LIC Anmol Jeevan – 1

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LIC Anmol Jeevan – 1

	Objective		This is a pure term plan that pays sum assured on death of the insured. The plan does not pay any surrender or maturity value.
What does it do?		Apart from standard lives, this plan can cover substandard lives and physically handicapped persons too. LIC defines substandard life as a person whose life is at higher risk because of any existing physical condition, family or personal history of disease, occupation, residence in unhealthy climate or dangerous habits.
Pros		The policy gives rebate at 1 per cent to policies that pay premium annually. The policy covers substandard lives and physically handicapped persons as well. Premiums qualify for taxation benefits.
Cons		Maximum sum assured is limited to Rs 25 lakh. Thus, the plan is not suitable for anyone who needs higher coverage. The plan does not offer any rider(s) for enhanced protection.
Suited for		This policy can be taken to insure physically impaired individuals apart from standard lives.
Our View		A pure term policy is a definite buy for everyone. LIC charges higher premiums as compared to other insurers. Nonetheless the policy can be valuable for those in the substandard life category, unable to get insurance protection from other insurers. You can take this policy if you are willing to shell out high premiums for nominal coverage. This policy can be continued only till 65 years of age.
Eligibility
Entry Age (years)
Minimum		18
Maximum		55
Maximum Maturity Age (years)		65
Policy Term (years)
Minimum		5
Maximum		25
Sum Assured (Rs)
Minimum		500000
Maximum		2499999
Premium Payment Frequency		Annual, Half yearly and Single
Premium Payment Term		Regular through the term of the policy or Single
Policy Cover		Cover remains fixed for the tenure of the policy
Other Features
Free Look Cancellation		NA
Grace Period		You are allowed to pay premiums within 15 days from the due date. If a due premium is not received within the grace period of 15 days, your policy will lapse and the life insurance cover will be terminated
Lapsed Policy Reinstatement		You can reinstate your lapsed policy any time during the term of the policy by paying all the due premiums and undergoing underwriting requirements, if any
Tax Benefits		Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply
Exclusions		In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable.
Customer Service
Address		LIC of India, Yogakshema, East Wing, 7th Floor, Jeevan Bima Marg, Mumbai - 400021

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