Amulya Jeevan II Plan | Term Plan
- March 13, 2014
The Amulya Jeevan II plan by leading insurance company of India, LIC (Life Insurance Corporation of India) is a pure protection plan. It has been planned in a fashion to ensure financial security to the family members of the insured individual in the event of his/her unfortunate demise.
Amulya Jeevan Plan II is highly suitable for individuals looking for a higher amount of sum assured. The plan is devised in a way to provide a sum assured of 25 lakhs INR and above to the insured. Here, there is no upper cap for the value of sum assured.
In order to avail this plan, it is important to be at least 18 years of age (at the entry). The maximum age allotted by the corporation is 60 years. The maximum age permitted on policy maturity is 70 years.
Amulya Jeevan II policy can be bought for a minimum term of 5 years. The maximum term up to which this policy can be bought for is 35 years.
Premium Payment Mode
It is important that the insured individual pays premium for the policy regularly to be able to retrieve benefits. One can choose any of the following modes in this respect:
The option for single premium payment is not available for the plan. The company allows for a grace period of one month. This shall not go beyond 30 days making due premium payments.
In order to secure a life cover of 25 lakhs INR for a term of 25 years, the individual aged 30 years would pay 4900 INR yearly. In case, one chooses to pay half yearly premiums for the same, an additional premium of 2 per cent of the yearly premium shall be payable.
Under this plan a lapsed policy can be revived. This is possible within two successive years starting from the when the premium first remain unpaid. However, this needs to be before the end of the maturity term of the policy. Also policy reinstatement depends on paying arrears of premium and interest in full. The insured should also submit required documentation to the corporation.
Benefits of Amulya Jeevan II Plan
In the event of survival of the insured individual through the policy term, no amount shall be payable.
In the event of unfortunate death of the insured individual during the term of policy, an amount equal to the sum assured value shall be payable towards the nominee allotted by the insured for the policy.
Loan or Surrender
The Amulya Jeevan II plan Life Insurance Corporation of India is a pure term plan. It does not allow for surrender of the policy. The company does not provide the provision of loan against the policy as with some of the other plans offered. Aditionally, the protection plan does not acquire any paid-value.
In the event where the insured commits suicide within the first policy year or within a year from policy revival, the corporation will consider the policy as void.