LIC AMULYA JEEVAN PDF

The plan offers higher value life cover at an affordable premium. This plan doesn't provide any maturity or survival benefit at any time during the policy tenure or after the culmination of the policy since it is designed to provide life cover only i. If the policyholder meets with death at any time during which the policy is in force then LIC will give the Sum Assured on death amount to the nominee s of the policyholders. The Amulya Jeevan II pure term plan is a non-participating and non-linked plan i.

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Finally in the first week of August, , the government sector life insurance behemoth replaced its Amulya Jeevan plan with the new and cheaper term plan — Jeevan Amar. Not only the premium of Jeevan Amar plan is lower than that of Amulya Jeevan, but the new term insurance plan has much wider features and flexibility in both premium payments and getting death claims compared to the old plan, which has been withdrawn just before the introduction of Jeevan Amar.

Here is a comparison of some features of Amulya Jeevan and Jeevan Amar plans: Maximum Term: The maximum term under Amulya Jeevan was 35 years, but under Jeevan Amar, one may take life cover for 40 years.

Maximum Entry Age: In Amulya Jeevan the maximum entry age was 60 years, but in case of Jeevan Amar, people up to 65 years of age may apply for the term plan.

Maximum Maturity Age: The maximum maturity age under Amulya Jeevan was 70 years, but in case of Jeevan Amar, policyholders may enjoy life cover up to the age of 80 years. Accident Benefit Rider: There was no provision of accident benefit rider in Amulya Jeevan, but under Jeevan Amar, an applicant may opt for double accident benefit DAB at inception of the policy or at any time during the premium payment term PPT , provided the outstanding PPT is at least five years.

The cover under this rider shall be available during the premium paying term only or up to the policy anniversary on which the age nearer birthday of the life assured is 70 years, whichever is earlier. So, this benefit is not available under single premium option. Under level SA, the amount of SA remains same during the policy period, while under increasing SA, the amount of SA remains same for first 5 policy years and then increases by 10 per cent every year till the 15th policy year or end of the policy, whichever is earlier.

Mode of Premium Payment: There were only two modes to pay premium — yearly and half-yearly — were available under Amulya Jeeva, while in case of Jeevan Amar, along with the yearly and half-yearly modes, applicants have options to choose whether to pay single premium, limited premium or regular premium.

Grace Period: The grace period for paying premium without any interest was 15 days under Amulya Jeeva, which has been increased to 30 days for Jeevan Amar. Revival Period: The maximum time period allowed to revive a lapsed Amulya Jeevan policy was 2 years, while the revival period for Jeevan Amar policy will be up to 5 years. Surrender Value: There was no surrender value under Amulya Jeevan plan, but under Jeevan Amar, surrender value will be payable in case of single premium and limited premium plans, subject to terms and conditions.

Payment of Death Claim: Under Amulya Jeevan, death claims were paid only in lump sum, but in case of Jeevan Amar, along with the lump sum, choices are there to opt for death claims in installments as well as partly in lump sum and partly in installments, which may be selected at the proposal stage or at the currency of the policy.

Do you know What is? Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates. Apart from lower premium, Jeevan Amar plan has much wider features and flexibility in both premium payments and getting death claims compared to now withdrawn term plan Amulya Jeevan.

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LIC Amulya Jeevan II Plan

Finally in the first week of August, , the government sector life insurance behemoth replaced its Amulya Jeevan plan with the new and cheaper term plan — Jeevan Amar. Not only the premium of Jeevan Amar plan is lower than that of Amulya Jeevan, but the new term insurance plan has much wider features and flexibility in both premium payments and getting death claims compared to the old plan, which has been withdrawn just before the introduction of Jeevan Amar. Here is a comparison of some features of Amulya Jeevan and Jeevan Amar plans: Maximum Term: The maximum term under Amulya Jeevan was 35 years, but under Jeevan Amar, one may take life cover for 40 years. Maximum Entry Age: In Amulya Jeevan the maximum entry age was 60 years, but in case of Jeevan Amar, people up to 65 years of age may apply for the term plan. Maximum Maturity Age: The maximum maturity age under Amulya Jeevan was 70 years, but in case of Jeevan Amar, policyholders may enjoy life cover up to the age of 80 years. Accident Benefit Rider: There was no provision of accident benefit rider in Amulya Jeevan, but under Jeevan Amar, an applicant may opt for double accident benefit DAB at inception of the policy or at any time during the premium payment term PPT , provided the outstanding PPT is at least five years. The cover under this rider shall be available during the premium paying term only or up to the policy anniversary on which the age nearer birthday of the life assured is 70 years, whichever is earlier.

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LIC’s new term insurance plan: How better is Jeevan Amar compared to just withdrawn Amulya Jeevan?

REVIVAL If the Policy has lapsed, it may be revived during the life time of the Life Assured, but within a period of 5 years from the date of first unpaid premium and before the date of maturity, on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest at such rate as may be fixed by the Corporation from time to time compounding half-yearly. Section 45 of Insurance Act, No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose. Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal. Prohibition of Rebates Section 41 of INSURANCE ACT , : 1 No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taking out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer. Note : Conditions apply for which please refer to the Policy document or contact our nearest Branch Office. Term of the Policy years 5 10 15 20 25 30

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A Term Insurance is essential for everyone, especially those with a family that comprises of dependent children and elderly parents. Unexpected death of the sole bread winner becomes a major setback for the entire family. LIC, the public sector life insurance company and the oldest in India, offers a wide range of term insurance plans with benefits, each designed to meet the unique financial objectives of individuals and families. These benefits include a reliable source of monthly income, one-time lump sum payout, just to name a few. It assures your family of a very high sum assured, and that too at a minimal annual premium payment. This substantial sum assured is offered on the disciplined payment of a small annual premium.

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