LIC AMULYA JEEVAN PDF

The plan offers higher value life cover at an affordable premium. This plan doesn't provide any maturity or survival benefit at any time during the policy tenure or after the culmination of the policy since it is designed to provide life cover only i. If the policyholder meets with death at any time during which the policy is in force then LIC will give the Sum Assured on death amount to the nominee s of the policyholders. The Amulya Jeevan II pure term plan is a non-participating and non-linked plan i. It is a pure life cover plan for the applicants who want to secure the future of their family and dependents in their absence due to unfortunate death. The Amulya Jeevan II plan is an offline plan which subscribers need to purchase through any of the agents or outlets.

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The plan offers higher value life cover at an affordable premium. This plan doesn't provide any maturity or survival benefit at any time during the policy tenure or after the culmination of the policy since it is designed to provide life cover only i. If the policyholder meets with death at any time during which the policy is in force then LIC will give the Sum Assured on death amount to the nominee s of the policyholders.

The Amulya Jeevan II pure term plan is a non-participating and non-linked plan i. It is a pure life cover plan for the applicants who want to secure the future of their family and dependents in their absence due to unfortunate death. The Amulya Jeevan II plan is an offline plan which subscribers need to purchase through any of the agents or outlets.

To make the premium payments on time, a whole one month grace period is provided to the insured person. High Sum Assured starts from a minimum of Rs. The annualized premium rates for every Rs. Greater the Sum Assured higher the premium amount. How much life cover should a person opt for? So if a person earns an income of Rs.

LIC offers a free look period of 15 days where the insured can read through the policy document thoroughly and if they are not satisfied with any clause they can cancel the policy. LIC will return the first premium, post applicable deductions like the proportionate risk premium for the cover period, stamp duty charges, and other reports if provided. Hence LIS advises people to get insured as early as possible so as to avail benefits of maximum life cover at minimum premiums.

The essential documents required for Amulya Jeevan II Plan are proof of your age, address, identity, address, health and income proofs:. Policy can be revived anytime after 2 consecutive years of the first unpaid premium before the policy reaches its expiry date. No, it is not possible. Only yearly and half-yearly premium payment modes are allowed under the plan. TollFree No. Free Quotes From Top Companies.

Phone No. YYYY Offers high Sum Assured to meet the financial needs and flexibility to increase the cover. Long-term policy tenure range upto 35 years can be chosen. Various options of premium paying modes that can be annual or bi-annual. Premium discounts are available for annual mode.

Flexibility of choosing policy tenure ranges between 5 and 35 years. Non-participative, non-linked plan, can only be purchased offline. Provisions for policy revival. Maximum premium Based on the policy term, premium payment mode and the Sum Assured chosen by the customer. FAQs 1. How can I revive my policy? No concession for claims and an extended claim is offered by the plan.

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LIC’s new term insurance plan: How better is Jeevan Amar compared to just withdrawn Amulya Jeevan?

LIC Amulya Jeevan is a pure term insurance policy for high sum assured which is primarily for protection only. In this plan, if the Life Insured dies, the nominee will get the entire Sum assured but nothing is payable on maturity. This product is only for high sum assured requirements. Compare Term Insurance Plans. Have any doubts that need to be clarified? Click Here to Request a Callback!

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LIC Amulya Jeevan II Plan

Finally in the first week of August, , the government sector life insurance behemoth replaced its Amulya Jeevan plan with the new and cheaper term plan — Jeevan Amar. Not only the premium of Jeevan Amar plan is lower than that of Amulya Jeevan, but the new term insurance plan has much wider features and flexibility in both premium payments and getting death claims compared to the old plan, which has been withdrawn just before the introduction of Jeevan Amar. Here is a comparison of some features of Amulya Jeevan and Jeevan Amar plans: Maximum Term: The maximum term under Amulya Jeevan was 35 years, but under Jeevan Amar, one may take life cover for 40 years. Maximum Entry Age: In Amulya Jeevan the maximum entry age was 60 years, but in case of Jeevan Amar, people up to 65 years of age may apply for the term plan.

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REVIVAL If the Policy has lapsed, it may be revived during the life time of the Life Assured, but within a period of 5 years from the date of first unpaid premium and before the date of maturity, on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest at such rate as may be fixed by the Corporation from time to time compounding half-yearly. Section 45 of Insurance Act, No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose. Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal. Prohibition of Rebates Section 41 of INSURANCE ACT , : 1 No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taking out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

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