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LIC Amulya Jeevan II Plan: Features, Benefits, and Eligibility

Securing term insurance is crucial for everyone, particularly individuals with a family of dependent children and elderly parents. The untimely demise of the sole breadwinner can significantly impact the entire family. LIC Amulya Jeevan II plan allows you to proactively prepare for anticipated future expenses such as a child’s higher education and marriage, medical costs for parents, and ensuring a steady income for the family.

Thus, taking proactive steps to safeguard your family’s financial future in advance is a wise decision. Between 30 and 35 years old, find LIC Amulya Jeevan II. It is found, along with other Rs.1 crore term plans, as the most suitable option. Various life insurance companies in India specialize in providing Rs.1 crore term insurance plans.

However, LIC, India’s oldest public sector company, is renowned for offering dependable services with one of the lowest annual premiums. Importantly, LIC boasts the highest claim settlement ratio among life insurance companies in India. This indicates that, in case of a claim against LIC’s Rs.1 crore term insurance. Then, you will have the highest chance of the claim being settled.

Read More: LIC Jeevan Akshay VI Pension Plan

Features of LIC Amulya Jeevan II Plan

Deciding on one of the term plans from LIC becomes challenging for us. This is due to the diverse features and benefits they offer. The features of LIC Amulya Jeevan II are listed as follows:

1. Flexible

The LIC Amulya Jeevan II offers a flexible tenure between 5 and 35 years. This makes it a suitable term insurance plan for fulfilling both long-term financial objectives and short-term goals.

2. Pure Plan

The LIC Amulya Jeevan II offers only a Death benefit. It does not provide any payout upon surviving the policy term as a Maturity Benefit.

3. Sum Assured is High

Policyholders under LIC Amulya Jeevan II can opt for a high sum assured. This starts from a minimum of Rs. 25 lakhs allowing them to increase the coverage according to their financial objective.

4. Flexible Premium Payment Options

Policyholders under LIC Amulya Jeevan II can select their premium payment modes. This enables them to pay their premiums annually or bi-annually, specifically once a year or every six months.

5. Grace Period

Policyholders under LIC Amulya Jeevan II are granted a grace period of one month. This only happens if they fail to make their premium payments on time.

Read More: LIC Jeevan Saral 165 Maturity Calculator

Benefits of LIC Amulya Jeevan II Plan

LIC Amulya Jeevan II offers a range of benefits, including

  • Death Benefits

The LIC Amulya Jeevan II provides the policyholder with a Death Benefit. This assures their family of financial stability even in their absence. It serves as a guardian for the family, allowing them to continue living how they do and fulfill their future ambitions. The sum assured on the LIC Amulya Jeevan II is payable to the beneficiary only in the event of the policyholder’s demise during the policy term.

  • Tax Benefits

Under Section 80C of India’s Income Tax Act of 1961, investments in LIC Amulya Jeevan ii qualify for tax breaks on premium payments. It also provides tax-free claims per Section 10(10D) of the Income Tax Act, 1961.

Eligibility Criteria for LIC Amulya Jeevan II Plan

To be eligible for purchasing LIC Amulya Jeevan 2, you must meet the following criteria:

  • Minimum entry age: You should have attained an 18 to participate in this plan.
  • Maximum entry age: This term insurance plan’s maximum allowable entry age is 60 years.
  • Maximum maturity age: The plan’s maximum maturity age is 70 years for life insurance coverage.
  • Minimum sum assured: The sum assured starts at a minimum of Rs. 25 lakhs.

Specifications of LIC Amulya Jeevan II Plan

Minimum Sum Assured Rs. 25,00,000
Maximum Sum Assured

( should be in multiples of Rs. 1,00,000)

No limit
Minimum age 18 years (completed)
Maximum age 60 years (nearest birthday)
Maximum coverage 70 years (nearest birthday)
Minimum policy term Five years
Maximum policy term 35 years

Policy Details of LIC Amulya Jeevan II Plan

Some important details of LIC Amulya Jeevan II for the policy as listed below

1. In the case of Surrender

LIC Amulya Jeevan II does not offer surrender benefits. This means that policyholders cannot surrender this term insurance plan in exchange for a cash value. If the policy is surrendered before the end of the tenure, the policyholder will not receive any benefits.

2. The Look Period is Free

LIC provides policyholders with a free look or cooling period of 15 days upon purchasing the LIC Amulya Jeevan II.

During this period, policyholders can carefully review the policy, ask questions, and seek clarification regarding any concerns. If they choose to return the policy within this period, it will be canceled. LIC will refund the first premium paid after deducting applicable charges, such as the proportionate risk premium.

3. Backdating Interest

Policy dating of LIC Amulya Jeevan II is permissible if the date falls within the same financial year.

4. Nominations

The LIC Amulya Jeevan II Plan offers the facility of assignment and nomination to policyholders.

5. Exclusions

If the individual commits suicide within 12 months of the purchase, from the date of the beginning of risk, or the date of revival, the Death Benefit is not applicable. However, the policyholder can receive a maximum of 80% of the Death Benefit amount as premiums paid until their death.

Documents Required for LIC Amulya Jeevan II Plan

To apply for the LIC Amulya Jeevan 2, you will need to provide the listed documents as proof of your age, address, identity, health, and income:

  • Aadhaar Card
  • PAN Card
  • Passport
  • Voter ID
  • Ration Card
  • Certificate of Birth
  • Matriculation Certificate
  • Income Documents
  • Electricity and Gas Bills
  • Bank Statement
  • Blood and urine test reports
  • Photographs

Read More: LIC Plans Double Money in 5 Years

Conclusion

The LIC Amulya Jeevan 2 Plan offered by LIC provides a comprehensive and flexible term insurance solution. With high sum assured options, policyholders can customize their coverage to meet their financial objectives. The plan offers a Death Benefit to ensure the financial stability of the policyholder’s family in case of untimely demise.

The flexibility in premium payment modes and the availability of tax benefits add further value to the plan. Overall, the Amulya Jeevan-II Plan provides policyholders and their loved ones security with peace of mind. This makes it a reliable choice for those seeking robust term insurance coverage.

LIC Amulya Jeevan II Plan – FAQs

What is the minimum sum assured offered by the LIC Amulya Jeevan 2?

Ans. The minimum sum assured offered by the LIC Amulya Jeevan 2 is Rs. 25 lakhs.

Is a grace period provided for premium payments in case of delay?

Ans. Yes, a grace period of one month is provided for premium payments in case of delay.

Can I surrender LIC Amulya Jeevan 2 and receive a cash value?

Ans. No, surrender benefits are not applicable for the Amulya Jeevan-II Plan. It cannot be surrendered in exchange for a cash value.

Are there any tax benefits associated with the plan?

Ans. Yes, the LIC Amulya Jeevan 2 investments are eligible for tax benefits on premium payments under Section 80C of India’s Income Tax Act. The plan also provides tax-free claims per Section 10(10D) of India’s Income Tax Act.

How long is the free look period for reviewing the policy after purchase?

Ans. The free look period for reviewing the policy after purchase is 15 days. During this period, policyholders can thoroughly review the policy document, seek clarification, and decide whether to continue the plan.

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