LIC Amulya Jeevan - 1
Objective
This term insurance plan pays sum assured to the nominee in case of death of the insured.
What does it do?
Like all other pure term policies, this plan pays sum assured on unfortunate demise of the insured. The policy does not pay any maturity benefit and surrender benefit.
Pros
High sum assured policies of Rs 1 crore and above can get rebate on premium.
There is no maximum limit on sum assured.
The plan allows to reinstate a lapsed policy within 5 years from the date of lapse.
Premiums qualify for taxation benefits.
Cons
The policy cannot be availed by anyone who needs a life cover less than Rs 25 lakh.
The policy doesn’t offer any riders for additional protection.
Suited for
A pure term policy is recommended for everyone with dependents.
Our View
LIC charges higher premiums as compared to other insurers. Similar protection is available at cheaper cost in the market. You can take this policy if you are comfortable paying huge premiums.
Eligibility
| Entry Age (years) | |
| Minimum | 18 |
| Maximum | 60 |
| Maximum Maturity Age (years) | 70 |
| Policy Term (years) | |
| Minimum | 5 |
| Maximum | 35 |
| Sum Assured (Rs) | |
| Minimum | 25 lakh |
| Maximum | No Limit |
| Premium Payment Frequency | Annual, Half yearly and Single |
| Premium Payment Term | Regular through the term of the policy or Single |
| Policy Cover | Cover remains fixed for the tenure of the policy |
| Other Features | |
| Free Look Cancellation | NA |
| Grace Period | You are allowed to pay premiums within 15 days from the due date. If a due premium is not received within the grace period of 15 days, your policy will lapse and the life insurance cover will be terminated |
| Lapsed Policy Reinstatement | You can reinstate your lapsed policy any time during the term of the policy by paying all the due premiums and undergoing underwriting requirements, if any |
| Tax Benefits | Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply |
| Exclusions | In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. |
| Customer Service | |
| Address | LIC of India, Yogakshema, East Wing, 7th Floor, Jeevan Bima Marg, Mumbai - 400021 |
| Call On | Check for stats and city specific phone numbers on www.licindi.in |
| SMS | Sms 'city' to 566773 (type in the name of your city) |
| Annual Premium Option | |||||||||
| Policy Term (in years) | Age (in years) | ||||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | ||
| 5 | 8280 | 8520 | 9720 | 12160 | 16200 | 24640 | 37000 | 55920 | |
| 10 | 8280 | 8760 | 10560 | 13720 | 19800 | 30120 | 45520 | 70720 | |
| 15 | 8320 | 9440 | 11760 | 16280 | 23920 | 36280 | 55760 | NA | |
| 20 | 8720 | 10280 | 13600 | 19240 | 28480 | 43600 | NA | NA | |
| 25 | 9400 | 11680 | 15880 | 22800 | 34080 | NA | NA | NA | |
| 30 | 10440 | 13440 | 18600 | 27080 | NA | NA | NA | NA | |
| 35 | 11760 | 15520 | 21880 | NA | NA | NA | NA | NA | |
| Figures indicate premiums on a Rs 40 lakh policy for an age over different policy tenures exclusive of service tax | |||||||||
| Single Premium Option | |||||||||
| Policy Term (in years) | Age (in years) | ||||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | ||
| 5 | 34200 | 35240 | 40280 | 50480 | 67360 | 102440 | 153320 | 230280 | |
| 10 | 57320 | 62160 | 74920 | 97800 | 140880 | 213160 | 318920 | 485840 | |
| 15 | 77840 | 88560 | 110880 | 153520 | 224360 | 336680 | 506720 | NA | |
| 20 | 97960 | 115960 | 153240 | 216720 | 317440 | 476760 | NA | NA | |
| 25 | 118800 | 148160 | 201240 | 287240 | 422960 | NA | NA | NA | |
| 30 | 143360 | 184720 | 254840 | 367160 | NA | NA | NA | NA | |
| 35 | 171160 | 225480 | 315520 | NA | NA | NA | NA | NA | |
| Figures indicate premiums on a Rs 40 lakh policy for an age over different policy tenures exclusive of service tax | |||||||||
