LIC Anmol Jeevan II vs LIC Amulya Jeevan II Comparison: Which one is Best Policy

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LIC Anmol Jeevan II vs LIC Amulya Jeevan II

In summary, the Life insurance corporation of India (LIC) is an Indian public sector life insurance organization.  Specifically, the headquarter is placed in Mumbai. Although, it is the largest insurance company and institutional investor in the entire India. Further, it comes under the ownership of the Government of India. In addition, the administrative control comes under the Ministry Of Finance.

Earlier, it was established on 1st September 1956, when the Parliament of India passed the life insurance of India Act to nationalize the insurance industry in India. Below, you will get to know more information about the LIC Anmol Jeevan II vs LIC Amulya Jeevan II Comparison: Which one is the Best Policy? So, keep on reading this article ahead and grab complete details.

Highlights – LIC Anmol Jeevan II vs LIC Amulya Jeevan II Comparison

LIC Anmol Jeevan II vs LIC Amulya Jeevan II Comparison: Which one is the Best Policy?

LIC Amulya Jeevan II:

In brief, LIC is a well-known public sector unit in India and is known for providing reliable and trustworthy services in the form of insurance at a measurable rate. Hence, nowadays it created a long-term presence in every people’s mind in terms of competition with others. There are numerous plans under LIC but today first we will discuss the two most appreciable plans such as LIC Amulya Jeevan II. LIC Amulya Jeevan II is a term plan that is most appropriate and appreciable for those who fall under the age group of 18-60 years.

Key benefits of LIC Amulya Jeevan II:-

Flexibility: – Particularly, the tenure of this policy lies between 5-35 years.  Hence as per the comments of people coming from the entire India, it is an ideal term plan for long-term goals with short-term objectives.

Increasable sum assured amount: – The sum assured amount can be increased as per the policyholder’s affordability and financial goals accordingly.

Purely term insurance plan: – In fact, it is purely a term insurance plan that offers only death benefit but no other benefit is there.

Grace period: – Especially, one month grace period is there if the policyholder failed to pay the premium amount on the due date.

Payment mode flexibility: – Specifically, in this plan, there are two types of payment modes annual and bi-annually. In addition, there are some additional benefits consisting of Amulya Jeevan II.

Death benefit: – In case of unfortunate death of the insured person his/her family person will get the insured amount to maintain the present lifestyle with the financial stability.

Tax benefits: – Especially, this plan comes under the tax deduction under section 80C of The Indian IT Act 1961. In addition, it also provides tax-free benefits under section 10(10D) of the IT Act 1961.

Surrender benefit: – Although, there is no surrender benefit comes in this term plan.

Unexpected demise: – In case, the policyholder commits suicide within the first year from the date of policy commencement the death benefit wouldn’t be applicable.

Details About LIC Anmol Jeevan II:

In short, LIC Anmol Jeevan II is a term plan which has no bonus benefit. Hence, it simply means that the policy will get the death benefit only no maturity benefit will be there.

Key Benefits of LIC Anmol Jeevan II

Flexibility:- Particularly, the entry age is 18 years and the maximum is 55 years and the policy term is 5-25 years. Therefore, the sum assured amount is 6-24 Lakhs. No flexibility is there accordingly.

Sum assured amount:- In particular, the sum assured amount is the same.

Payment mode flexibility:- Although, in this plan, no flexibility is there. Therefore, if the due date failed policyholder has to pay the premium amount with a late fine.

Death benefit:- In this case, the family person of the policyholder will get the assured amount after the death of the person.

Maturity benefit:- In this case, no maturity benefit is there.

LIC Anmol vs Amulya Jeevan Comparison:- Which One Is Better?

1. Particularly, in the term of sum assured amount, LIC anmol jeevan varies from 6-24 Lakhs with an incremental value of Rs. 1 Lakh.
2. Although, in LIC Amulya Jeevan II, there is a better facility in the payment system.
3. In short, in terms of the sum assured amount LIC Amulya Jeevan II is more beneficial than the other one. Because LIC Amulya Jeevan returns you the more amount to the family person. As a result, it gives a lesser burden on the policyholder’s family person.
4. Lastly, which one is better depends upon every individual experience.

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FAQ on LIC Amulya Jeevan II v/s LIC Anmol Jeevan II

Is both the policy a term plan?

Of course, both the policy is a term plan with no maturity benefit.

Which policy gives us a more sum assured amount?

LIC Amulya Jeevan II gives us more sum assured amount benefits.

Please brief both the policy is tax-free or not.

Of course, it is tax-free.