LIC Jeevan Amar Plan
LIC Jeevan Amar (Plan No. 855, UIN No. 512N332V01) is a secure protection plan that offers assured financial protection to the family of the insured in case of his/her unfortunate demise within the policy term. This policy entitles the insured to select from two different benefit options – Increasing Sum Assured and Level Sum Assured. Besides, it offers special rates for women, which makes LIC Jeevan Amar a premium choice among the women policyholders. This blog shares the complete details about this life insurance policy. Have a look!
Eligibility Criteria Of LIC Jeevan Amar
Planning to buy the LIC Jeevan Amar policy? Then you need to cross-check if you fulfil all the below-given eligibility criteria or not.
|Entry Age||18 years (last birthday)||65 years (last birthday)|
|Age at maturity||—||80 years (last birthday)|
|the Basic sum assured||INR 25 lakhs||No limit|
|Policy term||10 years||40 years|
Key Features Offered by LIC Jeevan Amar
LIC Jeevan Amar comes with a lot of useful features for its customers. Let’s check them out.
- Policyholders can enjoy an attractive, high-sum assured rebate.
- The policyholder gets the option to enhance the coverage by further going for Accident Benefit Rider. This requires him to pay some extra premium.
- You can select between regular premium, single premium, and limited premium payment.
- There is flexibility to opt for payment of benefits in multiple installments.
- Also, you can choose between policy term and premium paying term.
- You get to decide between non-smoker rates and smoker rates. The findings of Urinary Cotinine test results decide if the non-smoker premium rates are applicable or not.
- In case of survival of the life assured till the end of the policy term, there is no need to pay the maturity benefits.
Key Benefits Offered by LIC Jeevan Amar
LIC Jeevan Amar comes with a set of benefits that make it a top pick among policyholders. Have a look at these advantages before you proceed to buy this plan:
Death Benefit: Death benefit has to be paid when the death claim is made during the policy tenure. In the case of Limited and Regular premium payment, the Sum Assured on Death will be the highest of these three:
- The absolute amount that has to be paid on the demise of the policyholder.
- 105% of the total premium paid till the death of the policyholder.
- A whopping 7 times the annual premium.
Single Premium Policy: In the case of the Single Premium policy, the Sum Assured on Death will be the highest of these two:
- The total amount to be paid on the demise of the policyholder.
- A whopping 125% of the total single premium.
Nothing extra will be charged on the aforementioned premiums as per LIC Jeevan Amar.
Death Benefit Option: The policyholder gets to decide the absolute amount assured to be paid on his demise as per the Death Benefit Option that he had selected while purchasing the policy:
- Increasing Sum Assured: From the fifth policy year onward, the absolute amount assured increases by 10% of the basic sum assured. This continues till the 15th policy year, or the death of the policyholder, or till the end of the term, whichever is earlier. By this time, the absolute assured amount almost doubles up as compared to the basic sum assured.
- Level Sum Assured: In this case, the absolute amount assured remains equal to the basic sum assured throughout the policy term.
Mode of Installments: The policyholder can opt for the death benefit to be paid in multiple installments over five/ten/fifteen years to the nominee. He can select this option during his lifetime. The mode of installment payment can be monthly, quarterly, half-yearly, or yearly.
Grace Period: LIC Jeevan Amar offers a grace period of 30 days from the date of payment. During these 30 days, the insured individual will keep enjoying all the policy benefits, and the policy shall remain valid.
Revival: Even after the policy gets lapsed, in case the policyholder fails to pay the premium after the grace period, it is possible to revive the policy during the lifetime of the policyholder. But the revival has to be done within the first 5 years from the date of payment of the premium.
Key Exclusions of LIC Jeevan Amar
The major exclusion one needs to consider under LIC Jeevan Amar policy is suicidal exclusion. So, in case a policyholder commits suicide, then the nominee will not be entitled to the death benefits of the policy. LIC will not entertain suicidal instances, and thus the policy gets void.
How To Buy a LIC Jeevan Amar Policy?
LIC Jeevan Amar policy is not available online. So, if you are planning to purchase this policy, you are required to visit your nearest LIC branch and discuss the same with a LIC agent. Otherwise, you can also connect with licensed third-party sellers for the same.
Frequently Asked Questions
There are three major premium payment modes – Regular Premium, Limited Premium, and Single Premium.
The premium payable is dependent on factors like the smoking status of the policyholder, gender, age at the time of entry, policy terms, sum assured option selected by the policyholder, premium paying term, and so on.
In the case of Regular and Limited premium mode, the minimum amount of payable premium is INR 3000.
Unfortunately, no loan can be availed under LIC Jeevan Amar policy.