New Amulya Jeevan II is a great protection plan that monetarily secures family members in case of an untimely death of the policyholder. As the name suggests, this is a high-value plan where the minimum benefit value is 25 lakh INR. The plan provides financial death security only during the policy tenure and do not provides any compensation after the maturity of the plan. This plan provides high benefits against small investment and can be benefitted by people functioning in high-risk occupations. The uniqueness of the LIC Term Plan is that a policy member could obtain high-value fiscal support for the family member against very low premium payments.
Maturity Benefits in New Amulya Jeevan II
There is no facility of maturity benefits under LIC Amulya Jeevan II as it is a complete life term policy. If the policy successfully runs its full course and matures after a stated time interval then no compensation is awarded to the life assured or the beneficiary. Other LIC whole life insurance plan like LIC Plan 815 offers maturity benefits.
Death Benefits in New Amulya Jeevan II
LIC Amulya Jeevan II provides the facility of the one-time death benefit to the beneficiary of the life assured. This death benefit would comprise of one huge amount (minimum 25 lakh) based on the opted premium value. The upper value on death benefit is limitless as the policyholder could secure the sum of one crore or more based on the opted premium amount. This death benefit is valid only during the tenure of the plan and lapses once the plan reaches its maturity. So, there would be no monetary compensation for the death of the policyholder after the completion of the policy term.
Tax Benefits in New Amulya Jeevan II
There is a provision of tax benefit under this Amulya Jeevan Table 823 where the policy member could file for an income tax rebate amounting to 1 lakh INR on the taxable earnings. This tax benefit is due to Income Tax rules, section 80C along with section 10 (10D) on death privileges. Hence, the death benefit amount provided to the beneficiary would enjoy this tax rebate.
Policy Loan in New Amulya Jeevan II
This LIC life cover plan does not provide any option of policy loan to the life assured. Hence, the policyholder can not apply for a loan against his/her policy any time during or after the policy tenure even though he/she has opted for a high-value plan.
Surrender Value in New Amulya Jeevan II
New Amulya Jeevan does not have the facility of surrender value. An LIC policyholder could not submit back the plan for any monetary compensation any time during the policy tenure.
Paid Up Amount
There is no facility of the Paid-Up amount under the plan 823.
Cooling Off Duration
In case the policyholder disagrees with the “Terms and Conditions” of the plan then he/she has the option to return back the policy to the company within a time frame of 15 days from the date of policy receipt. This time frame is known as Cooling Off duration. The policyholder would also have to provide a written reason stating the cause of objection. If the policyholder returns the policy during the cooling off duration then he/she would get a refund on the premium amount after deduction of the miscellaneous expenditures experienced by the company on paperwork, medical examination, etc.
Policy Eligibility for New Amulya Jeevan II
| Minimum Secure Amount | 25 Lakh INR |
| Maximum Secure Amount | This is limitless and can reach any amount depending on the opted premium value |
| Minimum Eligible Age | The person should have completed 18 years to be eligible for the plan |
| Maximum Eligible Age | The person should be equal to or below 60 years on his/her oncoming birthday to be eligible for the plan. |
| Upper Age Limit | The person should be equivalent to or below 70 years on his/her oncoming birthday |
| Lowest Duration of Plan | 5 years |
| Highest Duration of Plan | 35 years |
Premium Payments
The life assured has the option to pay the premiums as per the convenience on a six monthly or 12 monthly bases. The policyholder would be allotted a grace duration of one month within which the premiums have to be paid or else the policy would go into a lapsed state and may even get annulled.
Revival
In the instance of a defaulted premium, the policy would go into a lapsed state. This lapse state would continue for 24 months within which if the policyholder wants then he/she could revive the plan by taking adequate steps. However, the policyholder should keep in mind that the plan has not reached its maturity otherwise the policy could not be revived under any conditions. The Life Assured would have to pay all the lapsed premium amounts and also submit a proof of continuous payment of further payments to enjoy a revival on the policy.
Exclusions
Suicide
In a suicidal case, the plan would be annulled if the suicide occurs inside a 1 year period of the date of commencement of risk or the date of revival of the plan. This is to dissuade the life assured from willingly taking his/her life to providing enormous value monetary support to the family. In this instance, the mental stability or instability of the policyholder would not keep any importance and the plan would immediately get canceled. Hence, the beneficiary would just be awarded 80 percentile of the premiums funded till the demise date. This would exclude any functioning extra premium, rider premium or taxes. The beneficiary could not claim any additional benefit.
