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LIC New Jeevan Mangal
LIC New Jeevan Mangal

LIC Amulya Jeevan 2
LIC Amulya Jeevan 2



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LIC New Jeevan Mangal
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LIC Amulya Jeevan 2

LIC New Jeevan Mangal and LIC Amulya Jeevan 2 Benefits

1 Loan And Benefits
1.1 Loan
6% Term Plans Life insurance plans have it !
6% Term Plans Life insurance plans have it !
1.2 Surrender
45% Term Plans Life insurance plans have it !
45% Term Plans Life insurance plans have it !
1.2.1 Surrender Value
Depends on the paid premium, mode of premium payment, policy term and policy term.
Not Applicable
1.3 Benefits
1.3.1 Tax
All Term Plans Life insurance plans have it !
All Term Plans Life insurance plans have it !
1.3.2 Tax Benefit Amount
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfillment of terms and conditions.
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfillment of terms and conditions.
1.3.3 Service Tax
Not Applicable
Not Applicable
1.3.4 Maturity
28% Term Plans Life insurance plans have it !
28% Term Plans Life insurance plans have it !
1.3.5 Maturity Benefit Amount
Sum Assured on Maturity
Not Applicable
1.3.6 Death
97% Term Plans Life insurance plans have it !
97% Term Plans Life insurance plans have it !
1.3.7 Death Benefit Amount
Sum Assured on death
Sum Assured
1.3.8 Annuity
3% Term Plans Life insurance plans have it !
3% Term Plans Life insurance plans have it !
1.4 Bonus
Not Available
Not Available

Availability of Loan

One can compare benefits of both policies based on aspects like availability of loan, surrender value, tax benefits, death benefits, etc. for LIC New Jeevan Mangal and LIC Amulya Jeevan 2. For an insurance policy, loan option may or may not be provided. For first policy, a person cannot apply for loan and second policy does not provide loan facility.Loan is a facility that is provided by the insurance companies so that in case of emergencies, you can borrow money against your life insurance policy. If loan is provided by an insurance company, its value is usually deducted from your fund value i.e. the amounts of premiums that you've paid up to the time of money borrow. Also some companies specify the period of time when the loan has to repaid.

Benefits Under LIC New Jeevan Mangal and LIC Amulya Jeevan 2

Benefits Under LIC New Jeevan Mangal and LIC Amulya Jeevan 2 can an important point of comparison between the two plans.

For LIC New Jeevan Mangal:

  • Tax Benefit: Available
  • Maturity Benefit: Available
  • Death Benefit: Available
  • Annuity Benefit: Not Available

For LIC Amulya Jeevan 2:

  • Tax Benefit: Available
  • Maturity Benefit: Not Available
  • Death Benefit: Available
  • Annuity Benefit: Not Available

Tax benefit implies that a part of one's fund value and the premium that one pays against his insurance plan are eligible for deduction on tax returns. Maturity benefit can be availed at the end of the policy term of your plan. It is paid along with the sum assured. Death benefit is an amount of money paid to the family of the life insured in event of his demise before the end of the policy term. Annuity benefit offers you an opportunity to convert your funds at end of policy term to annuity. Annuity is a type of plan where you pay a lump sum amount at once and reap its benefits after your retirement.

Surrender Value of LIC New Jeevan Mangal and LIC Amulya Jeevan 2

Surrender value of LIC New Jeevan Mangal and LIC Amulya Jeevan 2 is the amount of money that will be provided by the insurance company in case you want to surrender the policy before maturity. Surrender may not be allowed for all types of insurance policies. LIC New Jeevan Mangal allows surrender of policies before end of policy term. This means that you'll get the assured surrender value i.e. returns on the premiums paid till date. LIC Amulya Jeevan 2 does not allow surrender of policy.

Bonuses Available for These Plans

Bonuses available for these plans include terminal bonus, reversionary bonus, interim bonus etc. Bonus is an important part of LIC New Jeevan Mangal and LIC Amulya Jeevan 2 benefits. Terminal bonus is provided by the insurance company to reflect the overall performance of your chosen policy. Reversionary bonus is an amount of money added to your returns on maturity. Terminal bonus is usually announced twice a year. If your policy matures at a date between these two bonus days, you may get an interim bonus.

  • Bonus provided under LIC New Jeevan Mangal: No bonus is provided.
  • Bonus provided under LIC Amulya Jeevan 2: No bonus is provided.

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