W.e.f. 01-11-2003 and W.e.f. 27-02-2006 maximum SA is reduced to 24 lakhs.

General Conditions:

Min. age at entry:  18 years (completed).

Max. age at entry:  55 years (nbd).

Min. S.A.: Rs. 5 lakhs

Max. SA. (wef 27-2-2006): 24 lakhs

SA in multiples: 1 lakh

Max. Maturity age: 65 years (nbd).

Modes Allowed: Yearly/Half Yearly/Single

Min Term: 5 years.

Max Term: 25 years.

Requirements in writing:

Age proof:   Standard (NSAP-I, WR 5 lacs)

Form Number:  300

Female lives category: I/II

Dating Back (No dating back interest is charged): Allowed

Non Medical:  NA

Policy Servicing:

Term Rider Option: No.

Critical Illness Rider: No.

Policy Loan: No.

Revival: Yes.

Surrender of Policy: No.

Survival Benefits: No.

Key-Main Insurance: Yes.

Grace Period (15 days for Ylt/Hly): Yes.

Paid Up Value: No.

Sum Assured Rebate per 1000 SA: Regular premiums – Nil.

Lapsed policies can now be revived as under:

16 to 60 days       -  Arrears of premium with interest

61 days & above  -Arrears of premium with interest subject to conditions.

Benefits:

Maturity Benefits: No amount will be paid to the policy holder on maturity.

Death Benefits: SA will be paid to the nominee in case of death of the policy holder during the policy term.

Additional Information:

1. Under Key-Man Insurance, this is the only plan allowed.

2. Plan allowed to standard & sub-standard lives up to class VI EMR.

3.  It is the cheapest pure life risk plan.

4. Physical Handicapped persons (Group A) can apply for this policy with standard extra rates.

5. In case of sub standard lives, extra premium rates to be charged.

6. For higher EMR, the extra premium will be in multiples of these class I extra rates.

7. No claims concession will be applicable to this policy.

8. On the basis of special reports and medical reports (if any), proposals are considered.

9. Persons not eligible for this plan who are in hazardous occupation attracting an occupation extra of Rs 4. or more per 1000 sum Assured.

10. Under this plan, the basic sum assured will be the basis for Medical Examination and Sum Under Consideration (SUC).

11. LIC will borne the cost of Medical Examination including Special report.

12. Life Assured will borne the cost in case of revival of the policy.

Example:

Mr. Ravi takes a policy for Rs.  10 lakhs for 20 years under Anmol Jeevan-1. He will not receive any amount on survival till maturity. But, in case of death during policy term, his nominee will get Rs 10 lakhs SA

Related posts:

1. LIC Amulya Jeevan. Life Insurance India Table 190 General police condition Min. age at entry Max. age at entry Max. Maturity Age Minimum Term Maximum Term Modes allowed...
2. LIC Whole Life Policy. Table 2 (with profits) & Table 5 (Limited payment with profits)-LIC India Whole Life Policy. Table 2 (with profits): W.e.f. 15-12-1956 General Conditions: Min. age at entry:  15 years. Max. age at...

Max. age at entry

Max. Maturity Age

Minimum Term

Maximum Term

Modes allowed

Minimum S.A

S.A in multiples of

Max. S.A18 yrs (completed)

60 years (nbd)

70 years (nbd)

5 years

35 years

Yly/Hly/S.p

Rs. 25  Lakhs

1 Lkhs

No Limit

Main Features:

This plan has been re-introduced in place of Amulya Jeevan T-177. Features remain  almost same except 5% to 10% approx. reduction in premiums.

This is a pure Term Assurance plan like Anmol Jeevan. In this place Min. S.A is 25 lakhs ( Under Anmol Jeevan Table 164 only policies with S.A below 25 lakhs are issued).

Other details:

1: Plan is  allowed to physically Handicapped persons as per the existing rules.

2: This plan is allowed to persons engaged in hazardous occupation by charging appropriate occupation extra or with clause 86.

3: proposals are considered on the basis of Medical Reports & Special Reports ( if any). FMR (Full Medical Reports) will be required to be done by divisional Medical Referee (DMR)/Addl. DMR or by Third party Administrators (TPA). FMA from Medical Examiners with enhanced powers will not be accepted.

4: Cost of Medical Exam. Including Special Reports will be borne by LIC as per rules.

5: SUC will be calculating as per existing rules. For calculating SUC, S.A under this plan is to be considered.

6: Extra premium Rates to be charged in case of sub standard lived. The extra premium Rates for higher EMR will be in multiples (as applicable under Endowment plan) of these class I extra rates.

7: Grace period: Grace period of 15 days will be allowed for payment of YLY/HLY premium. If death occurs within this period & before the payment of the premium then due, the police shall be valid and S.A. shall be payable after the deduction of the said premium. If premium are not pain within grace period, policy will lapse.

Maturity Benefits    : On maturity no amount will be paid to the policyholder.

Death Benefits : On death of the policyholder during policy term, S.A will be paid to the nominee.

No related posts.