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.
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.
Suited for
This policy can be taken to insure physically impaired individuals apart from standard lives.
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.
Eligibility
Entry Age (years)
Minimum
18
Maximum
55
Maximum Maturity Age (years)
65
Policy Term (years)
Minimum
5
Maximum
25
Sum Assured (Rs)
Minimum
500000
Maximum
2499999
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 | |
| 10 | 4712 | 5128 | 6554 | 9405 | 14494 | 22671 | 34769 |
| 15 | 4712 | 5623 | 7682 | 11504 | 17721 | 27482 | NA |
| 20 | 5089 | 6455 | 9227 | 13880 | 21245 | NA | NA |
| 25 | 5722 | 7643 | 11068 | 16612 | NA | NA | NA |
| 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) | ||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | |
| 10 | 30420 | 34240 | 45080 | 65380 | 101240 | 157420 | 237820 |
| 15 | 41640 | 50540 | 70000 | 105660 | 162260 | 247360 | NA |
| 20 | 54160 | 69600 | 100640 | 151760 | 229540 | NA | NA |
| 25 | 68760 | 92980 | 135680 | 202580 | NA | NA | NA |
| Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax | |||||||
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