With term plans becoming popular every day, India’s largest and most popular insurer Life Insurance Corporation (LIC) has also made its foray into this space. The term plan is named Jeevan Amulya-II. It is a pure protection plan, especially for those looking for insurance policies without any investments. Here are some of the benefits of the term plan from LIC:
Benefits under Jeevan Amulya policy
The scheme provides death benefit equivalent to the sum assured opted for.
(Also see: Jeevan Anand – Best Lic Policy)
There is no maturity benefit under this policy in case of survival of the insured person.
Who can take this policy- Eligibility Criterion?
|Entry Age||18 years||60 years|
|Maturity Age||-||70 years|
|Policy Term||5 years||35 years|
|Premium Paying Term||5 years||35 years|
|Sum Assured||25,00,000||No Limit|
|Payment Modes||Yearly, Half-Yearly|
You cannot avail any loan facility under this policy since it is a term plan.
(Also see: Best LIC Policy for Children)
|Annualised premium rates per Rs. 1000 Sum Assured|
Term of the Policy (years)
The premiums paid under this policy will be eligible for deduction u/s 80C of income tax act. The lump sum amount received by the family will be tax free u/s 10.
There will be a grace period of 30 days for premium payment.
Paid up and Surrender value
There will not be any paid up or surrender value for this policy.
LIC’s claim settlement ratio would attract any insurance buyer towards it. With LIC launching a term plan, people would love to purchase it. However, the premiums of this plan seem to be quite high compared to the online private term plans. If you are a die hard fan of LIC, you might still go for this on the basis of trust in claim settlement.
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