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LIC Amulya Jeevan 2 Term Insurance Plan Review and Benefits

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LIC Amulya Jeevan 2 Term Plan

LIC Amulya Jeevan 2 Term Plan is a pure Economic Protection Plan. It gives a financial protection to the assured’s family on their sudden or unfortunate death. Everyone wants to give a financial security to their family. For this purpose, LIC Corporation introduced this LIC Amulya Jeevan II Protection Insurance Plan on 3rd February 2014. LIC Amulya Jeevan 823 Plan is pure Protection plan which protects the insured’s family in case of sudden death during the policy period. It is cheapest insurance plan which can afford to regular citizens.

LIC Jeevan Amulya II Key Features and Benefits

Every plan has some Features and Benefits. LIC Corporation has designed a set of rules under this scheme. For the better understanding of Life assured, we have provided some information regarding Features and Benefits under this Jeevan Amulya 823 plan. Check the Features of this Plan, so that you can complete knowledge on this plan.

The Features included in the LIC Jeevan Amulya 823 Term Insurance Plan are

  • Grace Period.
  • Revival Period.
  • Surrender Value.
  • Cooling off Period.

Grace Period:

If the Policyholder doesn’t pay the premium within the time, the company will extend the time to pay the premium is a grace period. LIC Jeevan Amulya 823 Plan has the grace period of 30 days. Assured candidate can pay the premium within this Grace Period.

Revival Period:

If the Policyholder doesn’t pay the premium within the grace period, then the Policy will be the lapse. A lapsed Term Plan will be revived within the two consecutive years from the date of first unpaid premium. This Term plan will be revived before the expiry period of Policy term.

Surrender Value: 

If the insured candidate wants to return the policy within the Minimum Policy Term, no surrender value will be paid to the policyholder.

Cooling Off Period: 

If you are not satisfied with the Terms and Conditions of the Policy, you can return the LIC Jeevan Amulya 2 823 Plan within the 15 days from the Date of receipt of the Policy.

LIC Amulya Jeevan ii Term Plan Benefits

As every policy has some benefits, LIC Amulya Jeevan 2 823 Term Insurance Plan also has some benefits. These benefits are applicable for the Policyholder only when they pay the premium completely. Some Benefits of LIC Amulya Jeevan 823 Term Plan are

  • Death Benefit.
  • Maturity Benefit.

Death Benefit:

In a case of the Sudden/ Unfortunate death of insured candidate within the Policy term the sum assured will be payable to the Assured’s family or nominees.

Maturity Benefit:

In the case of survival of the life assured up to the policy term, no benefits will payable.

LIC Amulya Jeevan 823 Policy Eligibility Criteria and Conditions

LIC Jeevan Amulya Plan has some eligibility conditions regarding the entry age, sum assured, policy term, etc. Check the Eligibility conditions for the LIC Amulya 823 Term Insurance Plan.

Sum Assured Minimum Rs. 25,00,000
Maximum No limit
Age at Entry Minimum 18 years (completed)
Maximum 60 years (nearest birthday)
Policy Term Minimum 5 Years
Maximum 35 Years

Maximum Cover Ceasing Age

 70 Years(Nearest birth)

Premium Payment Mode

Yearly or Half Yearly

Sample Premium Rates for LIC Jeevan Amulya 2 823 Insurance Policy

LIC Amulya Jeevan 2 Plan has some Premium rates per Rs.1000 sum assured. Go through the following table for complete details.

 Age
(in years)

Term of the Policy (in years)

5

10

15

20

25

20

1.15

1.15

1.15

1.15

1.17

30

1.28

1.29

1.42

1.64

1.96

40

2.03

2.41

2.97

3.57

4.23

50

4.85

5.85

6.89

8.05

–

LIC Jeevan Amulya II Premium Rebates

Premium Rebate is available only for half Yearly mode. No Rebate is available for the yearly mode.

  • For Half Yearly Mode: 2.0% more than the original premium.
  • Sum Assured Rebate: No Rebate will be provided under this LIC Amulya Jeevan 2 Term Plan.

LIC Amulya Jeevan 2 Term Policy Premium Calculator

To Calculate the Premium, you need some basic information like Name, Number, Email Id, Policy Term, etc. Based on the Policy Term and other parameters policyholders can you can calculate the LIC Amulya Jeevan 2 Premium.

The data required for the calculating the Premium is

  • Name of the Policyholder.
  • Email Id.
  • Mobile Number is given to the Corporation.
  • Age Proof.
  • Policy Term.
  • Sum Assured.

LIC Amulya Jeevan 2 Term Plan

Buying Procedure for LIC Amulya Jeevan 2 823 Insurance Plan

The policyholder can visit the nearest LIC Branch Office to buy the Proposal form. Or you can go through the online to purchase the Policy. You can also get the LIC Jeevan Amulya 823 Plan through the Agent.

Documents needed for LIC Amulya Jeevan ii Term Insurance Plan

  • Application form/ Proposal form along with a photo.
  • Address Proof.
  • Age Proof.
  • Medical reports (If required).

Note:

Proposal Form No. 300 & 400 will be applicable under this plan.

LIC Amulya Jeevan 2 Term Plan Claim Procedure/ Process

Nominees can claim for the LIC Jeevan Amulya II policy after the death of the policyholder. Because there is no Maturity/ Survival Benefit under this plan.

The documents required to claim for the LIC Amulya Jeevan 2 Term Plan are

  1. Duly filled claim form.
  2. Original Policy document.
  3. Identification Proof.
  4. Death Proof.
  5. Medical treatment document prior to death.
  6. Age proof.
Exclusions of LIC 823 Plan

There are some exclusions for this policy. Nominees of the Life assured cannot have the death benefit under these conditions. Some Exclusion under this Plan are

Suicide Clause: 

If the policyholder committed suicide for any reason within the 12 months of the date of commencement of risk or from the date of revival. The nominees will get the 80% of the premium paid till the date.

Additional Information about LIC Jeevan Amulya 823 Policy

  • No Surrender value will be provided under this LIC Amulya Jeevan 2 Term Plan.
  • In this LIC Jeevan Amulya II Policy, Loan facility is not provided.
  • No paid up value will be provided under this LIC 822 Plan.
  • No riders are available in this plan.
  • Payment of Claim: No Claims concession will be offered under this scheme.
  • Tax Benefit: Tax Benefit is applicable for 12% of Service Tax.
  • Back Dating Interest: 
    1. Within the same financial year, the policy can be backdated.
    2. No interest will be charged for this backdating.
  •  Revival Period: A lapsed Term Plan will be revived within the two consecutive years from the date of first unpaid premium.
Period from first unpaid Premium Requirements for Revival
31 Days to 60 Days Arrears of premium with interest thereon
61 Days and above Arrears of premium with interest thereon submission of proof of continued insurability.
  • Nominations or Assignments are available under this plan.
  • Policy Stamping Charges will be applicable for 20 paise for 1000 of total sum assured value.

FAQ’s of LIC Amulya Jeevan II Term Insurance Policy

1. Can I surrender my policy within the Policy Term?

A. No, you can not surrender your policy before completion of the policy term.

2. Is there any loan benefits in this Jeevan Anmol 822 Plan?

A: No, there is no loan facilities will be provided under this plan.

3. Is any Rider available for this policy?

A. No, there are no special riders available for this plan.