LIC New Amulya Jeevan 2 (Plan no. 823) – A Pure Term Insurance Plan

LIC India has launched its old term insurance policies with new features. These are LIC Amulya Jeevan 2 (Plan no. 823) and Anmol Jeevan 2  (Table no 822). The features and benefits of these 2 policies are almost same but if you check from premium point of view they might attract you with the first impression. Anyway we will share all the details of these 2 policies Anmol Jeevan 2  Table no 822  and Amulya Jeevan 2 (Table no 823).

Before that you can check out the old Anmol Jeevan and Amulya Jeevan policy details here.

LIC New Amulya Jeevan-II term insurance policy

This is a regular premium paying conventional without profit pure protection plan. The benefits and other details of the plan are given below

a) Benefits :  As this is a pure term plan, only on death of the insurer during the policy life will get the sum assured . On maturity you will not get any single penny.

b) Eligibility, Details and Exclusions
Minimum Policy Term : 5 years
Maximum Policy Term : 35 years
Minimum Sum assured : Rs 25,00,000
Maximum sum assured : No limit

This policy does not include any surrender value and paid up value. Also no loan option is available.

c) Premium Calculation:
The premium rates for thsi policy is almost similar to the old Amulya Jeevan. Although it will be little lesser this time, but if you compare with market LIC’s term plan’s premium rates are always much more higher than other popular term insurance plans in India.

Find out the premium chart taken from LIC website.
Annexure I  and Annexure II

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Now if a person of age 30 years want to buy this policy for a sum assured of Rs.1,00,00,000 and the policy term is 25 years, then as per old Amulya Jeevan it would cost Rs.29,200 yearly. But now it is costing around Rs.22,028 (claiming to be inclusive of tax) for new Amulya Jeevan II. At the same time if you checkout for other term insurance plans outside LIC, then you will get the same policy in very less price e.g. less than Rs 5000 only.

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2 Comments

  1. Your contention is correct as they should have had used a different name as it may damage their Canvas brand which has gained wide publicity and credibility.

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