LIC Jeevan Amar | New Term Insurance Plan by LIC

Most trusted and oldest insurance company in India is a Life insurance corporation of India. This is the biggest insurance company in India. Term Insurance plans are also one of the oldest and most famous insurance plans in India.

Every Indian would love to invest in a term insurance plan which are offered by the Life Insurance Corporation of India (LIC).

Now LIC launch there new term insurance plan for Indian peoples that is LIC Jeevan Amar plan.

In this article we will learn all things about LIC jeevan amar plan. After reading this article you will know about its features, eligibility criteria, benefits, documents required, and the exclusions from the plan.

Table of Contents

What is LIC Jeevan Amar?

The LIC Jeevan Amar is a new plan launched by LIC. It is a non-linked, non-participating, offline term insurance plan.

It is similar to all other term insurance plans. The main advantage of this plan is it offers life coverage with death benefits to the insured’s family in case of the unexpected demise of the insured within the term mentioned in the policy.

These plans just offer a death benefit if he stays alive till the maturity, then no money is given to the insured. This is the main reason why these plans are affordable as compared to other life insurance plans.

The plan comes under table number 855 and is also referred to as Jeevan Amar 855.

Also Read : Best Health insurance plan in India

Features of LIC Jeevan Amar Plan

This plan comes with various features and options for the policyholders. The features of the Jeevan Amar LIC Plan are as follows:

Death Benefit options available to the policyholders are the increasing sum assured and the level sum assured.
Multiple premium payment options are offered: Single/lump sum, regular, or limited.
The death benefit can also be availed in either a lump sum amount or installments for 5, 10, or 15 years.
The policyholders have the option to add accidental rider benefits by paying an additional premium.
A death benefit is applicable only if the policyholder dies before the term expires. If the policy matures and the policyholder is still alive, then the death benefit stands nil and the insurance company does not have to pay anything to the policyholder.
Special premium rates are offered to female policyholders.
The policy offers unique and attractive rebates on high sum assured.
The policy comes with two categories of premium rates: Smokers and Non-smokers. Here, non-smokers enjoy the benefit of lower premium rates.

Eligibility

The following are the eligibility criteria that one needs to meet to invest in the Jeevan Amar plan:

Minimum age of entry: 18 years
Maximum age of entry: 65 years
Maximum age at maturity: 80 years
Minimum sum assured: Rs.25,00,000
Maximum sum assured: No limit
Minimum policy tenure: 10 years
Maximum policy tenure: 40 years
Premium paying term for regular premium: same as policy term
Premium paying term for single premium: not applicable
Premium paying term of limited premium of 10-40 years: policy term minus 5 years.
Premium paying term of limited premium of 15-40 years: policy term minus 10 years
Liquidity: no liquidity option
Grace period: 30 days

LIC Jeevan Amar Plan Benefits

The LIC Amar Jeevan Plan offers the following benefits to the policyholders:

Death Benefit

The policyholder’s family receives a guaranteed death benefit amount if the policyholder dies before the term ends and the policy matures.
the sum assured on the death of a policyholder for a regular and limited premium will be the highest of:

– 105% of total premiums paid till the death; or
– The amount assured to be paid on demise; or
– 7 times of annualized premium.
The sum assured on the death of a policyholder for a single premium will be the highest of:
– 125% of single premium; or
– The amount assured to be paid on demise.
The policyholders also have the option to opt for death benefits to be paid in installments instead of a lump sum amount.

Rider benefit

The policy offers the policyholders to add LIC’s accidental benefit rider by paying the additional payment. This is offered to limited and regular payment options and with a remaining premium paying term of a minimum of 5 years.

Tax Benefits

The amount received as the death benefit is eligible for tax benefits as per the Income Tax Act of India.

Documents Required

Identity proof: PAN Card, Aadhar Card, Driving license, etc.
Address Proof: Electricity bill, water bill, bank passbook, etc.
Income proof: Income Tax Return, Bank passbook, etc.
Health Records.

FAQ About LIC

Is Jeevan Amar LIC plan good?

The 'Sum Assured on Death' for regular and limited premium will be the highest of: 105% of the total premiums paid as on the date of demise; or. The actual amount assured to be paid on demise; or. 7 times of annualised premium.

What is difference between LIC Tech term and Jeevan Amar?

Both the Jeevan Amar plan and tech term plans provide the same benefits for you. The only difference is the sum assured amount which is high in LIC's term tech plan. If you want to buy a plan with a sum assured amount of more than 25 lakhs, you can select the term tech plan.

Which LIC policy is best for death benefit?

LIC's Jeevan Umang plan offers a combination of income and protection to your family. This plan provides for annual survival benefits from the end of the premium paying term till maturity and a lump sum payment at the time of maturity or on death of the policyholder during the policy term.

Is medical test required for LIC Jeevan Amar?

Under this plan, there two categories of premium 1) Non-Smoker and 2) Smoker Rates. You can choose anyone option. However, if you have chosen the Non-Smoker category, then you have to undergo the additional medical examination like Urinary Cotinine Test.