LIC Anmol Jeevan II Plan 822

New Anmol Jeevan II is a special life cover plan that offers great value life cover on simple premium payments. Here, the life assured could financially secure his/her nominee with great return value against an unexpected demise by funding minimum value premiums. Anmol Jeevan II recognizes the worth of an insured’s life and so secures it with a large amount (up to 24 lakh INR) in the instance of a premature death. For an amount higher than 25 lakh the policy member could opt for New Amulya Jeevan II.

Maturity Benefits in Anmol Jeevan II

As a basic life term plan, the policy does not provide any maturity benefit. Hence, once the plan matures the policy would cease to exist and the life assured cannot demand any compensation for his/her premiums.

Death Benefits in Anmol Jeevan II

The death benefits are boundless here in LIC table no 822. In the instance of a premature demise, the nominee of the Life Assured would be provided a one-time lump amount (up to 24 lakh) in the form of death benefits. Hence, it is a great plan with nominal premium payments.

Tax Benefits in Anmol Jeevan II

The policy member would experience great tax benefits amounting to 1 lakh INR. This tax subsidy is owing to the Tax rubrics, section 80C together with Section 10 (10D) on death privileges. Therefore, the death benefit sum delivered to the nominee would benefit from this tax rebate.

Policy Loan in Anmol Jeevan II

There is no provision of policy loan against New LIC Anmol Jeevan. Hence, the policy member could not at any time, during or after the plan tenure could apply for a loan against his/her existing plan.

Surrender Value in Anmol Jeevan II

The policy does not provide any provision of surrender value. Thus, at any instant of time, the life assured could not surrender back the plan in exchange for monetary compensation.

Paid Up Value

The policy does not offer any provision of paid up value.

Cooling Off Duration

The Corporation provides a cooling off duration if the policy purchaser disagrees with the “Terms and Conditions” of the LIC Anmol Jeevan II plan. This cooling off duration would be effective till a 15-day timeframe from the receipt date of policy purchased. During this 15 day period, the policy purchaser may return back to the plan and receive a refund on the payments. However, to avail this facility, the purchaser would have to file a written application notifying the area of disagreement. Once the Corporation receives the application then it would refund the amount after deducting the miscellaneous expenses incurred during the policy purchasing process.

Policy Eligibility for Anmol Jeevan II

Lowest Secure Amount 6lakh INR
Greatest Secure Amount 24 lakh INR
Lowest Eligible Age The person should be an adult and have completed 18 years to be eligible for the plan.
Highest Eligible Age The person should be equal to or below 55 years on his/her oncoming birthday to be eligible for the plan.
Upper Age Limit for Life Protection Ceasing The person should be equivalent to or below 65 years on his/her oncoming birthday
Lowest Duration of Plan 5 years
Highest Duration of Plan 25 years

Premium Payments

The Life Assured could make the premium payments for Anmol Jeevan on a regular basis on a 6 month or 12-month interim. The Life Assured would be granted a one-month grace duration within which he/she has to complete the payment barring which the plan could lapse.

Revival

If a premium gets defaulted, then the plan would acquire a lapse condition for 24 months after which it would be annulled. The policyholder is provided with the facility to revive the plan within this time frame by following specific procedures.

The plan could only be revived prior to the expiry of the policy duration and before it attains its maturity state. In this instance, the Corporation holds the entire right to refuse the revival or allow revival at the original rate or renew it at a new rate.

The policy member will have to fund entire lapsed premium sums, the expenditure on medical examination and other miscellaneous charges.

Exclusions

Suicide

The Corporation does not encourage suicide in any manner. So, in the instance of a suicide of either mentally stable or unstable person, the plan will immediately be termed void if the death happens within a time frame of one year from date of risk commencing or the date of plan revival. Here, the nominee will only be given 80 percentile of overall paid premiums till the date of demise. This will exclude any operative added premium, rider premium or taxes. The nominees do not provide any right to claim for any added help.

Section 45 of Insurance Act, 1938

Once the plan has run a 2-year course from the date of purchase then no one can claim falsehood or question the validity of the plan on any grounds.