LIC Amulya Jeevan – Benefits
High Sum Assured Term Plan.
Very long tenure of 35 years can be chosen.
Premium discounts for annual mode and high sum assured.
Income Tax Act has Section 80 C under which the policyholder gets Income tax benefits on the Premiums paid, and as per Sections 10(10 D), tax benefits can be enjoyed on the claims as well.
LIC Amulya Jeevan – Frequently Asked Questions
Q.Are there any riders available with this plan?
Ans.No, there are no Riders offered by this policy.
Q.What will happen if I stop paying the premium?
Ans. If you stop paying, then all the benefits that you have been leveraging from the policy will tend to stop after the grace period expires. If you wish to continue with the policy, then you need to reinstate it within two years from the date of the first unpaid premium. Make sure to renew the policy before the policy expires and to do that, you will need to submit the required documents and payment of interest as well as the due premiums.
Q.Are there any surrender benefits offered by the company?
Ans. No, the company does not offer any surrender benefits under this term plan.
Q. Is there any loan facility under this policy?
Ans.No, there is no loan facility under this policy.
Q. How can I revive my policy?
Ans.Reviving a policy is not a very difficult task. It can be revived anytime after 2 consecutive years of the first unpaid premium before the policy reaches its expiry date.
Q.What if the insured commits suicide within the policy term?
Ans.If the policyholder commits suicide within 12 months from the commencement of the policy, then 80% of the premiums paid till the death date will be given to the nominee.
Q.How much service tax applies to this policy?
Ans.12% service tax is levied on the policy.
Q.What is the cooling-off period of the policy?
Ans. If you are not satisfied with the Terms and Conditions of the policy, then you can cancel the policy within 15 days of buying the policy.
Q. Is there any concession in the payment of claims?
Ans. This policy offers no concession for claims and concession for an extended claim is offered by this plan.
Q. What is the eligibility criterion of buying the policy?
Ans.To be eligible for buying this policy, you need to be between 18 and 60 years of age.
Q.What will I get if I survive the entire policy tenure?
Ans.As it is a pure term insurance plan, no benefit is offered on maturity. Only in case of your death within the policy tenure, the nominee appointed by you will receive the lump sum assured by the insured.
Q.Can I pay the premium on a monthly basis?
Ans.No, you cannot pay premiums on a monthly basis. Only two types of premium paying frequencies are allowed under this plan. They are- yearly and half-yearly.
Q.What is the basic sum assured amount, promised by the insurer?
Ans. The minimum sum assured amount is Rs.25,00,000/- that is offered as the death benefit. There is no limit on the maximum sum assured amount.
Q. Is there any Tax benefit under this plan?
Ans.yes, there are income tax benefits under this plan as per the sections 80C and 10(10D) of the Income Tax Act, 1961.
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