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It is basically a protection plan that provides the needful financial assistance to the family of the insured person. In other words you can call it a term insurance plan. Under this plan, if the insured person expires during the term of the policy, then most likely it is the death benefit that gets paid to the nominee. Thus a term insurance plan works the best to provide coverage in the event of any uncertain events or death.
Anmol Jeevan II is, in the same way, a term plan offering financial protection. The protection that is most sought by a family when an individual of that family has to face to face an untimely demise. Since life in itself a package of uncertainty, securing through term insurance plans dampens the damage to some extent. The family of the individual lives on.
The plans are to be brought upon on a direct basis without the involvement of intermediaries
It is a wholesome life cover plan.
Premiums are in two categories of yearly and half-yearly
The premium payments that get accepted are the annual ones.
There isn’t any type of provision drawn in maturity other than that of death
No involvement of paid-up value
Does not have surrender value
Deaths covered are of all types including accidental
No application or raising of loans against the LIC Anmol Jeevan II policy
Death Benefit, here a sum of money equalling the amount assured will get paid to the nominee of the policyholder if the policyholder happens to experience an unfortunate sudden demise during the active period of the policy
Tax Benefit, the policyholders, experience tax benefits on the premiums they pay for the LIC Anmol Jeevan II policy under the very sections of the Income Tax Act.
|Age||Minimum age: 18 years (completed)|
|Maximum age: fifty-five years (nearest birthday)|
|Policy Term||Minimum Term of the Policy is five years|
|Minimum Term of the Policy is twenty-five years|
|Maximum ceasing age for Risk Cover is sixty-five years (nearest birthday).|
|Sum Assured||Minimum Assured Sum: Rs. 6, 00, 000|
|Maximum Assured Sum: Rs. 24, 00, 000|
|Premium Paying Mode||Yearly, Half Yearly|
As stated in the paragraph prior to this, every earning member that is concerned about his or her family should opt for a term insurance plan. The minimum entry age for term insurance plans is 18 years. While the maximum entry age for people to take up the LIC Anmol Jeevan II plan is 55 years. The maturity age that is held to be maximum is that of 65 years. Individuals can avail of a minimum of 6 lakh rupees under such a plan.
The term insurance plans can certainly be bought upon and taken up by individuals that do not have any of existing plans or policies or even those having existing plans or programs. Taking up additional policies, however, implies him or her as an individual should possess enough capabilities in paying the premium. Additional term plans are brought upon by people as they feel their existing ones are not going to provide a full proof protection. LIC’s Anmol Jeevan II can be certainly counted upon as a full proof protection measure.
In this age of the internet when most kinds of amenities are available online at the fingertips of people with just a mouse click away, an online availability of term plans can’t be put aside for long. The companies have their plans to be available online with a purchasing option thus resulting in saving of time and triggering convenience.
The categories of the LIC Anmol Jeevan II Plan is best understood through the following facts and figures. It is here the sum assured for the plan in the event of the death of the policyholder is well above 25,00,000. The total policy term extends on to 35 years. Premiums can be paid for the policy both on a half-yearly and yearly basis. With no surrender amount and not being applicable for loans, the revival period is within a two year timeframe.
The LIC Anmol Jeevan II plan is a pure term insurance plan. The plan as has been stated before has no maturity benefits or survival benefits. It only has a death benefit. It is a standard plan premium paying without any kind of profit motive.
It isn’t much different to other similar term insurance plans when it comes to the documents that are to be submitted for LIC Anmol Jeevan II plan. Normally the plans include the age, identity, income proof and address of the interested person. The documents at the time of taking up of the plan can be as:
Age proof that extends on from birth certificate to matriculation
dentity proof documents of Aadhaar, PAN, Passport and License
Address proof documents of passport, electricity or gas bills
Income statement for proof of income
A medical certification for proof of medical grounds if there are any
Medical tests and examination while applying for term plans like LIC Anmol Jeevan II are solely subjected to the information part as supplied by the policyholder on his or her health status. People that tend to opt for the policies under the no smoking category, for instance, has to under the associated medical tests. It is the samples of blood and urine which gets collected during the medical test measures on the patient. Thus it is of utmost importance the policyholders disclose every bit of detail about their health and in the correct way.
Exclusions in the LIC Anmol Jeevan II Policy
While it is death that gets covered by such term plans of LIC Anmol Jeevan II, it does not simply takes into account or work its way out on the event of any death by unnatural causes such as taking one’s own life in the form of suicide especially within a year of purchasing or going for a renewal of the policy. Going by the rule books, if an insured commits suicide before the completion of a year of the policy, an 80% of the total premium paid within the period is handed out to the nominee of the deceased.
Every kind of life insurance policy plans has a cooling period. Normally it has been seen of this cooling period to extend onto a period of a month or 30 days. The period is extremely important as the policyholder gets to read every document related to the policy in detail and get their doubts or queries answered arising out of the same.
A policy subscriber can very much return the policy related documents to the insurance company upon finding it to be unsatisfactory. The company returns the first premium that was paid by the policyholder in this cooling period. A policy plan though if returned to the company cannot be once again subscribed upon by the policyholder going by the norms.
Every policy it may be of mention has a grace period. The normally month long grace period is where policyholders are allowed to pay off their pending premiums. Failure to pay premiums on the due date will still keep the policies active but only for the grace period of 30 days.
Loan - No loan facility is available in this plan.
Riders - There are no Riders available with this plan.
Surrender Value - This plan does not acquire any surrender value at any point of time.
A premium meant for an LIC Anmol Jeevan II policy can only undergo changes if the service tax regulation for some reason changes. This too occurs due to some modifications and changes brought upon by the government of the country.
LIC as one of the biggest insurance selling bodies on Indian grounds has so far managed to reach out to close to 250 million people across the globe. And term plans which the LIC Anmol Jeevan II is a part does very much formulate as one of the components of global insurance policies. Apart from term plans, ULIPS, child plans, traditional saving plans, pension plans are some of the others that should be earning a mention.
Suppose Mr. Singhania purchased the plan with the following parameters:
Age when he purchased the plan = 35 years
Sum Assured = Rs. 24 lakhs
Policy Term = 25 years
According to the above details, the annual premium will be around Rs. 11,784 + Taxes. As per the current tax slab the annual premium will be Rs. 13,905
At the beginning of every year, He has to pay the annual premium. Only then, he will be liable to get the cover throughout the year. Again, he has to pay the premium at the start of each policy year for 25 years.
In case of demise of the insured at any point during the term of the policy, the nominee would be liable to get Rs. 24 lakhs as the Death Benefit.
There is no Maturity Benefit in this plan.