Income tax is forced on a company or an individual by the Indian Government if the income of the company or an individual is included in the taxable income slab. But there are certain incomes which are exempted from tax. There are several tax saving options. If you invest on one such option, you can avail a tax deduction. One such popular tax saving options is LIC’s Term Plan. This plan is considered as the best Tax saving plan. So when you think of investing in a tax saving option, considered this particular option. But do not expect any maturity benefit from this plan. LIC’s term plan can be further categorized under two broad heads: LIC Term Plan Amulya Jeevan-II and LIC Term Plan Anmol Jeevan-II.
About LIC Term Plan Amulya Jeevan-II
LIC Term Plan Amulya Jeevan II is completely a risk cover term plan, the sum assured is 25lakhs and more. It can be picked chiefly for protection. The plan is such that if the life insured dies, then the nominee will get the sum assured.
Features Of LIC Term Plan Amulya Jeevan-II
• Pure LIC term policy with a death benefit
• Sum assured rupees 25 lakhs or you can opt for more
• No maturity benefits
• Get tax benefits
Benefits
The LIC Term Plan Amulya Jeevan-II offers manifold benefits.
• Death benefit- the sum assured is completely paid to the nominee if the life insured dies during the policy term.
• Maturity benefit- this plan does not offer any maturity benefit as it is a complete protection plan
• Income tax benefit- you can save your tax if you avail this plan
Eligibility Conditions
• The minimum sum assured is rupees 25lacs and the maximum amount is unlimited
• The minimum policy term is 5years and 35years is the maximum
• Minimum entry age of the insured is 18years and the maximum is 60years
• Maximum maturity age is 70years
• Payment mode is half-yearly and yearly
About LIC Term Plan Anmol Jeevan-II
This plan is a risk cover plan and sum assured is upto rupees 24lakhs. It is primarily for protection. The nominee will get the sum assured on the death of the life insured during the policy term.
Key Features
• It is a complete term plan with a death benefit
• You can opt for Sum assured rupees six lacs to rupees 24lacs
• No maturity benefits
• Tax benefits available
Benefits
• Death benefit- on the death of the life insured, the sum assured is given to the nominee.
• Maturity benefit- this is a protection plan, so this plan does not offer any maturity benefit.
• Income tax benefit- if you want to save tax, then this term policy is the ideal option.
Eligibility Conditions
• The minimum sum assured is rupees 6lacs and the maximum sum assured is rupees 24lacs
• The minimum term of the policy is 5years and the maximum is 25years
• Minimum entry age of the insured is 18years and the maximum age is 55years
• You have to pay the premium till your policy tenure ends
• Maximum maturity age is 65years
• Payment modes are half-yearly and yearly
The Bottom Line
When you think of options as how to save tax, then the above-mentioned LIC’s term plan are considered to be the best. For further information, get in touch with onlinelicindia.co.in either by sending an email or giving a call. You will get the contact details on the website of LIC. So, do not worry as you have the best tax saving option near your hand. It will indeed of great help to you.
About LIC Term Plan Amulya Jeevan-II
LIC Term Plan Amulya Jeevan II is completely a risk cover term plan, the sum assured is 25lakhs and more. It can be picked chiefly for protection. The plan is such that if the life insured dies, then the nominee will get the sum assured.
Features Of LIC Term Plan Amulya Jeevan-II
• Pure LIC term policy with a death benefit
• Sum assured rupees 25 lakhs or you can opt for more
• No maturity benefits
• Get tax benefits
Benefits
The LIC Term Plan Amulya Jeevan-II offers manifold benefits.
• Death benefit- the sum assured is completely paid to the nominee if the life insured dies during the policy term.
• Maturity benefit- this plan does not offer any maturity benefit as it is a complete protection plan
• Income tax benefit- you can save your tax if you avail this plan
Eligibility Conditions
• The minimum sum assured is rupees 25lacs and the maximum amount is unlimited
• The minimum policy term is 5years and 35years is the maximum
• Minimum entry age of the insured is 18years and the maximum is 60years
• Maximum maturity age is 70years
• Payment mode is half-yearly and yearly
About LIC Term Plan Anmol Jeevan-II
This plan is a risk cover plan and sum assured is upto rupees 24lakhs. It is primarily for protection. The nominee will get the sum assured on the death of the life insured during the policy term.
Key Features
• It is a complete term plan with a death benefit
• You can opt for Sum assured rupees six lacs to rupees 24lacs
• No maturity benefits
• Tax benefits available
Benefits
• Death benefit- on the death of the life insured, the sum assured is given to the nominee.
• Maturity benefit- this is a protection plan, so this plan does not offer any maturity benefit.
• Income tax benefit- if you want to save tax, then this term policy is the ideal option.
Eligibility Conditions
• The minimum sum assured is rupees 6lacs and the maximum sum assured is rupees 24lacs
• The minimum term of the policy is 5years and the maximum is 25years
• Minimum entry age of the insured is 18years and the maximum age is 55years
• You have to pay the premium till your policy tenure ends
• Maximum maturity age is 65years
• Payment modes are half-yearly and yearly
The Bottom Line
When you think of options as how to save tax, then the above-mentioned LIC’s term plan are considered to be the best. For further information, get in touch with onlinelicindia.co.in either by sending an email or giving a call. You will get the contact details on the website of LIC. So, do not worry as you have the best tax saving option near your hand. It will indeed of great help to you.
Thanks for this informative post. You can also have a look at term policy here, term policy
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