Select LIC Plan
Amulya Jeevan II (Table-822, 823) Premium Calculator
LIC Amulya Jeevan 2 is a pure-term insurance policy offered by LIC. It provides high life cover in the event of the policyholder’s death during the policy term and does not offer any maturity or survival benefits. The plan offers a high life cover at a low premium and is eligible for tax rebate under section 80(C). The age of entry ranges from 18 to 60 years, and the premium can be paid half-yearly or yearly.
The policy term can vary from 18 to 35 years, with a minimum sum assured of Rs. 25,00,000. The plan does not offer any loan or surrender amount, but it can be revived within 2 years if discontinued. In the event of the policyholder’s death during the policy term, the nominee receives an amount equal to the sum assured, while no amount is paid upon survival.
In this digital age, insurance plays a vital role in protecting individuals and their families from unforeseen circumstances. LIC Amulya Jeevan 2 is a popular term insurance plan offered by the Life Insurance Corporation of India (LIC). This article will delve into the LIC Amulya Jeevan 2 premium calculator and explain how it simplifies the premium calculation process for potential policyholders.
What is LIC Amulya Jeevan II?
LIC Amulya Jeevan 2 is a pure-term insurance plan that offers a high level of financial protection at an affordable cost. It provides a lump sum death benefit to the nominee in the event of the insured’s death during the policy term. The policy does not provide any survival or maturity benefits, making it an ideal choice for individuals seeking pure life cover.
The plan offers income tax benefits on premiums paid and tax benefits on claims under Section 80C and Section 10(10D) respectively. The entry age for this plan is 18 to 60 years, and the maturity age is up to 70 years. The policy does not provide surrender benefits and has a grace period of 30 days for premium payment. There is a free look period of 15 days, and assignments and nominations are allowed.
Policies can be backdated within the same financial year, and revival of discontinued policies is possible within 2 consecutive years from the date of the first unpaid premium. In the unfortunate event of suicide within 12 months of taking the policy, 80% of the premium paid is returned to the nominee.
- Entry Age:
You must be at least 18 years old (completed) to apply for this policy, and the maximum entry age is 60 years (nearest birthday).
- Sum Assured:
The minimum sum assured for this policy is Rs 25 Lakhs, and there is no maximum limit.
- Policy Term:
The policy term should be a minimum of 5 years and can go up to a maximum of 35 years.
- Age at Maturity:
The minimum age at which the policy can mature is not specified, and the maximum age at maturity is 70 years.
- Premium Mode:
You can choose to pay the premium yearly or half-yearly.
- Loan Facility:
This policy does not offer any loan facility. You cannot take a loan against it.
- Surrender Value:
There is no surrender value associated with this policy. You cannot surrender it for any monetary value.
- Paid-up Value:
There is no paid-up value for this policy. It does not accumulate any value if you stop paying premiums.
Importance of Calculating Premiums
Calculating premiums is a crucial step when considering any insurance policy. It helps individuals determine the amount they need to pay periodically to keep the policy active. Premium calculations also allow individuals to assess the affordability of the chosen plan based on their financial situation and future goals.
Understanding the Premium Calculation Process
The premium calculation process for LIC Amulya Jeevan 2 takes various factors into account. These include the insured’s age, policy term, sum assured, and the chosen premium payment frequency. The policyholder’s age and health condition also play a significant role in determining the premium amount.
Factors Affecting Premium Calculation
- Age: Younger individuals generally pay lower premiums as they are considered to be in good health and have a longer life expectancy. On the other hand, older individuals might need to pay higher premiums due to the increased likelihood of health risks.
- Policy Term: The policy term refers to the duration for which the policy provides coverage. Longer policy terms may result in higher premiums due to the extended coverage period.
- Sum Assured: The sum assured is the amount the insurance company guarantees to pay in the event of the insured’s death. Higher sum assured values typically lead to higher premium amounts.
- Premium Payment Frequency: Policyholders can choose between annual, semi-annual, quarterly, or monthly premium payment frequencies. Opting for more frequent payments may increase the total premium amount.
Benefits of Using the Amulya Jeevan 2 Premium Calculator
The Amulya Jeevan 2 premium calculator simplifies the premium calculation process and offers several benefits to potential policyholders:
- Accuracy: The calculator provides accurate premium estimates based on the inputs provided, ensuring transparency and eliminating any surprises in the future.
- Time-saving: Using the premium calculator saves time by providing instant premium quotes, eliminating the need for manual calculations or contacting agents.
- Comparison: Potential policyholders can compare premiums for different policy terms, sum assured amounts, or payment frequencies to choose the most suitable option.
How to Use the Amulya Jeevan II Premium Calculator
Using the Amulya Jeevan 2 premium calculator is a straightforward process. Follow the steps below:
- Visit the LIC website – https://licpremiumcalculator.pro/amulya-jeevan-2/
- Navigate to the Amulya Jeevan 2 premium calculator section.
- Enter the required details such as age, policy term, sum assured, and premium payment frequency.
- Click on the “Calculate” button.
- The premium calculator will provide an instant estimate of the premium amount based on the inputs provided.
Step-by-Step Guide for Premium Calculation
To calculate premiums for LIC Amulya Jeevan 2, follow these steps:
Step 1: Visit the official LIC website or open the LIC mobile app.
Step 2: Locate and access the Amulya Jeevan 2 premium calculator section.
Step 3: Fill in your age in years, the desired policy term, and the sum assured amount, and choose the premium payment frequency.
Step 4: Click on the “Calculate” or “Get Quote” button.
Step 5: The premium calculator will process the information and provide an instant estimate of the premium amount.
Frequently Asked Questions (FAQs)
Yes, you can change the premium payment frequency based on the available options provided by LIC. However, it is advisable to check with LIC regarding any associated terms and conditions or charges.
No, premium amounts for LIC Amulya Jeevan 2 may vary depending on factors such as age, policy term, and sum assured. It is recommended to use the premium calculator for accurate estimates.
The premium calculator is designed specifically for LIC Amulya Jeevan 2. LIC provides separate calculators for other insurance plans. It is important to use the appropriate calculator for accurate premium estimates.
The premium calculated using the Amulya Jeevan 2 premium calculator is an estimate based on the information provided. The actual premium amount may vary after considering underwriting factors and other policy-specific details.