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Knowledge Base Life Insurance Term Plan LIC Amulya Jeevan-I Term Plan Review
Thursday, 20 January 2011 18:46

LIC Amulya Jeevan-I Term Plan Review

Written by  Yashish Dahiya
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Rating 3.3 (27 Votes)

LIC Amulya Jeevan- I


Plan Name: Amulya Jeevan- I

Insurer: Life Insurance Corporation of India

Category: Term Life Insurance Plan

Objective: Financial Protection of Family


Amulya Jeevan is a term life insurance plan which provides financial protection to your family in case of unfortunate demise. You get good Sum Assured at very low priced premium. In the event of policyholder’s demise, the cover taken is paid to the nominee. There is no maturity benefit in LIC Amulya Jeevan- I as it’s a pure term life insurance plan.


Who can buy LIC Amulya Jeevan- I?


LIC Amulya Jeevan- I is valid for individuals who have reached 18 years of age and certainly not above than 60 years. The policy term ranges from 5 years to 35 years.  The maximum age at insurance policy maturity is 70 years.

 

How Much Cover: The minimum cover available in LIC Amulya Jeevan- I is Rs 25 lacs. The maximum cover will depend on different parameters – medical examinations, financial justification and underwriting.

Unsure about what cover should you have?

Rule of Thumb: The typical cover should be ten times your annual income.

 
Summarized Table:

Entry Age

18 years - 60 years

Maturity Age

Maximum – 70 years

Sum Assured

Rs 25 lacs - unlimited( subject to underwriting)

Policy Term

5years - 35 years

Premium Mode

Yearly, Half Yearly, Single Premium

 

Compare with other term plans now!

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What do I get?


Death Benefit - The fixed Sum Assured is paid to the beneficiary (example- parents, wife or children) in case policyholder expires during the policy term.

 

Tax Benefits: Tax benefits can be availed under 80C and 10(10D) of the Income Tax Act, 1961.

80C- the yearly premium you pay (maximum: 1 lac) is deductible from taxable income.

10(10D) - Death claim is tax free. The Sum Assured which the nominee will receive is not subject to tax.

Illustration:

Sandeep, aged 32 has wife and 2 children. He earns 8 lacs annually and makes savings of 2 lacs per year.

Suppose Sandeep dies after 5 years, he will have left paltry 10 lacs to his family. He buys LIC Amulya Jeevan- I with paltry premium of Rs 13960 and chooses his wife as beneficiary. He opts for Sum Assured of Rs 40 lacs and policy term of 25 years.

 

With this nominal premium, you can get sum assured of 40 lacs which will financially secure your family. Additionally most of the savings are left too.

Your family gets (if something happens to you) = Rs 40 lacs (Sum Assured) + 8-10lacs (Your Savings)


Consider these Scenarios:

Scenario1: Sandeep dies in the 5th policy year- Sandeep’s wife will get 40 lacs. Same is true for all policy years.

Scenario 2: Policy is in grace period and Sandeep dies, Sum Assured minus renewal premium will be paid.

Scenario 3: Policy lapses on the 16th year, Sandeep dies, nothing will be paid. However policy can be revived within 30 days from the date of renewal.


What Else?


How to buy: LIC Amulya Jeevan-I can be bought through www.Policybazaar.com Get in touch with us.

Free Look Period:
LIC Amulya Jeevan-I policy can be returned within 15 days of receiving the policy contract.  The premium will be paid back minus some charges like medical examination, stamp duty.

Grace period: Amulya Jeevan-I premium can be paid within 30 days from the date of renewal. However in case of death during grace period; renewal premium will be deducted from Sum Assured payable. After the grace period, if the renewal premium is not paid the policy will cease to exist.

 

Reinstatement: Amulya Jeevan-I can be revived within 5 years from the first unpaid renewal due date. Also beyond 6 months, proof of good health will be required. All the dues remaining will have to be paid to revive the policy.

Maturity: There is no maturity benefit since LIC Amulya Jeevan-I is a term life insurance plan.

Payment Method: cash, cheque, credit/debit card are accepted by LIC.

Exclusion:
 In term life insurance, death caused by suicide in the first year or within first year of revival, no Sum Assured will be paid.

 

Death Claim: The nominee can apply for the death claim (Sum Assured) after filling claim forms along with submitting list of documents which will prove authenticity of the claim.

Close Competitors:


Aviva LifeShield Plus, Bajaj Allianz New Risk Care II, Bharti AXA Elite Secure, HDFC Term Assurance, Kotak Preferred, Met Suraksha Plus, Max New York Life Platinum Protect, Reliance Term Plan, Tata AIG Life Raksha.

 

Policybazaar take on LIC Amulya Jeevan- I:


Amulya Jeevan- I term life insurance plan is one of LIC’s major product. For those inclined to prefer Government owned insurance company, Amulya Jeevan- I should be your clear choice. LIC has maintained good claim settlement ratio although process might take long time. The only issue is that there are no riders offered in this plan. Still Amulya Jeevan- I is as good product as any. To buy, click here.

 

Compare with other term plans now!

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39 comments
  • Comment Link rahul Sunday, 24 April 2011 10:07 posted by rahul

    Sir, Can you send me the comparative chart of premium of under noted insurance company as my age is 38 years running and cover insurance is 40 lac for the next 20 tears.
    Aviva LifeShield Plus, Bajaj Allianz New Risk Care II, Bharti AXA Elite Secure, HDFC Term Assurance, Kotak Preferred, Met Suraksha Plus, Max New York Life Platinum Protect, Reliance Term Plan, Tata AIG Life Raksha.

  • Comment Link Debabrata Ghosh Tuesday, 17 May 2011 20:20 posted by Debabrata Ghosh

    My date of birth is 06.01.1961. I want to avail Amulya jeevan insurance policy by LIC for 50 Lacs . What will be my yearly premium ?

    Please send me the chart or table showing premium vs amount secured vs covered age limit

  • Comment Link manoj singh rautela Sunday, 29 May 2011 15:57 posted by manoj singh rautela

    My D.O.B.is 14nov1970 what will be my annual premium for Rs 300000 for 30year of Amulya jiwan of lic

  • Comment Link Jignesh J Jani Thursday, 02 June 2011 13:44 posted by Jignesh J Jani

    Can you please clarify? Which kid of death LIC is covering?
    Like while crossing road where there is no Zibra crossing and accident occure and polich holder dies, dose LIC Amulya Jeevan- I cover such death?

  • Comment Link Shweta Joshi Monday, 06 June 2011 11:23 posted by Shweta Joshi

    Sir please clarify this one.
    If I pay all premiums of the policy & nothing happen to me after 25 yrs . then do i get any maturity benefit from term plan??

  • Comment Link Administrator Wednesday, 08 June 2011 18:14 posted by Administrator

    Hi Debabrata Ghosh
    If you opt for five year plan, your annual premium would be Rs 30,800.

  • Comment Link Administrator Wednesday, 08 June 2011 18:15 posted by Administrator

    Hi Manoj
    The minimum Sum Assured in LIC Amulya Jeevan is Rs 50 lacs.

  • Comment Link Administrator Wednesday, 08 June 2011 18:17 posted by Administrator

    Hi Shweta
    Term plans usually don't have any maturity benefits. However there are Return of Premium (ROP) term plans available in the market which will provide base premium on maturity.

  • Comment Link sarveshwr Tuesday, 14 June 2011 12:28 posted by sarveshwr

    sir my mother age is 70 please send me. please send me which type policy is there in my mother

  • Comment Link Administrator Tuesday, 14 June 2011 18:41 posted by Administrator

    Hi Sarveshwr
    Can you kindly tell what type of policy you are looking for so we can suggest accordingly.

  • Comment Link Sunil Wanare Wednesday, 27 July 2011 07:37 posted by Sunil Wanare

    send me details about anmol jeevan & amulya jeevan

  • Comment Link fazal shaikh mohamad mukadam Monday, 12 September 2011 17:31 posted by fazal shaikh mohamad mukadam

    send me detail of your policy and show which are the best and what benefit

  • Comment Link Administrator Tuesday, 13 September 2011 10:27 posted by Administrator

    Hi Fazal Shaikh
    You can compare the investment plans from the following link:

    http://www.policybazaar.com/life-insurance/pension-insurance-india.aspx

  • Comment Link hari Wednesday, 28 September 2011 16:27 posted by hari

    Exclusion: No Sum Assured will be paid if death is caused within first year of policy issuance or policy revival.
    Your above statement is WRONG.Only SUICIDE DEATH CLAIM will not entertain.

  • Comment Link Administrator Wednesday, 28 September 2011 18:04 posted by Administrator

    Hi Hari
    Thank you for the correction.

  • Comment Link Uttam Saturday, 08 October 2011 22:23 posted by Uttam

    Does Amulya Jeevan or anmol jeevan has accidental death risk cover & what will happen in case of accidental death or death due to cricical illness ?

  • Comment Link Administrator Monday, 10 October 2011 11:47 posted by Administrator

    Hi Uttam
    There are no additional riders available with LIC Anmol or Amulya Jeevan. In case of death be it accidental or critical illness, the cover opted/Sum Assured will be paid.
    However if there was a rider as well, base Sum Assured along with rider Sum Assured would have been paid.

  • Comment Link farrukh nadeem Friday, 28 October 2011 08:33 posted by farrukh nadeem

    sir,
    i am farrukh nadeem. my d.o.b. is 15.11.75. my annual income is 3.5lacs+ and cover insurance with lic is 3.5lacs. can you suggest me any term plan for 25to50 lacs, and what will be the annual premium?

  • Comment Link Shrikant Singh Saturday, 29 October 2011 15:02 posted by Shrikant Singh

    Dear Sir
    I Choose Amulya Jeevan - I Term Life Insurance Plan
    Sum Assured : 5000000
    What is the amount of Single premium & yearly Premium

  • Comment Link girish tiwari Wednesday, 02 November 2011 23:33 posted by girish tiwari

    term plan send me details about gixxxxxxxxxx@yahoo.com spos policy 20lac 20 year premium 150000 after 20 years no clam ritan for 150000 term plan for lic

  • Comment Link Administrator Friday, 04 November 2011 18:45 posted by Administrator

    Hi Farrukh Nadeem
    You can find the list of term plans and their premium from the following link:

    http://www.policybazaar.com/life-insurance/term-insurance-india.aspx

  • Comment Link Administrator Friday, 04 November 2011 18:46 posted by Administrator

    Hi Shrikant
    The premium would depend on your age as well. You can go to the following link to find the premium amount:

    http://www.policybazaar.com/life-insurance/term-insurance-india.aspx

  • Comment Link Administrator Friday, 04 November 2011 18:47 posted by Administrator

    Hi Girish
    Kindly mention the age so that proper premium quote can be provided.

  • Comment Link PRAMOD KUMAR SHAKYA Friday, 11 November 2011 11:54 posted by PRAMOD KUMAR SHAKYA

    Dear Sir
    I Choose Amulya Jeevan - I Term Life Insurance Plan
    Sum Assured : 5000000
    What is the amount of Single premium & yearly Premium

  • Comment Link Raju Barhare Friday, 11 November 2011 16:30 posted by Raju Barhare

    I want the details of premium for Rs. 5000000.
    My DOB is 18/05/1965

  • Comment Link Rameshwar Saturday, 12 November 2011 11:09 posted by Rameshwar

    My date of birth is 05.06.1969 I want to avail Amulya jeevan insurance policy by LIC for 50 Lacs . What will be my yearly premium

  • Comment Link Administrator Monday, 14 November 2011 12:26 posted by Administrator

    Hi Raju
    For Sum Assured of Rs 50 lacs for policy term of 24 years which will cover you till the age of 70, you will have to annual premium of Rs 44,750.


    Hi Rameshwar
    For Sum Assured of Rs 50 lacs for policy term of 28 years which means you will be covered till the age of 70, you will have to pay annual premium of Rs 37,050.

  • Comment Link pravin Saturday, 26 November 2011 22:50 posted by pravin

    Dear Sir,

    Thanks for running this informative link. I have 2 queries:

    1. I would like to go for Jeevan Amulya for term insurance of 20000000 my DOB is 20.05.72 what would be my premium?
    2. Is there any term insurance which covers permanent disability as well?

  • Comment Link Administrator Monday, 28 November 2011 18:32 posted by Administrator

    Hi Pravin

    1. The annual premium amount for the required cover for policy term of 20 years is Rs 96,200.
    2. You can opt for rider called Accidental permanent disability which pays chosen lump sum amount on disability. You have to pay extra nominal premium for the same. These riders are available with plans like Bajaj Allianz New Risk Care II, Bharti AXA Elite Secure, Kotak Preferred term plan etc.

  • Comment Link dinesh ghai Friday, 02 December 2011 20:43 posted by dinesh ghai

    my date of birth is 15/06/1982 i want 30 lacs insurance cover for my life for 15 years and i like singal premim plan for lic, please provid me detail

  • Comment Link Administrator Monday, 05 December 2011 18:43 posted by Administrator

    Hi Dinesh The single premium for cover of Rs 30 lacs for policy term of 15 years would be around Rs 66,000. (approx)

  • Comment Link Thiyagarajan Thursday, 12 January 2012 21:05 posted by Thiyagarajan

    what is the premium for S.A. 5000000 for the age of 50 and for the term of 5 years.

  • Comment Link Administrator Friday, 13 January 2012 18:20 posted by Administrator

    Hi Thiyagarajan
    The premium for the details provided by you would be Rs 30800/- inclusive of tax and cess.

  • Comment Link Pushpendra Saturday, 04 February 2012 08:22 posted by Pushpendra

    Sir,
    My mother is a housewife & father is a farmer. I am doing the job 3.0 lac annualy. & save 1 lac annualy. I want take term plan to my mother(51 y). At what premiun, sum assured it should be? Also send the chart of premiums.
    Thanks

  • Comment Link ATANU Wednesday, 25 April 2012 13:39 posted by ATANU

    IF I WANT TO SECURE 40LACS FOR FAMILY HOW MUCH I HAVE TO PAY FOR SINGLE PREMEUM AGE 58YERS

  • Comment Link sanjib banerjee Thursday, 26 April 2012 17:47 posted by sanjib banerjee

    I want to take Anmol Jiban term plan.Please tell me one thing if I die from any critical illness(cancer,heart attack,brain hamarage, kidney failure etc) then will Lic pay my family the sum assured? Or if I die in any accident( train,bus,plain,on the way etc) then will Lic pay my family?please guide me as in may I wil take the term plan.

  • Comment Link Administrator Friday, 27 April 2012 18:04 posted by Administrator

    Hi Sanjib
    LIC Anmol Jeevan will pay on death of life insured. It does not matter whether death is from critical illness or accident. However if critical illness exists before issuance, LIC may not accept the policy.

  • Comment Link Administrator Friday, 27 April 2012 18:09 posted by Administrator

    Hi Atanu
    The premium also depends on policy term. Kindly clarify so that premium amount can be provided.

  • Comment Link M. Vandari Monday, 18 February 2013 18:13 posted by M. Vandari

    The premium of LIC Amulya Jeevan is a bit stiff but I think their claim settlement ratio is better than the most cheap private organizations. Moreover, they will remain after 30 years which can not be guarantied about private farms.

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