LIC Amulya Jeevan 2 plan 823 Review

By | April 19, 2016
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lic_amulya_jeevan_2LIC Amulya Jeevan 2 Plan

Introduced on 3rd February 2014, the LIC Amulya Jeevan 2 (Plan no 823.)  is a term insurance plan. It is a protection plan which offers financial security to the insured’s family in case of demise of the life insured during the tenure of the policy. Amulya Jeevan LIC is a former policy can be revived within a period of two successive years from the date of 1st unpaid premium.

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LIC’s online term plan – Amulya Jeevan does not comprise of any maturity benefits or survival benefits. In LIC Amulya Jeevan 2, if the life insured stays alive during the whole duration of the plan then nominee will not be entitled to anything, which means there will be no maturity benefits with such policies.

Now, you can easily calculate the LIC term plan Amulya Jeevan premium through the premium calculator.

You can calculate the LIC Amulya Jeevan 2 Premium amount that you will have to pay in order to avail all the benefits available under this policy by using LIC amulya jeevan 2 premium calculator. With Lic amulya jeevan Calculator it is very easy to calculate your premium.

LIC Amulya Jeevan 2 Plan Eligibility Conditions

Eligibility Condition Details
Age of Entry ·         Minimum – 18 years (Completed)

·         Maximum – 60 years (Nearest Birthday)

Sum Assured ·         Minimum – Rs 25 Lakhs

·         Maximum – No Limit

Policy Term ·         Minimum – 5 years

·         Maximum – 35 Years

Age at Maturity ·         Minimum –

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·         Maximum – 70 Years

Premium Mode Yearly, Half Yearly
Loan Facility No loan will be granted
Surrender value No Surrender value
Paid up Value No Paid up value

Benefits you get through LIC Amulya Jeevan II

Basically, a person who is a part of this policy is entitled to certain benefits. Such benefits are based on prevalent conditions. They can be summed up as below:

Death Benefit : In case of ill-fated death of the Life Assured in the tenure of the policy term Sum Assured shall be payable.

Maturity Benefit : On continued existence up till the end of the policy term, nothing shall be payable.

Rebates in LIC Amulya Jeevan 2

Large Sum Assured Rebates : The decrease in tabular premiums for diverse Sum Assured ranges are mentioned below:

Sum Assured Regular Premium Single premium
Up to Rs.99 lakh
Rs.1 Crore and above Rs.0.50 %o SA

MODE EXTRA : 2.00% of tabular annual premium for half-yearly mode.

Relevant Details of the Amulya Jeevan policy:

Riders : Generally, you will find no riders under this plan.

Policy Revival : Policy can be renewed within a period of two successive years from the date of 1st unpaid premium but previous to the ending of policy term, by paying all the arrears of premium together with the interest.

Suicide Clause : If insured commits suicide before twelve months of beginning of risk, an amount equal to 80% of the premiums paid till the date of death are likely to be payable.

Service Tax : 12% service tax is shall be applicable.

Cooling – off Period : In case a policy holder is not satisfied with the ‘Terms and Conditions” of the policy, the policy can be returned within a period of fifteen days from the date of receiving of the particular policy.

Backdating interest : The policies can be squared back within the very same financial year.

Assignments / Nominations : Assignment and nominations are very much possible under this plan.

Payment of Claims : Claim concession and extended claim concession are not applicable under this plan.

Documents Required for Claim under LIC Amulya Jeevan 2

  1. Properly filled claim form.
  2. Original Policy document.
  3. Identification Proof.
  4. Death Proof.
  5. Medical treatment document prior to death.
  6. Age proof.

Example on LIC Amulya Jeevan II

Ms. Pravesh took LIC Amulya Jeevan 2 policy at the age of 25 years for a tenure of 20 years.

Sum Assured : Rs. 30,00,000/-

Solution:

Premium without tax Tax with tax
Yearly Premium 3810 471 4281
Half-Yearly Premium 1943 240 2183

Maturity And Death Benefits

Natural/Accident Death Benefit 3,000,000
Maturity Benefit 0

For further details about LIC New Amulya Jeevan II Policy click on below given link,

LIC Amulya Jeevan 2 Policy.

 

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