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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) 
Minimum18
Maximum60
Maximum Maturity Age (years)70
Policy Term (years) 
Minimum5
Maximum35
Sum Assured (Rs) 
Minimum25 lakh
MaximumNo Limit
Premium Payment FrequencyAnnual, Half yearly and Single
Premium Payment TermRegular through the term of the policy or Single
Policy CoverCover remains fixed for the tenure of the policy
Other Features 
Free Look CancellationNA
Grace PeriodYou 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 ReinstatementYou 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 BenefitsSection 80C, 10 (10D) of the Income Tax Act, 1961 would apply
ExclusionsIn 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 
AddressLIC of India, Yogakshema, East Wing, 7th Floor, Jeevan Bima Marg, Mumbai - 400021
Call OnCheck for stats and city specific phone numbers on www.licindi.in
SMSSms 'city' to 566773 (type in the name of your city)
Annual Premium Option
Policy Term (in years)Age (in years)
2530354045505560
58280852097201216016200246403700055920
1082808760105601372019800301204552070720
15832094401176016280239203628055760NA
2087201028013600192402848043600NANA
25940011680158802280034080NANANA
3010440134401860027080NANANANA
35117601552021880NANANANANA
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)
2530354045505560
53420035240402805048067360102440153320230280
1057320621607492097800140880213160318920485840
157784088560110880153520224360336680506720NA
2097960115960153240216720317440476760NANA
25118800148160201240287240422960NANANA
30143360184720254840367160NANANANA
35171160225480315520NANANANANA
Figures indicate premiums on a Rs 40 lakh policy for an age over different policy tenures exclusive of service tax