LIC Jeevan Amar Plan (T-855) is a new launched Term Plan with low premium. Jeevan Amar plan offers more options and greater flexibility to policyholders in comparison to other term plans available in the market. LIC Jeevan Amar plan is available with a flexibility to choose two death benefit options viz. Level Sum Assured and Increasing Sum Assured.
The proposer has an option to choose between non smoker and smoker category. Lower premium rates are available for non smokers and special rates are available for female candidates.
KEY FEATURES OF LIC JEEVAN AMAR PLAN:
- This plan provides financial protection to your family in case of any mishappening at a very low premium.
- Risk cover of Rs. 1 Crore at a premium of just Rs. 38 per day.
- Accidental Cover is also available in Jeevan Amar plan in the form of DAB Rider.
- Tax benefit under section 80c is available up to 1, 50,000.
- Death Benefits payable to nominee are also tax free under section 10 (10D).
- A Grace period of 30 days shall be allowed to policyholder from the date of first unpaid premium.
The death benefits in LIC Jeevan Amar Plan depends upon option chosen by the policyholder at the time of taking the policy as Jeevan Amar plan is available with 2 death benefits options which are as under.
Option 1: Level Sum Assured :
The sum assured payable on death shall be an amount equal to Basic Sum Assured which will remain same throughout the policy term.
Option 2: Increasing Sum Assured :
The sum assured payable on death shall remain equal to Basic sum assured for first five policy years. Thereafter it increases by 10% of Basic sum assured each year from the sixth policy year till fifteenth policy year means it becomes twice of basic sum assured at fifteenth policy year.From sixteenth policy year onwards the death benefits remain constant i.e. twice the basic sum assured for rest of the policy term.
The proposer has to choose one of the death benefits at the proposal date itself as the option once chosen can’t be changed later.
Option to take death benefits in instalments:
The Nominee have an option to receive the death benefits in instalments over the period of 5 or 10 or 15 years instead of lump sum amount. This option can be exercised by the life assured during the proposal stage or his/her lifetime for full or part of death benefits payable under the policy. The death claim amount shall then be paid to the nominee as per the option exercised by the life assured and no alteration will be allowed to be made by the nominee.
- On survival to the end of the policy term nothing shall be payable as this is a pure risk plan.
Optional Rider Benefits:
LIC’s Accidental Benefits Rider shall be available under regular premium and limited premium policies only as an additional rider by payment of additional payment. This rider will not be available under single premium policies.
|Minimum & Maximum Entry Age||18 Years to 65 Years|
|Policy Term||10 to 40 Years|
|Premium Paying Term||Single,Regular & Limited Payment Options(Term – 5 or 10 Years)|
|Maximum Risk Cover Age||80 Years(Nearest Birthday)|
|Premium Paying Mode||Yearly and Half Yearly|
|Sum Assured||25,00,000- NO LIMIT|