LIC Anmol Jeevan 2 -822 Pure Term Plan

LIC Anmol Jeevan 2 -822 Pure Term Plan

LIC Anmol Jeevan 2 Plan No. 822 is a term insurance plan that means it has no bonus facility and there is no maturity benefit. It is only going to provide death benefit in case of the insured life meet to death within the policy term. In that case the sum assured is provided to the nominee of the policyholder. There is no money back facility that means the premium you have paid is not going to be returned. It is mainly taken to secure the family life in case of unfortunate death of the policyholder. This plan is similar to Jeevan Amulya 2. Only difference in this policy is that you get sum assured less than 25 lacs.

 

Anmol Jeevan 2 822

Features of LIC Anmol Jeevan II

  • This is a plan with no maturity benefit it only provides death benefit.
  • It is a non participating traditional plan.
  • The sum that is assured by the policyholder is given to the nominee in case of death on the policy holder within the policy term.
  • This is a higher sum assurance policy.
  • The premium amount is very less as compared to other plans.

Benefits provided under LIC Anmol Jeevan II

The sum assured is very high with less premium amount that is enough to meet the basic needs of the family after the sudden demise of policyholder.

There is discount allotted for the premium paid in annual mode.

The premium paid under this plan is tax free as per the section 80c and the claim received is also tax free as per the section 10D of income tax Act

Eligibility criteria for LIC Anmol Jeevan II

  • The minimum age for the entry of this plan is 18 years and the maximum age for the entry of this plan is 55 years
  • The maximum age of policyholder can be 65 years at the time of maturity of the policy
  • The minimum policy term is 5 years and the maximum policy term is 25 years for which the policy can be taken
  • Premium paying term is equal to the policy term such as if we take policy of 10 years then we will have to pay the premium for 10 years
  • The minimum sum that can be assured is 6 lacs and the maximum sum that can be assured is 24 lacs

Documents required for LIC Anmol Jeevan II

  • Fully filled application form with photographs
  • Age proof of policy buyer.
  • Address proof.
  • PAN card and Aadhar card for KYC document
  • Accurate medical history
  • Medical examination report if required.

Terms related to LIC Anmol Jeevan II

Surrender value

There is no provision for the surrender value in policy plan.

Grace period

There is 30 days allotted for the payment of premium of the policy as grace period. If the policy premium would not be paid within 30 days the policy will be lapsed.

Loans

There is no provision of loan in this policy plan.

Free look up period 

After purchasing the policy if the policy buyer is not satisfied with the policy then within 15 days the policy can we return after the receiving of the policy document.

LIC Amulya Jeevan 2 (823)- A pure Term Insurance Plan

LIC Amulya Jeevan 2 (823)- A pure Term Insurance Plan

LIC Amulya Jeevan 2 table no. 823 is a plan is pure term insurance plan. In short it’s without bonus facility and there is no maturity benefit. It is only going to provide death benefit in case of the insured life meet to death within the policy term. In that case the sum assured is provided to the nominee of the policyholder. There is no money back facility that means the premium you have paid is not going to be returned. It is mainly taken to secure the family life in case of unfortunate death of the policyholder.

LIC Amulya Jeevan 2 (823)

Features of LIC Amulya Jeevan 2

  • This is a plan with no maturity benefit it only provides death benefit.
  • It is a non participating traditional plan.
  • The sum that is assured by the policyholder is given to the nominee in case of death on the policy holder within the policy term.
  • This is a higher sum assurance policy.
  • The premium amount is very less as compared to other plans.
  • The higher policy term of 35 years is available.

Benefits provided under LIC Anmol Jeevan II

The sum assured is very high with less premium amount that is enough to meet the basic needs of the family after the sudden demise of policyholder.

There is discount allotted for the premium paid in annual mode.

The premium paid under this plan is tax free as per the section 80c and the claim received is also tax free as per the section 10D of income tax Act

Eligibility criteria for LIC Amulya Jeevan II

  • The minimum age for the entry of this plan is 18 years and the maximum age for the entry of this plan is 60 years
  • The maximum age of policyholder can be 70 years at the time of maturity of the policy
  • The minimum policy term is 5 years and the maximum policy term is 35 years for which the policy can be taken.
  • Premium paying term is equal to the policy term such as if we take policy of 10 years then we will have to pay the premium for 10 years.
  • The minimum sum that can be assured is 25 lacs and there is no maximum limit for the sum assured.

Documents required for LIC amulya Jeevan II

  • Fully filled application form with photographs
  • Age proof of policy buyer.
  • Address proof.
  • PAN card and Aadhar card for KYC document
  • Accurate medical history
  • Medical examination report if required.

Terms related to LIC Amulya Jeevan II

Surrender value

There is no provision for the surrender value in policy plan.

Grace period

There is 30 days allotted for the payment of premium of the policy as grace period. If the policy premium would not be paid within 30 days the policy will be lapsed.

Loans

There is no provision of loan in this policy plan.

Free look up period 

After purchasing the policy if the policy buyer is not satisfied with the policy then within 15 days the policy can we return after the receiving of the policy document.

 

Pradhan Mantri Jeevan Jyoti Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojana

This is an Insurance Scheme launched by our Prime Minister in 2015 according to this the policyholder will get the life insurance coverage for death due to any reason. This is an annual policy that is to be renewed every year and individual can take the benefits of this scheme by LIC and other insurance companies who were engaged in this scheme. Also the person who wants to have Pradhan Mantri Jeevan Jyoti Bima Yojana Life Insurance should have a savings bank account. The amount of policy will be directly debited from their account on the renewable of the policy.

Pradhan Mantri Jeevan Jyoti Bima Yojana

Eligibility criteria for this insurance Scheme : Any Indian individual having age group between 18 to 50 years and having saving bank account is eligible for this scheme. Every individual should have Aadhar card as KYC documents.

Environment period for the Pradhan Mantri Jeevan Jyoti Bima Yojana : Every individual should have to fill up the Insurance form between 1st June 2016 to 31st May 2017.

Enrolment modality : The insurance coverage will be for the one year between the time period 1st June to 31st may for which there are many options to pay the premium that are auto debit from the individual bank account or can be directly paid to the Insurance office.

Any individual who is not able to pay the insurance amount and leave the Insurance Scheme he can also re join the scheme but the exclusion of insurance benefit during the period when he has left the scheme will also be applied.
Any individual who join the scheme for the first time after 1st June 2016 will not be eligible to avail the insurance cover for death other than accident for first 45 days from the death of enrollment in the scheme if the person met to the death between this 45 days then claim would not be admissible.

Benefits of the Life Insurance: The nominee will get the amount of rupees 2 lack after the death of the individual who has taken the insurance.

Terms and condition:

  • The insurance benefits of life of the member would be not provided if any of these event will happen.
  • If account closed due to insufficient balance and the renewable of the insurance cannot be done.
  • In case of member covered under Pradhan Mantri Jeevan Jyothi Bima Yojana from more than one companies in this case the insurance will be terminated.
  • After attaining the age of 50 the insurance period will be ended and the nominee will not get any amount after the death of the individual.

Yearly premium: Yearly premium will be Rs.330/- per annum. The Premium amount will be directly debited from the bank account.

Pradhan Mantri Jeevan Jyoti Bima Yojana

This Insurance Scheme is mainly for the peoples to get interact with the insurance at very nominal rates so that the peoples under the poverty line can also take the benefits of this scheme. It will also raise the government fund that will be used for various works. Every Indian individual should have to enroll in this scheme so that they can get benefits and also can help our government in raising funds.

What do you think about this Yojana? Please let us know in comments below.

Convertible Term Assurance Policy

LIC Convertible Term Assurance Policy (Table No. 58) is a plan with an option to convert the policy to whole life limited Payment Assurance or Endowment Assurance at any time during the specified term, without under going fresh medical examination.

LIC Convertible Term Assurance Policy is designed to meet the needs of those who are initially unable to pay the larger premium required for a Whole Life or Endowment Assurance Policy, but hope to be able to pay for such a policy in the near future. This plan is also good if you want to take decision on whole life policy later. May be you can make better decision in future.

Convertible Term Assurance Policy holders get an option of converting an policy into endowment assurance or limited payment whole life assurance.

convertible Term assurance

Death Benefit
The sum assured is payable only in the event of death of the Life Assured before the expiry of the specified term.

Eligibility Conditions and Restrictions for Convertible Term Assurance:

  • Minimum Entry age: 20 (nearer birthday)
  • Maximum Entry age: 50
  • Minimum Sum assured (Rs.): 50,000
  • Maximum Sum assured (Rs.): 1 Crore
  • Minimum Term: 5 years
  • Maximum Term: 7 years
  • Maximum premium paying period: 55 years
  • Policy loan available: No
  • Survival Benefit: NA
  • Death Benefit: Sum Assured
  • Mode of premium Payment: Yearly, Half-yearly,Quarterly, Monthly, Salary Saving Scheme.

Convertible Term plan is not very popular in India but this is very flexible type of term plan.

Also Check: Amulya Jeevan 1 Pure Term insurance 

How to Apply for LIC Term Insurance plan?
Contact your nearest Life Insurance Corporation Of India Branch/ LIC Agent. Or
Fill the Application form to apply online. (Mumbai only)

Note:

The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

Two Year Temporary Assurance

Two Year Temporary Assurance

Life Insurance Corporation of India has insurance policy for every need.

Two Year Temporary Assurance policy (Table no. 43) caters to the individuals who specifically need insurance cover against risk for a short period of two years or less, for example, if you are going on tour for a year or two, you may consider a Temporary Term assurance plan.

Two Year Temporary Assurance Policy Summary:

LIC Temporary Assurance plan is for insuring non-insurance minded class of lives who require risk cover for a short period of 2 years or less. However, this plan is not allowed to pregnant women, physically handicapped lives and when occupational extra chargeable.

Two Year Temporary Assurance Policy Table 43

Also, Medical Examination is compulsory, and the proposer is required to pay the medical examination fee.

Eligibility Conditions and Restrictions for Temporary Assurance:

  • Min. age at entry:  18 years (lbd).
  • Max. age at entry:  60 years (lbd).
  • Min. S.A.: Rs. 3 lakhs
  • Max. SA : 1 crore.
  • SA in multiples: 50,000
  • Max. Maturity age: 62 years.
  • Modes Allowed: Single only.
  • Terms Allowed: 6/12/18/24 months
  • Accident benefit: Not Allowed.
  • Maturity Benefits: NA
  • Death Benefits: S.A.

FAQ’s
Q: What amount will I receive after 2 years?
Ans: This is Term Insurance without profit, hence you will not receive any amount on maturity date. If you are looking for return with the insurance, checkout the Endowment policy.

Q: What, if I die within 1 month after taking this policy?
Ans: Your nominee will receive Sum Assured upto 1 crore, depending on how much sum assured you opt.

How to Apply for Temporary Term Insurance plan?


Update:  Two Year Temporary Assurance Policy Table 43 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

Mortgage Redemption Assurance

Mortgage Redemption Assurance

Mortgage Redemption Assurance policy (Table No. 52) (without profits) is designed to meet the requirements of the policy holding individual who want to ensure that all his outstanding loans and debts are automatically paid up in the event of his unfortunate death. If you have a home loan or any other loan or debt then this policy is for you.

Under the Mortgage Redemption Assurance policy (without profits), applicant will have to pay the medical examination fee.

LIC Mortgage Redemption policies are usually issued only to male lives aged 50 years or less. The policies are subject to a condition that the insurance cover would not extend beyond 65 years. All loans must be liquidated by the time the borrower attains the age of 65.

Mortgage Redemption Assurance policy

Eligibility Conditions and Restrictions for LIC Mortgage redemption

  • Minimum Entry age: 20
  • Maximum Entry age: 50
  • Minimum Sum assured (Rs.): 50000(except for single premium)
  • Maximum Sum assured (Rs.): 1000000
  • Maximum Maturity age: 65 years
  • Survival benefits: NA
  • Policy loan available: No
  • Mode of Payment: Yearly, Half-yearly,Quarterly, Monthly, Salary Saving Scheme

Death Benefit :
All outstanding loans declared at the beginning of the financial year would be payable as per the prepared schedule.

Today everyone has some kind of loan on them, who will pay your loan and liability? Once you have this plan, you don’t have to worry. All your dues and loans will be paid by this policy, so your loved one can breathe without worrying about the repayment of the loans. Isn’t it the good plan?

How to Apply for Mortgage Redemption plan?


Update: Mortgage Redemption Assurance policy Plan No. 52 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.