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Friday, November 15, 2013

LIC Anmol Jeevan – 1

Invest In Tax Saving Mutual Funds Online

Call 0 94 8300 8300 (India)

 

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

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

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Tax Saving Mutual Funds Online

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These Application Forms can be used for buying regular mutual funds also

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