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LIC Anmol Jeevan II Plan
  • Whole Life Cover Plan
  • One Month Grace Period
  • 15 Days Free-Look Period
  • Tax Benefit Under 80C & 10D
  • Flexible Premium Paying Modes

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LIC Anmol Jeevan II Plan

LIC Anmol Jeevan II is a protection plan that provides the necessary financial assistance to the family of the insured person in case of his/her unfortunate demise. This plan helps you to plan for predictable future expenses like higher education and marriage of children, medical expenditures of parents, regular income for the family, etc. Therefore, it is wise to secure your family’s financial future well in advance.

Key Features of Anmol Jeevan II Plan

  • Flexible policy terms: The tenure of this plan ranges between 5 and 25 years. Individuals can choose a policy term according to their needs.
  • Flexible premium paying modes: Premiums can be paid either every year or every six months, as per the requirements of a policyholder.
  • High sum assured: Individuals can choose a sum assured with an upper limit of Rs. 24 lakhs, ensuring their family is financially secure if something happens to them.
  • Grace period: A grace period of 1 month is provided to policyholders to make their premium payments, keeping in mind the financial condition of individuals.
  • Paid-up value: No involvement of paid-up value
  • Surrender value: Surrender value will not be paid under this policy.
  • Coverage: Deaths covered are of all types including accidental death.
  • Revival: If the premiums will not be paid within the grace period, the plan will be lapse. The lapsed policy can be revived in a period of 2 years from the date of the very first unpaid premium but before the expire date of policy term. Revival can be done by paying all the unpaid premiums with fixed interest rate by LIC
  • Free-look period: In case policyholders are not satisfied with the plan, they have the option to return th same along with stated objections, within a period of 15 days from the date given on the policy receipt.

Benefits of LIC Anmol Jeevan II

  • Large cover at affordable premiums
  • Premium discount is available for annual mode.
  • Death Benefit: In the event of miserable death of the policyholder at the time of the policy term Sum Assured will be paid.
  • Maturity Benefit: If the policyholder will survive till the end of the policy tenure, no amount will be paid.
  • Income Tax Benefit: Premiums paid up to Rs. 1 lakh are applicable for deduction from income tax every year under Section 80C and claims received as per Section 10 (10D) of the Income Tax Act, 1961. Also, Death Benefit is tax-free.

Eligibility Criteria and Specifications

Age Minimum age: 18 years (completed)
Maximum age: 55 years (nearest birthday)
Policy Term Minimum Term: 5 years
Minimum Term: 25 years
Maximum ceasing age for Risk Cover: 65 years (nearest birthday).
Sum Assured Minimum Sum Assured: Rs. 6, 00, 000
Maximum Sum Assured: Rs. 24, 00, 000 (The Sum Assured shall be in multiples of Rs. 1, 00,000/-)
Premium Paying Frequency Yearly and Half-yearly
Premium Paying Term (in years) Equal to policy tenure

Premium Details

Basic premium details (tax not included):

Age (in years) Rs. 10 Lakhs Sum Assured Rs. 20 Lakhs Sum Assured
30 2650 5300
40 5070 10140
50 11210 22420

Anmol Jeevan II Plan with an Example

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.

Things You Need to Know

Documents Required For Anmol Jeevan II Plan

Documents Required

  • Age proof that extends on from birth certificate to matriculation.
  • Identity proof documents of aadhaar card, PAN card, passport and driving license.
  • Address proof documents of passport, electricity or gas bills.
  • Income statement for proof of income.
  • Medical certification for proof of medical grounds if there are any.

Cooling Period

Every life insurance policy plan has a cooling period; normally it is upto 30 days. The period during which the policyholder is allowed to read every document related to the policy in detail and get their doubts or queries answered.

If the policyholder is unsatisfactory, he/she can cancel the policy for any reason. 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 by the same person as per the company norms.



  • If the policyholder commits suicide within 12 months from the date of initiation of risk, LIC will not hold attention to any claim except for 80% of the premiums paid (if the policy is in force).
  • If the policyholder commits suicide within 12 months from the date of revival, LIC will pay 80% of the premiums paid till the date of death or the surrender value and will not hold attention to any other claim. This condition will not be availed if the policy gets lapsed.

*Note: Premiums paid does not include either taxes or any type of extra charges due to rider premiums.

Last updated on 2-07-2019