About Anmol Jeevan II Plan

LIC Anmol Jeevan II is a defense program which offers the necessary financial aid to the household of the insured person in the event of his/her unfortunate death. This strategy gives you the capacity to plan for predictable future expenditures such as high education and marriage of children, health expenses of parents, regular income to your household, etc.. Because of this, it’s best to secure your family’s financial future well beforehand.

Key Features

  • 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 Anmol jeevan II

  • 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.
  • 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.
  • Premium discount is available for annual mode.
  • Large cover at affordable premiums.

Features of Anmol jeevan II

Minimum age at entry 18 years old
Maximum age at entry 55 years old
Max. cover ceasing age 65 years old
Minimum term 5 years
Maximum term 25 years
Minimum S.ARs 6,00,000 & in
multiples of Rs 1,00,000 thereafter.
Maximum S.A. Rs 24,00,000
  • Available Riders: Nil
  • Mode of Payment: Yearly and Half Yearly only.
  • Rebates/Additional Premium: For Half yearly mode: 2% of TP Extra.
    High S.A. Rebate : Nil
  • Policy Loan: Not Available
  • Grace Period:
    One calendar month, Min 30 days
  • Revivals:
    Between 31 to 60 days of FUP:
    Premium with Interest only.
    From 61 days to 2 years of FUP:
    Premiums with interest + DGH+
    Medicals as per underwriting rules.
  • Back Dating: Group VII: Allowed.
    Allowed without charging any interest.
  • Proposal Form: 300 or 340.
  • Service Tax:
    12.36% throughout the policy term.
  • Tax Benefits :
    On Basic Premiums : u/s 80C
    Death claim : u/s 10(10D)

Underwriting Rules

  • Non -Medical Schemes:  Not Allowed.
  • Non-Standard Age Proofs: Not Allowed.
  • Female Lives : Category –I and II only.
    Pregnant ladies: Not Allowed.
  • Major Students:  Not Allowed.
  • Sub-Standard Major lives: Up to EMR Class Ten only. Physically Handicapped  l
    should be gainfully employed.
  • Occupation/Residence Extra: Standard extra is to be charged.
  • Actual Sum Assured (ASA) for SUC:  For FMR, Special Reports, MHR & TRSA: Basic S.A. only.
  • Keyman/Partnership/Empl-Employee:  All Allowed.
  • NRIs Residence Group:
    Group I to VI: Not Allowed.
    Group VII: Allowed.
    House wives and NMS Scheme:  Not Allowed under any group.
    Mail Order: Allowed under Group VII.
  • FNIOs:  Not Allowed.