The all new LIC AMULYA JEEVAN II plan is indeed a great policy that helps to keep the family of the policyholder pecuniary secure if the life assured dies, unfortunately. This policy is actually a protection plan that aims at saving the family members of the policyholder from the monetary crisis in the immediate future due to the untimely demise of the life insured. Since this is a pure risk covering term plan, the minimum amount of money that can be assured under the LIC AMULYA JEEVAN II policy is 25 Lakhs. The death benefits can only be enjoyed by the nominee if the policyholder dies during the policy terms or in simple words the policy holder dies after the commencement of the risk of the plan before maturity. The AMULYA JEEVAN II policy provides a plethora of benefits against the small time investments and the benefits are generally enjoyed by the people having occupations with high risks.
This term plan from the house of LIC is highly unique since it offers a large value of monetary support to the family of policyholder against very low rates of premium. Thus, one can ensure the proper financial security of the family by paying small premiums against the AMULYA JEEVAN II plan.
Key Features of LIC AMULYA JEEVAN II
- It is an appropriate term plan from LIC providing total risk coverage.
- Since it is a risk covering term plan thus only the death benefit is available and no maturity benefits whatsoever.
- It is basically a traditional life insurance policy without profits .
- The nominee gets the sum assured from the insurer as the death benefit if the policyholder dies during the tenure of the AMULYA JEEVAN II policy and no amount is being paid after the maturity.
- There is no limit to the sum that can be assured with this policy.
- The tax benefits are available on the premium payment as well as on the total amount received by the nominee upon the death of the life assured.
- The policyholder can choose long tenures for the policy.
- The policy offers discounts on the premiums paid. Discounts on the premium paid can be availed for the annual mode of payment as well as for huge amount of sum assured under this policy.
This policy from LIC is a pure term plan offering the risk coverage to the family of the policyholder. For this plan, the minimum amount of sum that can be assured is 25 lakh whereas there is no upper limit for the sum that can be assured. Since it is an absolute term plan with the goal of only risk coverage, there are actually no benefits as such except the death benefits and tax benefits under the directives of the Income Tax Act. No extra bonus or benefit is applicable for this policy on maturity; only if the life assured dies within the policy tenure then the nominee will get the sum vested.
Hence, the benefits of the AMULYA JEEVAN II plan can be divided into:
- Maturity Benefit
- Death Benefit
- Tax Benefit
As discussed earlier, the LIC AMULYA JEEVAN II plan does not provide any maturity benefit whatsoever since it is purely a life term policy. If the policy holder survives successfully till the end of the tenure of the policy then no compensation will be offered to the life assured as it happens with other non-linked insurance policies of Life Insurance Corporation. For non-linked insurance policies, a maturity benefit is provided to the policyholder on successful completion of the tenure of the policy along with extra bonuses but since it is a pure life-term policy no as such benefits or bonuses are available.
The death benefit is offered to the beneficiary of the AMULYA JEEVAN II policy if and only if the sudden demise of the policy holder occurs within the tenure of the policy. The amount that is being assured under this plan will be provided to the beneficiary to cope up with the financial challenges in the immediate future after the sudden death of the life assured. The death benefit will be one lump sum amount and it will just be only one time payable to the nominee. The amount of money that will be received by the nominee as death benefit will depend on the amount of premium opted. But here one thing should be kept in mind that the death benefit will lapse once the policy reaches its maturity; hence after the maturity of the policy, no protection will be given to the family of the policyholder under this term plan.
The AMULYA JEEVAN II policy comes under the provisions for the tax rebate thus the policyholder can file for tax exemption amounting up to one lakh on the earnings that are taxable with the help of this term plan. As per the clauses of the section 80C of the Income Tax Act, the premiums paid will not be considered for taxation whereas the section 10D of the Income Tax Act states that the amount that will be received by the beneficiary as tax benefit will also be exempted from any taxation.
- The minimum age of entering this policy is 18 whereas the maximum is 60 years of age
- The lowest tenure of the policy has been set for 5 years while the maximum tenure can be of 35 years
- The minimum sum assured is Rs 25 lakhs but there is no upper limit for this policy
- The premiums can be paid in yearly or half yearly basis with a provisional grace period of 30 days
- The highest limit of ceasing the policy protection is 70 years
LIC AMULYA JEEVAN II Premium Calculator
Other Important Points
No policy loans are available under the LIC AMULYA JEEVAN II policy.
The new AMULYA JEEVAN II policy does not have any provision for the surrender value facility thus the life assured cannot submit the plan back for any type of compensation.
Paid Up Amount:
No such facility is available.
Free Looking Period:
If the terms and conditions of the policy do not suit the policyholder then the policy member can opt for getting the plan cancelled within 15 days upon receiving the documents of the policy from the insurer.
The revival of the policy:
The policy can also be revived within 2 consecutive years dated from the moment of the first premium that is unpaid before the maturity of the policy by clearing all the dues along with the interests compounded half yearly on the amount.
Exclusion from the plan:
If the policyholder commits suicide after the commencement of risk of the AMULYA JEEVAN II policy then only 80% of the premiums that have been already paid till the date of death of the policyholder will be paid to the nominee.
LIC Amulya Jeevan II Review
It is not appropriate to criticise any life insurance policy since the label of the good or bad policy depends upon the perception of the people. But still, it has been seen comparing the AMULYA JEEVAN II plan with other term plans available in the market that from premium rates to coverage, this term plan from LIC is far behind its competitors and has a long way to go to catch up with them. Having said so, the decision of whether you should buy this plan or not depends solely on you. If the features of the AMULYA JEEVAN II fulfil your requirement then protect your family under this scheme without any hassle.