LIC Anmol Jeevan (Plan No. 164)

 LIC Anmol Jeevan (Plan No. 164)

LIC Plan No. 164, also known as Anmol Jeevan - I, is a pure protection term insurance plan designed to provide high life cover at an affordable cost. Please note that this plan has been withdrawn from fresh sale and replaced by newer versions like Anmol Jeevan II (Plan 822). 

Key Features & Benefits

• Pure Term Cover: It is a non-participating plan without profits. If the policyholder survives the term, no maturity benefit is paid.
• Death Benefit: If the insured passes away during the policy term, the full Sum Assured is paid to the nominee.
• Affordability: Designed for individuals seeking low premiums for high-risk coverage, often used as collateral for loans.
• Tax Benefits: Premiums paid are eligible for tax deductions under Section 80C, and death claims are tax-free under Section 10(10D). 

Eligibility Criteria

• Entry Age: Minimum 18 years; Maximum 55 years.
• Maximum Maturity Age: 65 years.
• Policy Term: 5 years to 25 years.
• Sum Assured:
  • Minimum: ₹5,00,000.
  • Maximum: ₹24,00,000 (Later versions increased this limit).
• Premium Frequency: Annual, Half-yearly, or Single Premium options were available. 

Plan Restrictions

• No Surrender Value: The policy does not acquire any paid-up or surrender value.
• No Loan Facility: Loans cannot be taken against this policy.
• Suicide Clause: In case of suicide within 12 months of the policy start or revival, only 80% of premiums paid are returned to the nominee. 

For existing policyholders, you can check your LIC Policy Status or download the official policy document for specific terms.