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LIC Anmol Jeevan - 1

Objective

This is a pure term plan that pays sum assured on death of the insured. The plan does not pay any surrender or maturity value.


What does it do?

Apart from standard lives, this plan can cover substandard lives and physically handicapped persons too.
LIC defines substandard life as a person whose life is at higher risk because of any existing physical condition, family or personal history of disease, occupation, residence in unhealthy climate or dangerous habits.


Pros

The policy gives rebate at 1 per cent to policies that pay premium annually.
The policy covers substandard lives and physically handicapped persons as well.
Premiums qualify for taxation benefits.


Cons

Maximum sum assured is limited to Rs 25 lakh. Thus, the plan is not suitable for anyone who needs higher coverage.
The plan does not offer any rider(s) for enhanced protection.


Suited for

This policy can be taken to insure physically impaired individuals apart from standard lives.


Our View

A pure term policy is a definite buy for everyone.
LIC charges higher premiums as compared to other insurers. Nonetheless  the policy can be valuable for those in the substandard life category, unable to get insurance protection from other insurers.
You can take this policy if you are willing to shell out high premiums for nominal coverage.
This policy can be continued only till 65 years of age.

Eligibility
Entry Age (years) 
Minimum18
Maximum55
Maximum Maturity Age (years)65
Policy Term (years) 
Minimum5
Maximum25
Sum Assured (Rs) 
Minimum500000
Maximum2499999
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)
25303540455055
104712512865549405144942267134769
15471256237682115041772127482NA
205089645592271388021245NANA
25572276431106816612NANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax
Single Premium Option
Policy Term (in years)Age (in years)
25303540455055
1030420342404508065380101240157420237820
15416405054070000105660162260247360NA
205416069600100640151760229540NANA
256876092980135680202580NANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax

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