The LIC Anmol Jeevan Plan is another term assurance plan. This policy is suitable for those who wish to provide a large sum for their family. The sum can be provided in economical premium. Irrespective of any gender bias male and female employed and earning are eligible for this plan under category I and females without earning and paying tax are also eligible for the plan under category II.
The conditions required for LIC Anmol Jeevan policy are:
- The minimum age of entry is 18 years.
- The maximum age of entry is 50 years.
- The maximum age of maturity is 60 years.
- The policy term is 5 to 25 years.
- The minimum amount assured in the policy is Rs 500000/-.
- The maximum amount assured in the policy is Rs 30000000/-.
The benefits of the LIC Anmol Jeevan policy are:
- On sudden death of the policy holder the full sum is assured to pay by the company along with the loyalty additions.
- On survival of the policy holder nothing is payable.
- The policy does not require any paid up value or any surrender value is applicable under this plan.
- The rebate benefits include the sum assured rebate which is NIL in case of regular premium policies.
- The mode rebate is 1% of annual premium for yearly mode and nothing for half yearly mode.
- No claim concession is applicable to this policy.
- No loan is granted under this policy.
- A grace period of 15 days is allowed for payment of both yearly and half yearly payments. If the policy holder dies before the payment of the premium then the sum assured will be paid back after deduction of the premium.