LIC Amulya Jeevan - 1
Objective
This term insurance plan pays sum assured to the nominee in case of death of the insured.
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.
Suited for
A pure term policy is recommended for everyone with dependents.
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.
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)
Cost Details
| 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 | ||||||||
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