The LIC Amulya Jeevan is a term assurance plan. In case of unexpected death of the policy holder during the term of the policy the assured sum is payable if the policy is kept in force. On maturity no sum is payable. No surrender value is available under this plan neither any loan is available under this insurance plan. The policy does not obtain any paid up value.
If the LIC policy holder is not fulfilled with the terms and conditions of the plan then he/she can return the policy to the company within 15 days.
To get the LIC Amulya Jeevan the eligibility conditions are as follows:
- If the applicant has completed 18 years of age, he/she is accountable for minimum age entry.
- The maximum age at entry is 60 years.
- The maximum age at maturity is 70 years.
- The policy term can be continued from 5 to 35 years.
- The minimum assured sum amount is Rs 2500000/-.
- No upper limit is there for maximum assured sum.
This plan is allowed to standard and substandard lives. For the female applicants the lan is limited to category I and II. Physically disabled or handicapped persons fall under group A with standard extra rates. The requirements for LIC Amulya Jeevan are:
- The proposal form is to be filled properly and the age proof is to be submitted along with the form.
- The proposals are considered on the basis of medical or special report. The FMR is necessary to be done by DMR or additional DMR or by the TPA.
- The FMR from MEs are not accepted.
- The costs of medical reports are to be accepted out by LIC according to the rules.
- For SUC and underwriting of special reports and financial underwritings the assured sum is to be considered.
- The policy does not acquire any paid up value.
- Even no surrender value is available under this planning.
- There are no applicable claim concession or extended claim concession.
The reinsurance rules are applicable according to the term assurance plan.
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