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.
18 years - 60 years
Maximum – 70 years
Rs 25 lacs - unlimited( subject to underwriting)
5years - 35 years
Yearly, Half Yearly, Single Premium
Compare with other term plans now!
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.
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.
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.
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