LIC Jeevan Amar Scheme: Insurance of Rs 50 lakhs will be available in this policy, know the specialty of the policy

LIC’s Jeevan Amar is a Non-Linked, Non-participating Offline Term Assurance Plan which provides financial protection to the insured’s family in case of his/her unfortunate death during the policy term.

Key features of LIC’s Jeevan Amar

Flexibility to choose from two benefit options: Level Sum Assured and Increasing Sum Assured.

  • Flexibility to
  1. Choose from Single Premium, Regular Premium and Limited Premium Payment
  2. Choose the Policy Term/Premium Paying Term
  3. Opt for payment of benefit in instalments.
  • Special rates for women.
  • Benefit of attractive High Sum Assured Rebate.
  • Two categories of premium rates namely (1) Non-Smoker rates and (2) Smoker rates. The application of Non-Smoker rates shall be based on the findings of the Urinary Cotinine test. In all other cases, the Smoker rates will be applicable.
  • Option to enhance your coverage by opting for Accident Benefit Rider on payment of additional premium for rider benefit.

Eligibility conditions and other Restrictions:

a) Minimum Age at entry: [18] years (Last Birthday)

b) Maximum Age at entry: [65] years (Last Birthday)

c) Maximum age at Maturity: [80] years (Last Birthday)

d) Minimum Basic Sum Assured: Rs. 25,00,000.

e) Maximum Basic Sum Assured: No Limit The Basic Sum Assured shall be in multiples of: Rs. 1,00,000/-, if Basic Sum Assured for the policy is Rs 25,00,000/- to Rs 40,00,000/- Rs. 10,00,000/-, if Basic Sum Assured for the policy is above Rs. 40,00,000/-.

  1. f) Policy Term: [10 to 40] years
  2. 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

Death Benefit:

Death benefit payable in case of admissible death claim during the policy term, 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. Premiums referred above shall not include any extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.

Click here to check details of LIC’s Jeevan Amar

Click here to visit the official website. 

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