LICs New Term Plans - LIC Anmol Jeevan -II & LIC Amulya Jeevan II

LIC have recently re-launched term insurance plans viz. LIC Jeevan Anmol – II and LIC Amulya Jeevan II .You may have also seen advt in few of the newspapers.Both offers pure risk covers and offer only death benefit within policy term & no survival or maturity benefits.

Changes in mortality rates reflects in premiums as premiums have reduced in new launched term insurance plans.

What is basis diff between – LIC Anmol Jeevan & Amulya Jeevan :Basic difference is if you are looking for sum insured up to Rs 24 Lakh then you need to choose Anmol Jeevan and for Sum insured of above Rs.25 Lakh choose Amulya Jeevan.

Premium Rates:Anmol Jeevan LIC’s website till don’t offer any premium calculation except information of premium per 1000 sum assured.

So for 30 yr male looking cover of Rs.20 Lakh ,with policy term of 25 years will have at least premium of Rs.7080 + service tax.(Exact premium for mentioned specifications not known till.–shall be updated)

Few Premium rates of other insurance companies:

Plan Name	Annual Premium – 30 Yr old – Male,Non-smoker,Term 25 YrsSA:20 Lakh
Aegon Religare iTerm	2620
Bajaj Allianz iSecure Insurane plan	3500
Canara,HSBC Pure Term plan	5300
Edelweiss Tokyo Life protection	4044
HDFC CLICK2PROTECT	3840
ICICI PRU i-Care	3580
IDBI-Federal Term Insurance plan	4365
India first Online Term plan	2761
ING Term Life	5327
LIC anmol Jeevan	7643
PNB Met Term Assurance	5700
Reliance Term Plan	4160
SBI Life Saral Sheild	5078
Star Union Dai-Ichi – Pure Term Assurance Plan	6402
TATA AIA Life Raksha	5280

so I guess,though premiums have reduced,Anmol Jeevan is not still cheap in comparison with other plans.

Premium chart for Amulya Jeevan:

Just check both premium charts .One can find that for 30 yr old and 25 yr policy term,premium rates are discounted.

so for 30 yr old,25 yrs term and for 40 lakh sum assured ,Minimum premium will be Rs.7840 + Service tax.(Exact premium not known till).

Premium for other insurance companies:For Rs.40 Lakh sum assured:

Plan Name	30 Yr old,Male,Non smoker ,40 Lakh SA,Term 25 yrs
Aviva i-Life Term plan	5120
Bharti AXA Life eProtect	5000
DLF Pramerica U Protect	8200
ICICI pru Pure Protcet Elite	8554
Kotak e-preferred Term plan	4570
Max New York Life Platinum Protect	8120
PNB Met surakshsha Plus	8520
SBI Life Smart shield – Term Assurance plan	7144
Star union Dai –Ichi Life Premiere Plan	11000

so if premium for Amulya Jeevan comes up to even Rs.10,000 it will be good offering by LIC.

LIC Anmol Jeevan have max policy term of 25 Yrs so for 30 yr old,max cover will be available up to age of 55 only which may not be sufficient as one can expected to be covered up to age of 60 yrs.so in that context ,Amulya Jeevan looks to be better product for me.

Disclaimer : Premium rates as extracted from web aggregators and websites.Readers responsibility to check premium rates from authentic sources.