LIC’s
Anmol Jeevan - II is a protection plan which provides financial protection to
the insured’s family in case of his/her unfortunate demise.
Benefits:
Death Benefit: In case of unfortunate death of the
Life Assured during the policy term Sum Assured shall be payable.
Maturity Benefit: On survival to the end of the policy term, nothing
shall be payable.
Eligibility Condition and Other Restriction
- 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/-)
- Minimum
age at entry
:
18 years (completed)
- Maximum
age at entry
:
55 years (nearest birthday)
- Maximum
cover ceasing age
: 65 years (nearest birthday)
- Minimum
policy term
: 5 years
- Maximum
policy term
:
25 years
Payment
of Premiums:
Premiums
can be paid regularly during the term of the policy at yearly or half-yearly
intervals.
A
grace period of one month but not less than 30 days will be allowed for payment
of premiums.
Sample
Premium Rates:
The
sample premium rates (exclusive of taxes) are as under:
| Annualised premium rates
per Rs. 1000 Sum Assured |
|||||
| Age (yrs.) |
Term of the Policy
(years) |
||||
| 5 |
10 |
15 |
20 |
25 |
|
| 20 |
2.09 |
2.09 |
2.09 |
2.16 |
2.31 |
| 30 |
2.31 |
2.37 |
2.65 |
3.02 |
3.54 |
| 40 |
3.48 |
4.10 |
5.07 |
6.03 |
7.05 |
| 50 |
7.91 |
9.44 |
11.21 |
- |
- |
Additional
Premium:
Additional
premium for half-yearly mode: 2.0% of tabular annual premium
Revival:
If
premiums are not paid within the grace period then the policy will lapse. A
lapsed policy can be revived within a period of 2 consecutive years from the
date of first unpaid premium but before the expiry of policy term, by paying
all the arrears of premium together with interest (compounding half-yearly) at
such rate as fixed by the Corporation at the time of payment, subject to
submission of satisfactory evidence of continued insurability.
The
cost of the medical reports, including special reports, if any, required for
the purpose of revival of the policy, shall be borne by the Life Assured.
The
Corporation reserves the right to accept at original terms, accept at revised
terms or decline the revival of a discontinued policy. The revival of
discontinued policy shall take effect only after the same is approved by the
Corporation and is specifically communicated to the Policyholder.
 |
| LIC Term Plan |
Paid-up
Value:
The
policy shall not acquire any paid-up value.
Surrender
Value:
No
Surrender Value will be available under this plan.
Taxes:
Taxes,
if any, shall be as per the Tax laws and the rate of tax shall be as applicable
from time to time.
The
amount of tax as per the prevailing rates shall be payable by the Policyholder
on Instalment premiums including extra premiums, if any. The amount of tax paid
shall not be considered for the calculation of benefits payable under the plan.
Cooling-off
period:
If
the Policyholder is not satisfied with the “Terms and Conditions” of the
policy, the policy may be returned to us within 15 days from the date of
receipt of the policy bond stating the reason of objections. On receipt of the
same the Corporation shall cancel the policy and return the amount of premium
deposited after deducting the proportionate risk premium for the period on
cover, stamp duty charges, expenses for medical examination and special
reports, if any.
Exclusion:
Suicide:
This policy shall be void if the Life Assured (whether sane or insane) commits suicide within 12 months from the date of commencement of risk or from the date of revival, an amount equal to 80% of the premiums paid till the date of death (excluding any taxes, extra premium, if any,), provided the policy is inforce, shall be payable. The Corporation will not entertain any other claim under this policy.
This policy shall be void if the Life Assured (whether sane or insane) commits suicide within 12 months from the date of commencement of risk or from the date of revival, an amount equal to 80% of the premiums paid till the date of death (excluding any taxes, extra premium, if any,), provided the policy is inforce, shall be payable. The Corporation will not entertain any other claim under this policy.
Section 45 of Insurance Act, 1938:
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.
Provided
that nothing in this section shall prevent the insurer from calling for proof
of age at any time if he is entitled to do so, and no policy shall be deemed to
be called in question merely because the terms of the policy are adjusted on
subsequent proof that the age of the life assured was incorrectly stated in the
proposal.
"Have Doubt ?" Contact Us
Prohibition of Rebates (Section 41 of INSURANCE ACT,
1938) :
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taking out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taking out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
(2)
Any person making default in complying with the provision of this Section shall
be punishable with a fine, which may extend to 500 rupees.
More Info On LIC Official Policy Document
For More Info Contact – US or
Call or SMS “Plan” to 9977143290
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