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LIC Amulya Jeevan II is a pure risk cover term plan of sum assured for Rs 25 lakhs and more, which can be opted primarily for protection. In this plan, the nominee will get the entire Sum assured if the life insured dies during the policy term.
Death Benefit - The entire Sum Assured is paid to the nominee on death of the Life Insured during the policy term.
Maturity Benefit - No benefit is payable on maturity as this is a pure protection plan.
Income Tax Benefit - Life Insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C. Death Benefit is also tax free.