Anmol Jeevan II from LIC is a protection plan that offers financial protection to the family of the insured in the event of his/her unfortunate demise.
1) It is a nonparticipating plan.
2) The entire Sum Assured will be paid to the family/ nominee in case of death of the insured during the policy term.
3) It has very competitive premium rates.
4) Long tenure period of up to 25 years is available.
5) Minimum Sum Assured is Rs. 600000 and maximum Sum Assured is Rs. 2400000.
6) Policy term is between 5 to 25 years.
7) Anyone between the age of 18 and 55 can buy this policy.
8) Premiums can be paid either yearly or half yearly.
9) One can avail tax benefits under section 80C for the premium paid. The claim received is also tax-free under section 10(10)D.
10) It is a term plan with only death benefit and there is no bonus. There is no maturity benefit in this plan.