Saturday, March 29, 2014

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.

  • 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)


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 

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.

1 comment:

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