Introduction:

LIC’s Jeevan Amar is a pure protection term insurance plan designed to provide financial security to the policyholder’s family in case of an unfortunate event. This non-linked, non-participating plan ensures high protection at an affordable premium. It offers two death benefit options, Level Sum Assured and Increasing Sum Assured that allows policyholders to choose coverage that suits their financial goals.

With flexible premium payment options, including single, regular, and limited payments, policyholders can customize their premium structure at their convenience. Additionally, it provides separate premium rates for smokers and non-smokers, along with special premium discounts for women policyholders. The death benefit can be received as a lump sum or in installments, ensuring financial stability for the family.Policyholders can opt for the LIC Accident Benefit Rider at an additional premium for enhanced coverage. LIC Jeevan Amar is an ideal choice for those looking for a reliable, flexible, and cost-effective term insurance plan.

What are the characteristics of LIC Jeevan Amar Plan?

• LIC Jeevan Amar Plan is a non-linked, non-participating term insurance policy designed to provide financial security to the policyholder’s family in case of an unfortunate demise. This plan offers two death benefit options: Level Sum Assured and Increasing Sum Assured, allowing policyholders to choose coverage that aligns with their needs. One of the key highlights of this plan is its preferential premium rates for women policyholders, making it more affordable for them.
• The plan also provides flexibility in premium payments, allowing policyholders to pay through single, regular, or limited premium options. Additionally, it offers two categories of premium rates—Smoker and Non-Smoker rates—enabling policyholders to avail themselves of better pricing based on their lifestyle. The nominee can receive the death benefit either as a lump sum or in installments, adding further convenience.
• To enhance financial protection, policyholders can opt for the LIC Accident Benefit Rider by paying an additional premium. This rider provides extra coverage in case of accidental death, making the plan even more comprehensive. LIC Jeevan Amar Plan is an excellent choice for individuals seeking a high level of financial security with customizable features. With its multiple benefits, flexibility, and affordability, it ensures that your loved ones remain financially stable in your absence.
• If you are looking for a reliable and customizable term insurance plan, LIC Jeevan Amar can be a great option. Secure your future and provide financial protection to your family today.

What is the eligibility Criteria for LIC Jeevan Amar Plan?

• Age Criteria:
  • Minimum entry age: 18 years
  • Maximum entry age: 65 years
  • Maximum maturity age: 80 years
• Sum Assured:
  • Minimum: ₹25 lakh
  • Maximum: No upper limit
• Policy Tenure:
  • Minimum: 10 years
  • Maximum: 40 years
• Premium Payment Options:
  • Regular Premium: Same as the policy term
  • Single Premium: Not applicable
  • Limited Premium:
    • Policy term minus 5 years (for tenure 10 to 40 years)
    • Policy term minus 10 years (for tenure 15 to 40 years)

What are the benefits of LIC Jeevan Amar Plan?

Death Benefit:
In the unfortunate event of the policyholder’s demise during the policy tenure, LIC Jeevan Amar ensures financial security for the family by providing a lump-sum death benefit. For regular and limited premium policies, the “Sum Assured on Death” is determined as the highest of the following:

• 105% of the total premiums paid as of the date of demise.
• The actual sum assured as per the policy.
• Seven times the annualized premium.

For single premium policies, the “Sum Assured on Death” is the highest of:

• The actual sum assured as per the policy.
• 125% of the single premium paid.

Additionally, the nominee can opt to receive the death benefit in installments instead of a lump sum, offering financial flexibility.

Maturity Benefit:
LIC Jeevan Amar is a pure term insurance plan, meaning it does not offer any maturity benefits if the policyholder survives the policy tenure. This ensures that the focus remains solely on providing financial protection to dependents.

Rider Benefit:
To enhance coverage, policyholders can opt for LIC’s Accident Benefit Rider under regular and limited premium payment options. This rider is available for an additional premium, provided the minimum remaining premium payment term is at least five years.

Conclusion:

LIC Jeevan Amar Plan is a reliable and flexible term insurance policy designed to provide financial protection to the policyholder’s family in case of an unfortunate demise. With two death benefit options, Level Sum Assured and Increasing Sum Assured this plan ensures adequate coverage based on individual needs. It offers affordable premium rates, with special discounts for women and separate premium categories for smokers and non-smokers.

The plan also provides multiple premium payment options, allowing policyholders to choose between regular, limited, and single premium payments. Additionally, the LIC Accident Benefit Rider can be added for enhanced coverage. While there is no maturity benefit, the death benefit can be availed as a lump sum or in installments, ensuring financial stability for the nominee.

Key Takeaways of LIC Jeevan Amar Plan

• Pure Protection Plan: Provides financial security to the policyholder’s family.
• Death Benefit Options: Choose between Level Sum Assured and Increasing Sum Assured.
• Flexible Premium Payments: Options include regular, limited, and single premium payments.
• Special Premium Rates: Lower rates for women policyholders and non-smokers.
• High Coverage: Minimum sum assured of ₹25 lakh with no upper limit.
• Death Benefit Payout: Can be received as a lump sum or in installments.
• No Maturity Benefit: Since it is a term plan, no payout on survival.
• Additional Rider Benefit: LIC’s Accident Benefit Rider available for extra coverage.
• Long-Term Protection: Policy tenure ranges from 10 to 40 years.
• Tax Benefits: Eligible for tax deductions under prevailing tax laws.