A Term Insurance is essential for everyone, especially those with a family that comprises of dependent children and elderly parents. Unexpected death of the sole bread winner becomes a major setback for the entire family. It enables you to plan for predictable future expenses in your absence like child’s higher education and marriage, medical expenditures of parents, regular income for the family, etc. Therefore, it is wise to secure your family’s financial future well in advance.
LIC, the public sector life insurance company and the oldest in India, offers a wide range of term insurance plans with benefits, each designed to meet the unique financial objectives of individuals and families. These benefits include a reliable source of monthly income, one-time lump sum payout, just to name a few. One such plan is Amulya Jeevan – II Plan, which is a pure insurance plan. It assures your family of a very high sum assured, and that too at a minimal annual premium payment. This substantial sum assured is offered on the disciplined payment of a small annual premium.
This death benefit can be paid as a lump sum amount or in the form of monthly instalments, as per your preference. It will act as a guardian for your family, enabling you to fulfil your child’s ambitions and aspirations even when you are not around. The high sum assured that it guarantees as death benefit on a small annual premium payment ensures that it is a suitable investment for individuals across financial capabilities.
Amulya Jeevan-II term plan, like all other Rs.1 crore Term Plan, is the best suited for individuals between the ages of 30 years and 35 years. There are several life insurance companies that specialize in offering Rs.1 crore term insurance plans in India. However, LIC, being a public sector company and the oldest in India, is renowned for offering reliable services at one of the lowest annual premium amount. Most importantly, LIC boasts of the highest claim settlement ratio among life insurance companies in India. This implies that you will enjoy the highest chances of a claim against LIC’s Rs.1 crore term insurance being settled, in case such a situation arises.
| Minimum Sum Assured | Rs. 25,00,000 |
| Maximum Sum Assured
(The Sum Assured shall be in multiples of Rs.1, 00,000/-) |
No limit |
| Minimum age limit | 18 years (completed) |
| Maximum age limit | 60 years (nearest birthday) |
| Maximum cover ceasing age | 70 years (nearest birthday) |
| Minimum policy term | 5 years |
| Maximum policy term | 35 years |
The below illustration is a sample for the annualized premium rates for every Rs.1000 sum assured of Amulya Jeevan-II Plan:
| Age (in years) | 5-Y Policy Term (%) | 10-Y Policy Term (%) | 15-Y Policy Term (%) | 20-Y Policy Term (%) | 25-Y Policy Term (%) |
|---|---|---|---|---|---|
| 20 | 1.15 | 1.15 | 1.15 | 1.15 | 1.17 |
| 30 | 1.15 | 1.29 | 1.42 | 1.64 | 1.96 |
| 40 | 2.03 | 2.41 | 2.97 | 3.57 | 4.23 |
| 50 | 4.85 | 5.85 | 6.89 | 8.05 | - |
You need to meet the following criteria to be eligible to purchase LIC’s Amulya Jeevan-II Plan:
Minimum entry age – An individual should have completed at least 18 years in order to participate in this plan.
Maximum entry age – The maximum entry age for this term insurance plan is 60 years.
Maximum maturity age – The maximum maturity age applicable on this plan life insurance plan is 70 years.
Minimum sum assured – The sum assured starts from a minimum of Rs.25 lakhs.
The essential documents required Amulya Jeevan II Plan as proof of your age, address, identity, address, health and income proofs are:
Aadhaar Card
PAN Card
Passport
Voter ID
Ration Card
Certificate of Birth
Matriculation Certificate
Income Documents
Electricity and Gas Bills
Bank Statement
Blood and urine test reports, and
Photographs
