Introduction on LIC Amulya Jeevan II Plan
LIC Amulya Jeevan II Plan no 823 was introduced on 3rd February 2014. LIC Amulya Jeevan II Plan is a term insurance plan. LIC Amulya Jeevan II is a protection plan which provides financial protection to the insured’s family in case of life insured death during the term of policy.
LIC Amulya Jeevan II has no maturity benefits or no survival benefit. In LIC Amulya Jeevan II if the life insured survives the entire duration of the plan then nominee will not be entitled to anything, which means there is no maturity benefit with such policies.
LIC Amulya Jeevan II Plan eligibility conditions
| Eligibility Condition | Details | |
| Age of Entry |
|
|
| Sum Assured |
|
|
| Policy Term |
|
|
| Age at Maturity |
|
|
| 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 of LIC Amulya II Jeevan
Death Benefit: In case of unfortunate death of the Life Assured during the policy term Sum Assured shall be payable.
Maturity Benefit: On survival to the end of the policy term, nothing shall be payable.
Rebates in LIC Amulya Jeevan II
Large Sum Assured Rebates: The reduction in tabular premiums for different Sum Assured ranges are given 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.
Additional Information in LIC Amulya Jeevan II
Riders: No riders are available under this plan.
Policy Revival: Policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the expiry of policy term, by paying all the arrears of premium together with interest.
Suicide Clause: If insured commit suicide before 12 months of commencement of risk, an amount equal to 80% of the premiums paid till the date of death will be paid.
Service Tax: 12% service tax is applicable. For more information regarding Income Tax Benefits, visit www.taxqueries.in.
Cooling-off Period: The policy can be returned within 15 days from the date of receipt of the policy, if a policyholder is not satisfied with the ‘Terms and Conditions” of the policy.
Backdating interest: The policies can be dated back within the same financial year.
Assignments/Nominations: Assignment and nominations is possible under this plan.
Payment of Claims: No claim concession and extended claim concession will be applicable under this plan.
Documents Required for Claim under LIC Amulya Jeevan II
- Duly filled claim form.
- Original Policy document.
- Identification Proof.
- Death Proof.
- Medical treatment document prior to death.
- Age proof.
Example on LIC Amulya Jeevan II
MR. Naveen has taken LIC Amulya Jeevan II policy at the age of 25 years for a term 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 |