LIC Jeevan Amar: Who is Eligible for the Plan?

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LIC Jeevan Amar: Who is Eligible for the Plan?

LIC Jeevan Amar Plan: An Overview

Life Insurance Corporation of India is one of the oldest and most trusted insurance companies in India. Term Insurance plans are also one of the oldest and most famous insurance plans in India. Everyone would love to invest in a term insurance plan offered by the Life Insurance Corporation of India (LIC). This article covers the new LIC term plan: Jeevan Amar.

It consists of everything you need to know about the LIC Jeevan Amar Policy. You will read about its features, eligibility criteria, benefits, documents required, and the exclusions from the plan.

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. 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. The term means the time horizon of the policy will it matures. These plans just offer a death benefit, i.e., the insured’s beneficiary will receive the sum assured only if he dies within the term, 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.LIC Amulya Jeevan II was the earlier offering by LIC. This plan is sold offline and is more affordable as compared to its earlier offering, along with additional flexibilities offered to the policyholders. The plan comes under table number 855 and is also referred to as Jeevan Amar 855.

LIC Jeevan Amar Plan Features

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.

LIC Jeevan Amar Term Plan: 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.

Here, 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.
  • Free look period: The policy comes with an offer to cancel the policy within 15 days of the day of buying the policy if the policyholder is not satisfied with the terms and conditions.
  • Surrender Value: The regular pay types of policy do not offer a surrender value, but the single pay and limited option plans offer the policyholder to surrender the policy, i.e., you can withdraw your policy at a lower cost in times of emergency/needs.

Key Takeaways

  • The LIC Jeevan Amar plan is a term plan offered by LIC.
  • Anyone from the age of 18-65 years can invest in it if he/she meets other eligibility criteria.
  • The policy comes under table number 855.
  • The insured has various options to choose from and can design the plan as per his/her needs and goals.

Jeevan Amar Policy: Documents Required

The following are the documents required to buy the plan:

  • 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.

LIC Jeevan Amar Plan Exclusions

The following are excluded from the plan:

  • 90 % of the premium paid is released in the case of a single premium plan if the policyholder commits suicide within 12 months of purchasing the insurance policy.
  • 80 % of the premium paid is released in the case of a regular and limited premium plan if the policyholder commits suicide within 12 months of purchasing the insurance policy.
  • In the case of lapsed policies, there is no suicide exclusion.

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The article kind of gives the LIC Jeevan Amar review by sharing all the details of the plan. It has covered everything that one needs to know about Jeevan Amar LIC Plan for people to have complete knowledge to make an informed choice. Investing is a critical decision and it should be made wisely by considering and comparing all the available options to find the perfect fit. Many people run after avenues with short-  investments for higher returns but at times end up losing a lot of money. But it is very important to save some amount for the future so that you can continue to live the same lifestyle even when you do not have an active source of income. Investing in a good insurance policy is important. Make sure to have a diverse portfolio of investments to earn optimized returns. One should keep in mind to read the policy details carefully before entering it. As everyone is different and has different goals and purposes, there are plenty of policies available to invest in, to cater to everyone’s needs, hence not every policy fits all. So, do not forget to list down your goals and purpose and match the policy with it before investing in it.

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