LIC India Table 164 : Anmol Jeevan-1 (without profits)
W.e.f. 01-11-2003 and W.e.f. 27-02-2006 maximum SA is reduced to 24 lakhs.
Lic Anmol Jivan 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
Lic Jeevan Anmol 1 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.
Jivan Anmol 1 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.
Jeevan Anmol 1 Additional Information:
- Under Key-Man Insurance, this is the only plan allowed.
- Plan allowed to standard & sub-standard lives up to class VI EMR.
- It is the cheapest pure life risk plan.
- Physical Handicapped persons (Group A) can apply for this policy with standard extra rates.
- In case of sub standard lives, extra premium rates to be charged.
- For higher EMR, the extra premium will be in multiples of these class I extra rates.
- No claims concession will be applicable to this policy.
- On the basis of special reports and medical reports (if any), proposals are considered.
- Persons not eligible for this plan who are in hazardous occupation attracting an occupation extra of Rs 4. or more per 1000 sum Assured.
- Under this plan, the basic sum assured will be the basis for Medical Examination and Sum Under Consideration (SUC).
- LIC will borne the cost of Medical Examination including Special report.
- Life Assured will borne the cost in case of revival of the policy.
Mr. Ravi takes a policy for Rs. 10 lakhs for 20 years under Anmol Jeevan 1 (LIC Table 164). 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