LIC’s Anmol Jeevan-I Review

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Anmol Jeevan-I is the LIC’s Term insurance policy.

On Death during the Term of the Policy Sum Assured

On Maturity       Nil

Anmol Jeevan  I Policy Rules

Minimum age at entry   18 years (completed)

Maximum age at entry  55 years (nearer birthday)

Maximum age at maturity            65 years

Minimum Term 5 years

Maximum Term                25 years

Minimum Sum Assured Rs.5,00,000/-

Maximum Sum Assured                Less than 25,00,000 .

Mode of Premium Payment*     Yearly, Half- Yearly and Single premium

Note : The policy would be issued in multiples of Rs. one lakh for Sum Assured above Rs. five lakh.

 

Anmol Jeevan I  Rebate

i) Sum Assured Rebate : NIL in case of regular premium policies .

ii) Mode Rebate : 1 % of Annual premium for yearly mode and nil for Half-Yearly mode.

 

Anmol Jeevan I   Underwriting, Age Proof and Medical Requirements

The plan is available to Standard and Sub-standard lives (upto Class VI EMR). This plan is also available to female lives (category I and II lives only) and to physically handicapped persons subject to certain conditions. Standard age proof will have to be submitted along with the Proposal Form.

 

Anmol Jeevan I   PAID-UP AND SURRENDER VALUE :

i) The policy will not acquire any paid-up value.

ii) No Surrender Value will be available under this plan.

Anmol Jeevan I  Loan

No loan will be granted under this plan.

Grace Period For Non-Forfeiture Provisions

A grace period of 15 days will be allowed for payment of yearly or half-yearly premiums. If death occurs within this period and before the payment of the premium then due, the policy will still be valid and the Sum Assured paid after deduction of the said premium as also unpaid premiums falling due before the next policy anniversary of the Policy. If the premium is not paid before the expiry of the days of grace, the Policy lapses.

Endowment Plus Review

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Comments

  1. Do you know what are the medical requirements for this policy. If I opt for a single premium option, then do we have to provide the medical certificate every year or say, every five years. if we do not produce interim medical certificate, will the policy lapse.

    What about the medical condition which are not acceptable to be accomodated in this policy, e.g diabates, hypertension, BP issues, spondalaysis etc. Any idea if the premium would be increased depending upon the medical condition

    If you provide this details, it would be of great help, Thanks

    • akhilendra says

      Anmol Jeevan-I is term insurance policy. In term insurance policy or any other life insurance policy, a company may ask you for medicals based upon your age and amount of insurance. But you may get that even without medicals if your age and amount is acceptable without medical in accordance to their underwriting guidelines. but even if you have to go through medicals, they are only required once when you apply for it.

      If you policy is issued and you pay premiums on time, you will neither have to undergo medicals after that nor you will be suppose to produce any medical certificate annually or at five years.
      It is a life insurance policy and it is advised to disclose all the information including any existing disorders. If their underwriter feel that you should pay extra premium, then they may increase the premium for you. And if it is beyond their acceptable limits, then they may decline or postpone your policy.
      Please let me know if you have any questions.

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