The LIC JEEVAN ANMOL II is an absolute risk cover plan that has been designed to provide the family of the life assured with financial protection in case of the untimely demise of the policy holder. It is a pure term policy with an extra bonus. The nominee will get the sum assured only if the policyholder dies during the tenure of the plan and nothing will be payable on the maturity to the nominee. Life is invaluable and death of the main earning member of a family can have several repercussions on the life of the other; hence, the LIC JEEVAN ANMOL II policy from LIC which assures to keep the family of the policyholder financially safe in case of unfortunate demise of the life assured. A maximum amount of Rs 24 Lakhs can be assured with this brand new policy.
Key Features of JEEVAN ANMOL II:
- The terms of the policy are high flexible and one can opt for the policy term that suits all the needs. Currently, 5 to 25 years of tenure for the policy can be opted.
- The policyholders can also choose the mode of payment in accordance with their suitability. The yearly or half yearly payment mode is available from which the policyholders can choose the one that suits their needs
- A maximum of 24 lakhs rupees can be assured with the JEEVAN ANMOL II policy which will keep the family of the policyholders safe financially if anything unfortunate happens to the life assured.
- The policy also provides 30 days of grace period to all the individuals for paying them premiums to prevent the termination of the policy
- Tax benefits are also applicable to the payment of the premium as well as the amount received as the death benefit will also not be taxable
LIC JEEVAN ANMOL II Benefits
There are mainly two main benefits of the JEEVAN ANMOL II plan, which are:
- Death benefit
- Tax Benefit
As per the conditions of the policy, the total amount of the sum assured will be paid to the nominee in case of sudden demise of the policyholder during the tenure of the policy.
The policyholder will enjoy some tax benefits with the LIC JEEVAN ANMOL II policy. As per the directives of section 80C of the Income Tax Act, the premiums paid will not be taxable. Moreover, the sum assured received by the nominee on the sudden demise of the policyholder during the tenure of the policy will also be exempted of taxing under the directives of section 10D of the Income Tax Act.
Eligibility Criteria for LIC JEEVAN ANMOL II
- The minimum age of entry for the policy is 18 whereas the maximum age limit is 55
- The age of maturity of the plan has been set as 65
- The minimum amount of the sum that can be assured is Rs 6 lakhs whereas the maximum limit is Rs 24 lakhs
- The payment can be done at an annual or half-yearly basis
LIC JEEVAN ANMOL II Premium Calculator
Conditions and privileges
- Proof of age: The policyholder must produce a proper age proof to the insurer to avail the benefits of the JEEVAN ANMOL II policy. Since the premium is calculated on the age of the policyholder thus if at any case the age declared on the proposal is found lesser than the actual age then the premium will be calculated on the correct age as per the directives of the Insurance Act of 1984. Hence, it is very important to produce a valid age proof in front of the insurer to avoid any confusion.
- Grace Period: A grace period of 30 days is provided to all the life assureds to clear their premiums. If you fail to pay the premiums of the plan within the grace period then your policy will get lapsed. If the policyholder dies within the grace period; the policy will still be valid then and the nominee will receive the full benefits of the policy.
- Revival of the policy: In case of the termination of the policy due to the non-payment of the premiums within the grace period, the policy can also be revived. The policyholder will be able to revive the policy within two consecutive years from the very first date of the premium unpaid before the maturity of the policy. For reviving the policy, the policyholder will have to pay the total arrear amount of all the premiums along with the interest compounded half-yearly.
- Surrender Value: There is no surrender value applicable for the LIC JEEVAN ANMOL II policy.
- Loan: The loan is also not available for this policy.
- Suicide: If the policyholder commits suicide within the 12 months of commencement of the policy then the nominee will be paid only the 80% of all the premiums paid till date.
Free Look Period:
If the terms of the policy do not suit the needs of the policyholder then the individual can opt for cancelling the policy option within 15 days upon receiving the policy documents.
Review of LIC JEEVAN ANMOL II Policy
No doubt the JEEVAN ANMOL II policy is one of the better ones in the market hence it is safe to say that you can buy the policy without having any dichotomy in your mind. But before buying you should understand what your needs are and to check whether the plan is providing you with everything that you require.
JEEVAN ANMOL II is purely a term plan and provides no extra bonuses to the policyholder. Thus, it is your decision whether to buy the policy. If it is your first time to get a term policy then you should compare the benefits offered by JEEVAN ANMOL II with other term plans available in the market to choose the best one. While buying an insurance policy, it is always wise to compare the plans available in the market to get the best one.