LIC Jeevan Amar Term Plan

LIC Jeevan Amar Term Plan

LIC Jeevan Amar term policy is a non-linked, non-profit, pure protection plan. It offers comprehensive coverage to the policyholders at affordable rates while providing much-needed financial assistance to their families during uncertain times. Under LIC Jeevan Amar Policy, the policyholders get the flexibility to choose from two different death benefit options – Level Sum Assured and Increasing Sum Assured. The policyholders also get the option to choose from single, regular, and limited premium payment terms along with opting for the death benefit either in a lump sum or in installments.

LIC Jeevan Amar Term Plan Features

  • LIC Jeevan Amar term plan comes with two different death benefit options: Level Sum Assured and Increasing Sum Assured.
  • The policy provides options to the policyholders to choose from various policy terms and premium paying terms that are regular pay, limited pay, and single pay.
  • The policy is available at preferential rates for females and non-smokers.
  • Policyholders can avail of tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.
  • Life insurance cover is available till the age of 80.
  • The policy offers flexibility to the policyholder to choose from different death benefit payout options either in lump sum or installments over 5, 10, or 15 years.
  • The policy features a rider benefit option as an accidental death benefit while enhancing the base coverage available.
LIC Jeevan Amar Term Plan – Eligibility Criteria   
Parameters  Minimum Maximum
Age at Entry 18 years (Last Birthday) 65 years (Last Birthday)
Maturity Age 28 years (Last Birthday) 80 years (Last Birthday)
Policy Term 10 years 40 years
Basic Sum Assured Rs. 25 Lakhs No Limit
Premium Payment Options Regular Premium: Same as policy term
Limited Premium: Policy Term – 5 (For policy term 10 to 40 years)
Limited Premium: Policy Term – 10 (For policy term 15 to 40 years)
Single Premium: Single Payment
Minimum Premium Regular Premium – Rs. 3,000/-
Single Premium – Rs. 30,000/-

LIC Jeevan Amar Term Plan Benefits

  • As it is a pure protection plan, the LIC Jeevan Amar Term plan offers only a death benefit. 

In case of limited premium and regular premium policy, the sum assured payable on death is the highest of:

  • 7 times of annualized premium or
  • 105% of all premiums paid till the date of death or
  • Absolute amount assured to be paid on

In the case of a single premium plan, the sum assured payable on death is the higher of:

  • 125% of single premium
  • Absolute amount promised to be paid upon death of the insured. The absolute amount guaranteed depends on the death benefit option chosen at the time of policy commencement.
  • The policy offers different death benefit payout options to the policyholders to choose from as per their convenience– lump sum and installment payouts. In lump sum payout, the entire death benefit amount is paid at one go, and in installment payout, the policyholders get the option to choose a part of the death benefit in a lump sum and the remaining part in installments over 5, 10, or 15 years.
  • LIC Jeevan Amar term plan offers policyholders the option to choose Accidental Death Benefit Rider by paying an extra amount. This rider financially protects the insured’s family members in case of his or her death due to an accident. It is an additional benefit in addition to the sum Assured in the plan.
  • The policy offers a rebate on high sum assured, which is applicable under regular, limited, and single premium payment options.

LIC Jeevan Amar Term plan Exclusions

The term insurance plans do not cover death due to the following factors:

  • Suicide within 12 months
  • Breach of law with criminal intent
  • Participation in any illegal or unlawful act
  • Use of drugs, alcohol, solvent, etc.
  • Treatment for injuries caused due to adventurous activities like mountaineering, etc.

LIC Jeevan Amar Term Plan – Review

LIC’s Jeevan Amar term plan is a non-profit, non-participating pure protection term plan, offering complete financial protection to the insured’s family in case of his or her untimely demise within the policy period. The policy comes with different death benefit options and different death benefit payout options that the policyholders can choose according to their requirements.

FAQs:

What documents are considered as ID Proof and address proof while applying for a LIC insurance policy?

The documents that are considered for ID and Address Proof while applying for LIC insurance policy are:
PAN Card
Voter Identity Card
Aadhar Card
Passport
Driving License
Bank Account Statement

Is it mandatory to purchase a rider under the LIC Jeevan Amar Term Plan?

No, it is not mandatory to buy riders under the LIC Jeevan Amar Term plan. It depends on the requirement of the policy applies to opt for a rider at an extra premium.

What are the documents required to buy the LIC Jeevan Amar term plan?

The documents required while buying LIC Jeevan Amar plan are:
Duly filled application form
Age proof: PAN Card, Birth certificate, driving license, passport, school or college certificate.
Identity proof: PAN card, Voter ID, Passport, Aadhaar card, or driving license.
Address proof: Aadhaar card, utility bill, or bank account statement, bank passbook.

What is the grace period under LIC Jeevan Amar Term Plan?

LIC Jeevan Amar policy offers a grace period of 30 days for policies in the case of yearly and half-yearly premium payment mode. The policy remains active during the grace period, and the insurance company is liable to settle the policy claims if they arise.

Are tax benefits offered under the LIC Jeevan Amar Term Plan?

Yes, LIC Jeevan Amar Term Plan offers tax benefits under Section 80C and also on the benefit amount under Section 10 (10D) of the Income Tax Act.

Does the LIC Jeevan Amar Term plan provide any special benefits to women?

Yes, the LIC Jeevan Amar Term plan is available at discounted rates for women as well as non-smokers.

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