Anmol Jeevan 2 -822 Pure Term Plan

LIC Anmol Jeevan 2 -822 Pure Term Plan

LIC Anmol Jeevan 2 Plan No. 822 is a term insurance plan that means it has no 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. This plan is similar to Jeevan Amulya 2. The only difference in this policy is that you get the sum assured of less than 25 lacs.

Features of LIC Anmol Jeevan II

  • 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.

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 the section 80c and the claim received is also tax-free as per the section 10D of the income tax act

Eligibility criteria for LIC Anmol 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 55 years
  • The maximum age of policyholder can be 65 years at the time of maturity of the policy
  • The minimum policy term is 5 years and the maximum policy term is 25 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 6 lacs and the maximum sum that can be assured is 24 lacs

Documents required for LIC Anmol 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 Anmol 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.

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

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.

Pradhan Mantri Jeevan Jyoti Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojana

This is an Insurance Scheme launched by our Prime Minister in 2015 according to this the policyholder will get life insurance coverage for death due to any reason. This is an annual policy that is to be renewed every year and individuals can take the benefits of this scheme from LIC and other insurance companies who were engaged in this scheme. Also, the person who wants to have Pradhan Mantri Jeevan Jyoti Bima Yojana Life Insurance should have a savings bank account. The amount of the policy will be directly debited from their account on the renewal of the policy.

Eligibility criteria for this insurance Scheme: Any Indian individual having an age group between 18 to 50 years and having a savings bank account is eligible for this scheme. Every individual should have an Aadhar card as KYC documents.

Environment period for the Pradhan Mantri Jeevan Jyoti Bima Yojana: Every individual should have to fill up the Insurance form between 1st June 2016 to 31st May 2017.

Enrolment modality: The insurance coverage will be for the one year between the time period 1st June to 31st May for which there are many options to pay the premium that are auto-debit from the individual bank account or can be directly paid to the Insurance office.

Any individual who is not able to pay the insurance amount and leave the Insurance Scheme can also rejoin the scheme but the exclusion of insurance benefit during the period when he has left the scheme will also be applied.
Any individual who joins the scheme for the first time after 1st June 2016 will not be eligible to avail the insurance cover for death other than accident for the first 45 days from the death of enrollment in the scheme if the person met to the death between this 45 days then claim would not be admissible.

Benefits of the Life Insurance: The nominee will get the amount of rupees 2 lack after the death of the individual who has taken the insurance.

Terms and condition:

  • The insurance benefits of the life of the member would be not provided in any of this event will happen.
  • If the account closed due to insufficient balance and the renewal of the insurance cannot be done.
  • In the case of a member covered under Pradhan Mantri Jeevan Jyothi Bima Yojana from more than one company, in this case, the insurance will be terminated.
  • After attaining the age of 50 the insurance period will be ended and the nominee will not get any amount after the death of the individual.

Yearly premium: Yearly premium will be Rs.330/- per annum. The Premium amount will be directly debited from the bank account.

Pradhan Mantri Jeevan Jyoti Bima Yojana

This Insurance Scheme is mainly for the peoples to get interact with the insurance at very nominal rates so that the peoples under the poverty line can also take the benefits of this scheme. It will also raise the government fund that will be used for various works. Every Indian individual should have to enroll in this scheme so that they can get benefits and also can help our government in raising funds.

What do you think about this Yojana? Please let us know in the comments below.

Convertible Term Assurance Policy

Convertible Term Assurance Policy

LIC Convertible Term Assurance Policy (Table No. 58) is a plan with an option to convert the policy to whole life limited Payment Assurance or Endowment Assurance at any time during the specified term, without undergoing a fresh medical examination.

LIC Convertible Term Assurance Policy is designed to meet the needs of those who are initially unable to pay the larger premium required for a Whole Life or Endowment Assurance Policy but hope to be able to pay for such a policy in the near future. This plan is also good if you want to take a decision on the whole life policy later. Maybe you can make better decisions in the future.

Convertible Term Assurance Policyholders get an option of converting a policy into endowment assurance or limited payment whole life assurance.

Death Benefit
The sum assured is payable only in the event of the death of the Life Assured before the expiry of the specified term.

Eligibility Conditions and Restrictions for Convertible Term Assurance:

  • Minimum Entry age: 20 (nearer birthday)
  • Maximum Entry age: 50
  • Minimum Sum assured (Rs.): 50,000
  • Maximum Sum assured (Rs.): 1 Crore
  • Minimum Term: 5 years
  • Maximum Term: 7 years
  • Maximum premium paying period: 55 years
  • Policy loan available: No
  • Survival Benefit: NA
  • Death Benefit: Sum Assured
  • Mode of Premium Payment: Yearly, Half-yearly, Quarterly, Monthly, Salary Saving Scheme.

A convertible term plan is not very popular in India but this is a very flexible type of term plan.

Also Check: Amulya Jeevan 1 Pure Term insurance 

Note:

The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.

Two Year Temporary Assurance

Two Year Temporary Assurance

Life Insurance Corporation of India has an insurance policy for every need.

Two Year Temporary Assurance policy (Table no. 43) caters to the individuals who specifically need insurance cover against the risk for a short period of two years or less, for example, if you are going on tour for a year or two, you may consider a Temporary Term assurance plan.

Two Year Temporary Assurance Policy Summary:

LIC Temporary Assurance plan is for insuring non-insurance minded class of lives who require risk cover for a short period of 2 years or less. However, this plan is not allowed to pregnant women, physically handicapped lives, and when occupational extra chargeable.

Also, Medical Examination is compulsory, and the proposer is required to pay the medical examination fee.

Eligibility Conditions and Restrictions for Temporary Assurance:

  • Min. age at entry:  18 years (lbd).
  • Max. age at entry:  60 years (lbd).
  • Min. S.A.: Rs. 3 lakhs
  • Max. SA : 1 crore.
  • SA in multiples: 50,000
  • Max. Maturity age: 62 years.
  • Modes Allowed: Single only.
  • Terms Allowed: 6/12/18/24 months
  • Accident benefit: Not Allowed.
  • Maturity Benefits: NA
  • Death Benefits: S.A.

FAQ’s
Q: What amount will I receive after 2 years?
Ans: This is Term Insurance without profit, hence you will not receive any amount on the maturity date. If you are looking for a return with the insurance, check out the Endowment policy.

Q: What, if I die within 1 month after taking this policy?
Ans: Your nominee will receive Sum Assured up to 1 crore, depending on how much sum assured you opt.


Update: Two-Year Temporary Assurance Policy Table 43 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.