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Anmol Jeevan II (Plan No. 822)

Anmol Jeevan II (Plan No. 822) 

Anmol Jeevan II is a pure term insurance plan which is primarily for protection only.  This policy provides high risk coverage at low premiums but there is no maturity value.

The plan provides financial protection to the insured's family and dependent against unfortunate death of the policy holder during the policy term. In case, the policy holder survives the policy term, the insurance policy is terminated without any maturity returns. 

Features

• High risk coverage at low premiums
• No maturity returns
• This plan has no surrender value
• Loan cannot be taken against this policy
• Tax benefit u/s 80C and u/s 10(D)

Eligibility Conditions

Minimum age at entry	18 years
Maximum age at entry	55 years
Minimum Term	5 years
Maximum Term	25 years
Maximum age at maturity	65 years
Minimum sum assured	Rs 6,00,000.00
Maximum sum assured	Rs 24,00,000.00

 

Double Tax Benefit

U/S 80 C  : Premiums paid under this plan are eligible for tax rebate u/s 80C
U/S 10(D) : Death claim amount is also tax free u/s 10 (D) 

Possible Events during policy duration

On Death

Nominee will get the sum assured immediately

On Maturity

Policy with terminate without any maturity returns 

Other Points to consider

• Double Accidental cover is not available in this policy
• Physically disabled person are not eligible for this policy
• People engaged in high risk work have to pay additional premium 

Understand Anmol Jeevan II with an example

Mr. Rahul, aged 30 years takes Anmol Jeevan II policy cover on his life. He chooses the Sum Assured of Rs 10,00,000/- (Rupees Ten Lakhs only) for the duration of 15 years and pays an annual premium of Rs 2,812/- (Rupees Two Thousand Eight Hundred and Twelve only). 

Possible Events

On Death

If Mr Rahul dies during the policy term, his nominee will receive the Sum Assured i.e. Rs 10,00,000/- (Rupees Ten Lakhs only)

On Survival

If Mr. Rahul survives till the end of policy term, he will not get any maturity returns and the policy will terminate.  

Amulya Jeevan II (Plan No. 823)

Amulya Jeevan II (Plan No. 823)

 

Amulya Jeevan II is also a pure term insurance plan which is primarily for protection only.  This policy provides high risk coverage at low premiums but there is no maturity value.

The plan provides financial protection to the insured's family and dependent against unfortunate death of the policy holder during the policy term. In case, the policy holder survives the policy term, the insurance policy is terminated without any maturity returns.

The basic difference between Anmol Jeevan II and Amulya Jeevan II is the Sum Assured. Anmol Jeevan II is limited to the maximum sum assured of Rs 24,00,000.00 ( Rupees 24 Lakhs only). Amulya Jeevan II is for the customers who want even higher risk cover.

Features:

• High risk coverage at low premiums
• No maturity returns
• This plan has no surrender value
• Loan cannot be taken against this policy  
• Tax benefit u/s 80 C and u/s 10(D)

Eligibility:

Minimum age at entry	18 years
Maximum age at entry	60 years
Minimum Term	5 years
Maximum Term	35 years
Maximum age at maturity	70 years
Minimum sum assured	Rs 25,00,000/-
Maximum sum assured	No higher limit

Payment of Premiums: 

Premiums can be paid regularly during the term of the policy at yearly or half-yearly intervals.

A grace period of one month but not less than 30 days will be allowed for payment of premiums. 

Sample Premium Rates:

The sample premium rates (exclusive of taxes) are as under:

Additional Premium: 

Additional premium for half-yearly mode: 2.0% of tabular annual premium 

Revival: 

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the expiry of policy term, by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.

The cost of the medical reports, including special reports, if any, required for the purpose of revival of the policy, shall be borne by the Life Assured. 

The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Policyholder.

Paid-up Value: 

The policy shall not acquire any paid-up value. 

Surrender Value: 

No Surrender Value will be available under this plan.

Double Tax Benefit: 

U/S 10(D) : Death claim amount is also tax free u/s 10(D) 

U/S 80 C  : Premiums paid under this plan are eligible for tax rebate u/s 80C 

Possible Events during policy duration:

On Death

Nominee will get the sum assured immediately

On Maturity

Policy with terminate without any maturity returns 

Other Points to consider:

• Double Accidental cover is not available in this policy  
• Physically disabled person are not eligible for this policy 
• People engaged in high risk work have to pay additional premium

Understand Amulya Jeevan II with an example

Mr. Suresh, aged 30 years takes Amulya Jeevan II policy for himself. He chooses sum assured of Rs 50,00,000/- (Rupees Fifty Lakhs only) for the duration of 20 years. 

The annual premium is Rs 12,850/- (Rupees Twelve Thousand Eight Hundred and Fifty only).

Possible Events

On Death

If Mr Suresh dies during the policy term, his nominee will receive the Sum Assured i.e. Rs 50,00,000/- (Rupees Fifty Lakhs only)

On Survival

If Mr. Suresh survives till the end of policy term, the policy will terminate without any maturity returns.

New Endowment Plan (Plan No. 814)

New Endowment Plan (Plan No. 814)

This is the most popular form of life assurance since it not only makes provision for the family of the Life Assured in the event of his early death, but also assures a lump sum at any desired age. Being an Endowment assurance plan, this policy is suitable for people of all ages and social groups. This is a savings oriented plan which earns a high bonus. The premium is very low as compared to other policies and returns are high. 

Features 

• Life risk cover for the life insured
• Additional accidental risk cover
• Moderate Premiums
• High bonus
• Savings oriented plan
• The upper limit of additional accidental sum assured is Rs 50 Lakhs only. 

Eligibility Condition:

Minimum age at entry	8 years
Maximum age at entry	55 years
Minimum Term	12 years
Maximum Term	35 years
Maximum age at maturity	75 years
Minimum sum assured	Rs 1,00,000.00
Maximum sum assured	No higher limit

Double Tax Benefit
U/S 80 C : Premiums paid under this plan are eligible for tax rebate

U/s 80C U/S 10(D) : Maturity Returns / Death claim amount is also tax free u/s 10 (D) 

Possible Events during policy duration:-

On Death:

If the policy holder dies during the policy term, his/her nominee will be paid following, after which the policy will terminate. 

1. Basic sum assured or 10 times of the Annual premium (whichever is higher) 

2. Simple Reversionary Bonus 3. Final Additional Bonus (if any) 

On Accidental Death :

In case, the policy holder dies due to an accident, the nominee will get following, after which the policy will terminate.

1. Basic sum assured or 10 times of the Annual premium (whichever is higher)

2. Additional accidental sum assured (maximum upto Rs. 50 Lakhs)

3. Simple Reversionary Bonus

4. Final Additional Bonus (if any) 

On Maturity :
The policy holder will get the following returns at maturity:
1. Basic sum assured
2. Simple Reversionary Bonus
3. Final Additional Bonus (if any) The policy will terminate after this. 

Understand New Endowment Plan with an example 

Mr. Jitender aged 30 years, plans to take New Endowment Plan for the term of 20 years and sum assured of Rs 2,00,000.00 (Rupees Two Lakhs only). He is required to pay an annual premium of Rs 10,230.00 (Rupees Ten Thousand Two Hundred and Thirty only).  

Possible Events 

On Death

If Mr Jitender dies during the policy term, his nominee will receive the Sum Assured i.e. Rs 2,00,000.00 (Rupees Two Lakhs only) + Accrued Bonuses. After this, the policy will terminate.

On Accidental Death: If during the policy term, Mr. Jitender dies due to an accident, his nominee will receive the Basic Sum Assured (Rs 2,00,000.00) + Additional Sum Assured (Rs 2,00,000.00) + Accrued Bonuses. The policy will terminate after this event.

On Survival till maturity:

If Mr. Jitender survives till the end of policy term, he will get the Basic Sum Assured i.e. Rs 2,00,000.00 (Rupees Two Lakhs only) + Accrued Bonuses. The policy will terminate thereafter.

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