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LIC is India’s first and only public sector insurance company. LIC Anmol Jeevan II Plan is one of the most reliable financial guardians for your family when the need arises. It enables you financially prepare for life’s uncertainties like your sudden demise.
LIC Anmol Jeevan II Planassures you that your family will be able to fulfil their basic needs and aspirations, even when you are not around. In case of your unforeseen death, LIC Anmol Jeevan II Plan pays the pre-decided sum assured to your beneficiary as the Death Benefit.
LIC Anmol Jeevan II Plan includes only Death Benefit, which means that the beneficiary is eligible for the pre-determined sum assured in the case of an unforeseen demise of the policyholder
Maturity Benefit is not applicable on LIC Anmol Jeevan II Plan, which implies that the policyholder/insured will not receive anything on surviving through the policy tenure
Available for a long policy tenure of up to 25 years, reducing the burden of hefty premium amounts
Tax Benefit is applicable on premium payments and claims under Section 80C and Section 10(10D) of the Income Tax Act, 1961, respectively
Discounts on premium payments applicable for annual modes
As per the above illustration, any individual of at least 18 years of age is eligible for purchasing LIC Anmol Jeevan II. The maximum entry age is 55 years. The maximum maturity age applicable on LIC Anmol Jeevan II Plan is 65 years. Eligible individuals can avail a cover of a minimum of Rs. 6 lakhs on LIC Anmol Jeevan II Plan.
Every investor has their own set of unique financial objectives in mind while purchasing a term insurance policy. You can opt for multiple term plans if you feel that the current coverage from your existing term insurance policy may not provide sufficient protection when the need arises. However, the approval for purchasing multiple term plans depends on the insurer and your ability for timely repayment of premiums.
If the concerned insurance company is not convinced or the financial status shows that the applicant would not be able to pay the pre-determined premiums on the additionalterm insurance planson time, the application will get rejected. LIC Anmol Jeevan II Plan is a full proof protection plan.
The documents required during purchasing LIC Anmol Jeevan II Plan are similar to any other term insurance policy. The essential documents which serve as a proof of age, identity, address and income, assuring the insurance company of you being an Indian citizen who has a stable income source for timely premium payments.
The documents required at the time of buying LIC Anmol Jeevan II Plan are:
Proof of Age – Certificate of Birth, Matriculation Certificate, etc. are valid Proofs of Age
Proof of Identity (PoI) - Aadhaar, PAN, Driving License and Passport are valid
Proof of Address (PoA) - Passport, Gas Bill, Electricity Bill
Proof of Income - Statement of Income, Salary Slips, ITR Returns, Form 16
Medical certification as proof of your medical history, if deemed necessary
The necessity for undergoing medical tests during LIC Anmol Jeevan II Plan application process is strictly subject to the decision taken by LIC. The insurance company evaluates whether an applicant requires to submit medical tests based on his/her medical history and other parameters. Applicants who have opted for a LIC Anmol Jeevan II Plan under the No Smoking category might have to undertake some relevant medical tests as a proof that he/she has no history of smoking. Samples of urine and blood are collected for medical diagnosis, emphasizing on the importance of disclosing information accurately.
As a part of the Death Benefit, the beneficiary is eligible for the pre-determined sum assured on the death of the policyholder. There are specific terms and conditions applicable on certain causes of death. For instance, death due to suicide within the first year of buying or from the date of reviving LIC Anmol Jeevan II Plan is liable for a payment of only 80% of the paid premium to the beneficiary.
Cooling or Free Look Period
Every term life insurance policy offers a cooling or free look period. This cooling period generally extends for a period of 15 days. This benefit, as will be mentioned in the LIC Anmol Jeevan II Plan document, enables you to make the most of these 15 days in thoroughly going through the policy document, raising queries and deciding whether you would like to go ahead with the term plan. On return of the term plan, the insurance company pays back the first premium payment that had already been made by the policyholder after deducting the proportionate risk premium for the period on cover, stamp duty charges, expenses for medical examination and special reports, if any.
Policyholders are usually offered a grace period of 30 days, in case he/she is unable to pay within the pre-decided due date. The LIC Anmol Jeevan II Plan remains active even when the policyholder does not pay the premium within the stipulated due date. However, inability to pay within the grace period leads to the lapse of the policy.
Mr. Sharma has just applied for a LIC Anmol Jeevan II Plan. Let’s take a look at the premium payment that he will be eligible for, as per his financial goals.
Current age = 30 years
Preferred Sum Assured = Rs.23 lakh
Preferred Policy Tenure = 24 years
Factoring the above information about Mr. Sharma, the annual premium amount that he will be eligible for, as per the existing tax bracket is as follows: