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LIC’s Anmol Jeevan 1 Table No. 164
Term insurance is often the most inexpensive life insurance solution. Term insurance is recommended by most of the investment and financial experts.
Anmol Jeevan-I Summary:
Life Insurance Corporation Of India’s Anmol Jeevan-I (Plan No. 164) is a unique plan of assurance, by far the cheapest policy to buy; cheaper than even a whole life policy to start with. Anmol Jeevan-I is a pure term cover provides only life cover unlike endowment and money back policies which have a built-in saving element too.
Benefits:
On Maturity:
On Maturity no amount will be paid to the Policyholder.
On Death:
On death of the Policyholder during policy term, S.A. will be paid to the nominee.
Income tax rebate:
The premium paid towards Anmol Jeevan-I is eligible for tax deduction under section 80C of the Income Tax Act,1961.
Eligibility Conditions and Restrictions for LIC Of India’s Anmol Jeevan-I:
Minimum Age at entry: 18 years (completed)
Maximum Age at entry: 55 years (nearest birthday)
Maximum Age at maturity: 65 years (nearest birthday)
Policy Term: 5 years to 25 years
Minimum Sum Assured: Rs.5,00,000/-
Maximum Sum Assured: Less than 25,00,000 /-
(Policies will be issued in multiples of Rs.1,00,000/- for Sum Assured above the minimum Sum Assured)
Loan: Not available
Surrender Value: Nil
Dating Back: Allowed
Grace Period: 15 days
Payment Of claims:
No Claims concession will be applicable to this Policy.
Mode of Premium :
Premium can be paid either in Yearly, Half-yearly & Single Premium.
Example: Mr.Sameer Trivedi of LIC takes a policy for 20 years for Rs.20 lakh sum assured.
(a) On survival till maturity, Mr. LIC will not receive any amount.
(b) On death of Mr. LIC during policy term, his nominee will get Rs.20 lakhs S.A.
The Unique Identification Number (UIN) for LIC Of India’s Anmol Jeevan-I Plan is 512N213V01.