Jeevan Amar

Under this plan there is flexibility to choose from two death benefit options viz. Level Sum Assured and Increasing Sum Assured.


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Policy Type: Term Insurance Plan

Policy Information:

LIC’s JEEVAN AMAR plan is a Non-Linked, Without Profit, pure protection plan.
Under this plan there is flexibility to choose from two death benefit options viz. Level Sum Assured and Increasing Sum Assured.

Policy Highlights:

 

  • Under this plan, there are two categories of premium rates viz. (1) Non-Smoker rates and (2) Smoker rates.
  • In order to choose Non-Smoker category (for which the premium rates are lower than Smoker category), Life to be assured will have to undergo an additional medical test- Urinary Cotinine test.
  • Based on the findings of the Urinary Cotinine test, Non-Smoker/Smoker premium rates shall be applicable. In case Life to be assured does not undergo Urinary Cotinine test, Smoker rates shall be applicable.
  • Absolute amount assured to be paid on death shall depend on Death Benefit Option chosen at the time of taking this policy and is as under:
    • Option I: Level Sum Assured: “Absolute amount assured to be paid on death” shall be an amount equal to Basic Sum Assured, which shall remain the same throughout the policy term.
    • Option II: Increasing Sum Assured: “Absolute amount assured to be paid on death” shall remain equal to Basic Sum Assured till completion of the fifth policy year. Thereafter, it increases by 10% of Basic Sum Assured each year from the sixth policy year till fifteenth policy year till it becomes twice the Basic Sum Assured. From sixteenth policy year and onwards, the “Absolute amount assured to be paid on death” remains constant i.e. twice the Basic Sum Assured, till the policy term ends.

Death Benefit:

Death benefit, payable in case of admissible death claim, before the stipulated Date of Maturity, provided the policy is inforce, shall be “Sum Assured on Death”.

For Regular Premium and Limited premium payment policy, “Sum Assured on Death” is defined as the highest of:

  • 7 times of annualised premium; or
  • 105% of all the premiums paid as on the date of death; or
  • Absolute amount assured to be paid on death.

For Single premium policy, “Sum Assured on Death” is defined as the higher of:

  • 125% of Single Premium.
  • Absolute amount assured to be paid on death.

Maturity Benefit:

On survival of the life assured to the end of the policy term, no maturity benefit is payable.

Optional rider benefits – LIC’s Accident Benefit Rider:

LIC’s Accident Benefit Rider shall be available under Regular and Limited Premium Payment policies as an optional rider by payment of additional premium. This rider shall not be available under Single Premium policies.

 

Eligibility Conditions and Restrictions for Base Plan:

Minimum Age at entry: 18 years (Last Birthday)
Maximum Age at entry: 65 years (Last Birthday)
Maximum age at Maturity 80 years (Last Birthday)
Minimum Basic Sum Assured Rs. 25,00,000/-.
Maximum Basic Sum Assured No Limit

 

Basic Sum Assured should be in multiples of amounts specified below:

Sum Assured Range Sum Assured Multiple
Rs. 25,00,000/- to Rs. 40,00,000/- Rs. 1,00,000/-
Above Rs 40,00,000/- Rs. 10,00,000/-

 

a) Policy Term 10 to 40 years
b) Premium Paying Term
Regular Premium Same as policy term
Limited Premium [Policy Term minus 5] years for Policy Term 10 to 40 years
[Policy Term minus 10] years for Policy Term 15 to 40 years
Single Premium NA
c) Minimum Premium The minimum instalment premium will be Rs. 3,000/- for Regular/ Limited premium policies
and
Rs. 30,000/- for Single premium policies.
d) Mode of Premium Payment Premiums can be paid either under Regular Premium, Limited Premium or Single Premium payment options. In case of Regular and Limited Premium payment, the premium can be paid regularly during the Premium Paying Term with modes of premium payment yearly or half-yearly.

 

Loan on Policy:

  • No Loan will be granted under this plan.

Income Tax Benefits:

  • Premium paid under this plan is eligible for TAX rebate under section 80c.
  • Maturity under this plan is free under sec 10(10D)

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Fill the 'Book Policy Online' Form

Fill the ‘Book Policy Online’ form by providing your necessary information & select the policy.

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Our dedicated LIC Agent will call you & guide you in selecting the right policy as per your needs. 

Form Filling & Document Verification

Our LIC Agent will fill the form for you. Document Verification will be done online. Or you can visit our LIC Branch for document verification. 

Pay the First installment of premium

Pay the first instalment of your policy premium to the LIC Bank account. Our Agent will verify your payment and send you the payment receipt. 

Your Policy is registered!

After the successful payment, your policy will be registered & you will receive the policy documentation from LIC. 

Enjoy the policy benefits!

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