We spend our whole life to provide facilities and living essentials to our families. But death is unpredictable and when someone dies the family starts to feel the financial burden. And if the victim was the only earner of the house the situation gets even worse.
Life Insurance Corporation of India has several plans which benefit the individual in various ways. One of them is LIC Amulya Jeevan 2 which is the company’s upgraded plan from its predecessor Amulya Jeevan 1.
In case of the unfortunate death of the policyholder, a lumpsum amount assured is paid to the nominee during the policy. However, no maturity benefits shall be given if the policyholder survives at the end of the policy term. Below are the major details of this policy.
Table of Contents
Benefits
- Equal amount to sum assured given in case of death during the policy term.
- The long tenure of up to 35 years can be an option.
- LIC has a very good reputation which provides dependency on the company.
- Income tax benefits under 80C and 10 (10D) of the Income Tax Act, 1961
Eligibility
| Minimum Entry Age Maximum Entry Age | 18 60 |
| Minimum Sum Assured | Rs.25 Lakhs |
| Maximum Maturity Age | 70 |
Key Features
- Low premium, High life cover
- No benefit on survival
- No Loan facility
- Pure Term Plan
- Offers sum assured to the nominee if the policyholder dies.
- No Riders available
Exclusion
Under LIC Plan 823, 80% of the premium paid will be returned if the policyholder commits suicide within 12 months from the start of the policy term.
Plan Brief
| Premium Paying Mode | Half-Yearly and Yearly |
| Policy Period (years) | 5 to 35 years |
| Sum Assured | Min- Rs.25 lakhs/ Max-No limit |
| Loan | Not available |
| Grace Period | 30 Days to pay the Premium |
| Free Look Period | 15 Days |
LIC Amulya Jeevan 2 is a long term plan. You can avail of it in both offline and online modes. You can go to http://www.licindia.in/Products/Insurance-Plan/LIC-s-Amulya-Jeevan-II for online mode. Or you can visit the nearest LIC Office to fetch more details on the policy. Keep in mind that after activating your policy, a timely premium submission should be made. Or it will result in a lapse in the policy.
LIC has a wide network across the county and also clears payments on time, so your family has not had to face any issues. The reputation of LIC is also very good and it is a go-to firm for most people who want to purchase policies.
You need to provide all the necessary documents like Identity proof, and address proof, and also might have to go to a medical inspection.
I’m Shiv Kumar, a graduate with a passion for finance, marketing, and technology. My journey into finance started with a desire to understand money management and investing.
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