Amulya Jeevan – II from LIC is a protection plan that provides high life cover in case of unfortunate death of policyholder during the policy term. It is a nonparticipating plan.
1) The entire Sum Assured will be paid to the family/ nominee in case of death of the insured during the policy term.
2) It has very competitive premium rates.
3) Long tenure period of up to 35 years is available.
4) Sum Assured is Rs. 2500000 and above in multiples of 100000.
5) Rebate is given for yearly premium payment and higher Sum Assured.
6) Policy term is between 5 to 35 years.
7) Anyone between the age of 18 and 60 can buy this policy.
8) Premiums can be paid either yearly or half yearly.
9) One can avail tax benefits under section 80C for the premium paid. The claim received is also tax-free under section 10(10)D.
10) It is a term plan with only death benefit and there is no bonus. There is no maturity benefit in this plan.