Saturday, March 29, 2014

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. 

  • 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.  

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