What are Anmol Jeevan II and Amulya Jeevan II? How do these plans differ from other plans in the market?LIC offers 2 term plans named Anmol Jeevan II and Amulya Jeevan II. Are “Anmol Jeevan II and Amulya Jeevan II“ expensive than other Term Plans in the market?
You see a lot of articles in the media talking about Term Policy. What is a Term Policy?
Term Policy – Features
A Term Policy is the simplest form of life insurance. In this policy, the benefits are payable only in case of death of the policy holder. If the policy holder is alive at the end of the policy, nothing is payable. Then, who will buy such a policy?
Term Plan – Advantages
Term Policy is the best way to cover your life for a big amount at a very low rate of premium. Since the insurance company is liable to pay the claim, only in case of death, the premium is very low.
Term Insurance – Options available now
The market is flooded with many Term Policies by most of the Life Insurance companies. You can buy such policies from any of these companies. Another option available now is the Online Term Policies, which can be purchased online through the website of the Life Insurance companies. Such plans are much cheaper compared to the normal term policies.
Which are the Term Policies of LIC?
LIC is not offering Online Term Policies. But it is offering 2 Term Policies now.
Anmol Jeevan II and Amulya Jeevan II
Anmol Jeevan II
This policy can be purchased for a cover from Rs. 6 Lakhs to Rs. 24 Lakhs by those in the age group of 18-55. The policy can cover you till the age of 65. You can pay the premium by yearly or half yearly mode.
Amulya Jeevan II
This is the policy which offers cover from Rs. 25 Lakhs and above, depending on the health and income conditions of the individual. The policy can be purchased by those in the age group of 18-60 and the cover can go up to the age of 70. You can pay the premium by yearly or half yearly mode.
|Name of the Company||Name of Policy||Annual premium|
|LIC||Amulya Jeevan II||23300|
|Aegon Religare||I term||8203|
|Aviva Life||I life||8279|
|Max Life||online term policy||8315|
|SBI Life||e shield||13135|
*Premium for a 30 year old person for a 30 year policy of 1 Crore. Except LIC, all other policies are online term plans. LIC is not having online term plans
Why you should consider LIC Term Plans?
Being the only Life Insurance company in the public sector, many prefer LIC policies. Such policies offer the sovereign guarantee offered by the Government of India. Claim Settlement Ratio of LIC is the best among all the Life Insurance companies in India.
Why you should not consider LIC Term Policies?
LIC Term Policies are very costly compared to the other Term Policies available in the market. Even after the recent reduction in premium, they are very costly.
How about Online Term Insurance?
Online Term Policies are now catching up in India. They offer high cover at a very low premium. You can buy a policy for Rs. 1 Crore by paying around Rs. 1,000 per month. Aegon Religare, ICICI Prudential, Aviva Life, HDFC Life, SBI Life and Kotak Life offer cost effective online policies. You can visit the websites of these companies to buy such policies.
Points to Note while buying Term Policies:
Select a term which covers you till retirement. If you are aged 30, opt for a 30-year term which will cover you till the age of 60. There is no need to go for a cover after that age because by that time most of your financial goals would have been met and nobody will be financially dependent on you.
Be honest while filling the Proposal Form. You have to read each question carefully and answer them correctly to the best of your knowledge. You are expected to declare your health issues/habits/previous insurance details/family history of any diseases etc. while filling the Proposal Form. Such honest declaration will avoid all complications in case of a claim.
Whether Private Companies are safe?
All insurance companies in India are regulated by the Insurance Regulatory and Development Authority (IRDA) and are safe. There can be mergers and acquisitions of many companies in the sector, but your policy will be honoured by the new company in case of such merger.
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