LIC Anmol Jeevan

LIC Anmol Jeevan II – Table No. 822

LIC Anmol Jeevan II is a pure risk cover term plan for sum assured upto Rs. 24 lakhs. It is a pure protection plan with no maturity benefits. In case of death of the policyholder during the term of the policy, the nominee will get the Sum Assured as Death Benefit.

Launch Date2nd January, 2014
Plan DetailsTable No. 822
Policy TypeTerm Insurance Plan

How does LIC Anmol Jeevan 2 Policy work?

When buying the Anmol Jeevan 2 Plan, the customer has to decide on the following:

  1. Sum Assured– this is the amount of cover that you want. You can choose a minimum amount of Rs. 1,00,000. There is no upper limit.
  2. Policy Term– this is the period for which you wish to have the cover. The term can be anywhere between 13 to 25 years

Based on theamount of cover,your ageand thepolicy termselected, yourannual premiumwill be decided.

Benefits in the LIC Jeevan Lakshya Plan

  • Large cover at affordable premiums
  • Life Cover between Rs. 6 to Rs. 24 Lakhs
  • Death Benefit– The entire Sum Assured is paid to the nominee on death of the Life Insured during the policy term.
  • Maturity Benefit– No benefit is payable on maturity as this is a pure protection plan.
  • Income Tax Benefit– Life Insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C. Death Benefit is also tax free.
Eligibility Conditions in Anmol Jeevan 2 Policy
Sum AssuredRs. 6 lakhsRs. 24 lakhs
Policy Term5 years25 years
Premium Payment TermSame as policy term
Age of Entry18 years55 years
Age at Maturity65 years
Premium Payment ModesYearly and Half-yearly

Understanding Anmol Jeevan 2 Plan with an Example

Suppose Lokesh Sharma purchased the plan with the following parameters:

His age when he purchased the plan= 35 years
Sum Assured= Rs. 24 lakhs
Policy Term= 25 years

Based on this, his annual premium would be Rs. 11,784 + Taxes. Currently the tax rates is 18%, hence the totalannual premium is Rs. 13,905

At the beginning of each year, Lokesh has to pay the annual premium. So he will be eligible to this cover throughout the year. Again, he has to pay the premium at the start of each policy year for 25 years.

In case of death of the policyholder at any point during the term of the policy, the nominee will get Rs. 24 lakhs as theDeath Benefit.

There is no Maturity Benefit in this plan.

Other Features of the LIC Anmol Jeevan Policy

  • Free-look Period– If the policyholder is not happy with the plan, he can cancel the policy within 15 days of the plan issuance. This period is called the free-look period. Upon cancellation, the premium paid net of any applicable expenses would be returned.
  • Grace Period– In case of Yearly, Half-yearly and Quarterly premium payment mode you have a grace period of 30 days from the premium due date. In case of monthly premium payment mode, the grace period is of 15 days.
  • Loan– No loan facility is available in this plan.
  • Riders – There are no Riders available with this plan.
  • Surrender Value– This plan does not acquire any surrender value at any point of time.