LIC’s NEW PLAN 2014 – Anmol Jeevan 2 (Table No. 822) effect 3rd Feb

Hi Frnz..........

With effect from 3rd February 2014, two new plans – 

Anmol Jeevan2  (Table No.822) and 

Amulya Jeevan 2 (Table 823) has been introduced in the market. Following are some of the features of this plan.

LIC’s Anmol Jeevan – II is a protection plan which provides financial protection to the insured’s family in case of his/her unfortunate demise.

Benefits

Death Benefit: In case of unfortunate death of the Life Assured during the policy term Sum Assured shall be payable.

Maturity Benefit: On survival to the end of the policy term, nothing shall be payable.

1. Minimum Sum Assured          :   Rs. 6,00,000
2. Maximum Sum Assured         :   Rs. 24,00,000

(The Sum Assured shall be in multiples of Rs. 1, 00,000/-)

1. Minimum age at entry             :  18 years (completed)
2. Maximum age at entry            :  55 years (nearest birthday)
3. Maximum cover ceasing age             :  65 years (nearest birthday)
4. Minimum policy term              :  5 years
5. Maximum policy term            :  25 years

Payment of Premiums:

Premiums can be paid regularly during the term of the policy at yearly or half-yearly intervals.

A grace period of one month but not less than 30 days will be allowed for payment of premiums.

Sample Premium Rates: 

The sample premium rates (exclusive of taxes) are as under:

Annualised premium rates per Rs. 1000 Sum Assured
Age (yrs.)	Term of the Policy (years)
	5	10	15	20	25
20	2.09	2.09	2.09	2.16	2.31
30	2.31	2.37	2.65	3.02	3.54
40	3.48	4.10	5.07	6.03	7.05
50	7.91	9.44	11.21	-	-

 

Additional Premium:

Additional premium for half-yearly mode: 2.0% of tabular annual premium

Revival:

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the expiry of policy term, by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation at the time of payment, subject to submission of satisfactory evidence of continued insurability.

The cost of the medical reports, including special reports, if any, required for the purpose of revival of the policy, shall be borne by the Life Assured.

The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Policyholder.

Paid-up Value:

The policy shall not acquire any paid-up value.

Surrender Value:

No Surrender Value will be available under this plan.

Taxes: 

Taxes, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.

The amount of tax as per the prevailing rates shall be payable by the Policyholder on Instalment premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

Cooling-off period:

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to us within 15 days from the date of receipt of the policy bond stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium for the period on cover, stamp duty charges, expenses for medical examination and special reports, if any.

Exclusion:

Suicide: 
This policy shall be void if the Life Assured (whether sane or insane) commits suicide within 12 months from the date of commencement of risk or from the date of revival, an amount equal to 80% of the premiums paid till the date of death (excluding any taxes, extra premium, if any,), provided the policy is inforce, shall be payable. The Corporation will not entertain any other claim under this policy.