LIC Term Insurance with Sum Assured Above Rs.1 Crore

The key features and benefits of the New Tech Term policy are discussed below: 

1. Benefit Options: Policyholders have the choice between two benefit options: Level Sum Assured- The Death Benefit remains constant throughout the policy term and Increasing Sum Assured-The Death Benefit starts as the Basic Sum Assured and increases by 10% of the Basic Sum Assured each year from the sixth policy year until it becomes twice the Basic Sum Assured. 
2. Premium Flexibility: Policyholders enjoy flexibility in premium payment methods, including Single Premium, Regular Premium, and Limited Premium Payment. This accommodates different financial preferences. 
3. Policy Term and Premium Paying Term: Policyholders can customize their policy by selecting their desired Policy Term and Premium Paying Term, aligning the plan with their specific needs and goals. 
4. Instalment Benefit: The option to receive the benefit in instalments provides added financial planning flexibility for beneficiaries. 

1. Special Rates for Women: Women policyholders can benefit from special premium rates, making the plan more affordable for them. 
2. High Sum Assured Rebate: Attractive rebates are available for policyholders opting for high Sum Assured values, incentivizing higher coverage. 
3. Premium Categories: Premiums are categorized into Non-Smoker rates and Smoker rates, where Non-Smoker rates are determined based on the results of the Urinary Cotinine test. 
4. Accident Benefit Rider: Policyholders can enhance their coverage by adding the Accident Benefit Rider, subject to an additional premium payment. 
5. Grace Period: Enjoy a 30-day grace period for yearly or half-yearly premium payments, maintaining uninterrupted policy coverage. Failure to pay within the grace period leads to policy lapse. The grace period applies to Rider premiums as well. 

1. Rebates/Loadings: High Sum Assured Rebate is based on age and Sum Assured. Modal Loading of 2% applies to Half-Yearly premium payments. 
2. Revival: Lapsed policies can be revived within 5 years by paying arrears with interest. Acceptance, modification, or decline of revival depends on market conditions. 
3. Surrender: No surrender value is available. Refund on surrender varies based on premium type and years' premiums paid. 
4. Policy Loan: Policyholders cannot take a loan against this plan. 
5. Taxes: Statutory taxes are collected separately over and above the premiums as per prevailing tax laws. Tax paid is not considered for benefit calculations. 

1. Free Look Period: Within 30 days of receiving the Policy Document, policyholders can return the policy if unsatisfied. The Corporation will refund the premium after deducting certain charges. 
2. Suicide Exclusion: Suicide within 12 months from the policy start date results in a benefit payment of 90% of the Single Premium for Single Premium policies. For Regular/Limited Premium Payment policies, suicide within 12 months from the risk commencement date or revival leads to an 80% refund of premiums paid. 

The eligibility conditions and other restrictions for LIC's New Tech-Term insurance plan: 

1. Minimum Age at Entry: The minimum age at entry is 18 years (Last Birthday). This means that individuals who are at least 18 years old are eligible to apply for this insurance plan. It ensures that adults can secure coverage under this policy. 
2. Maximum Age at Entry: The maximum age at entry is 65 years (Last Birthday). This indicates that individuals up to the age of 65 can apply for this plan. It provides an opportunity for people in their senior years to access life insurance coverage. 

1. Maximum Age at Maturity: The maximum age at maturity is 80 years (Last Birthday). This means that the policy should mature by the time the insured individual reaches the age of 80. It ensures that the policy provides coverage during a specified period of one's life. 
2. Minimum Basic Sum Assured: The minimum Basic Sum Assured is Rs.50,00,000/-. This represents the minimum amount that the insurance policy will pay out in case of the insured's demise. It guarantees a substantial benefit to the policyholder's beneficiaries. 
3. Maximum Basic Sum Assured: While there is no specific upper limit for the Basic Sum Assured, the actual maximum amount allowed is subject to underwriting decision as per the Board Approved Underwriting Policy. In essence, it means that the insurance company will evaluate each individual's application and determine the maximum coverage amount based on their specific circumstances. This approach ensures that the coverage is tailored to each policyholder's needs. 
4. Policy Term: Policyholders have the flexibility to choose a policy term that suits their needs, ranging from 10 to 40 years. This allows individuals to align their coverage with their long-term financial goals and obligations. 
5. Premium Paying Term: The Premium Paying Term varies based on the chosen premium payment option.  

LIC New Jeevan Amar 

LIC’s New Jeevan Amar is a pure risk premium life insurance plan, devoid of investment components. It is non-linked and non-participating, designed to offer financial protection to the policyholder's family in the unfortunate event of the policyholder's death during the policy term. This insurance plan can be purchased offline through licensed agents, corporate agents, brokers, and insurance marketing firms. 

Here are the key features of LIC’s New Jeevan Amar: 

1. Death Benefit Options: Policyholders have the flexibility to choose between two benefit options: Level Sum Assured and Increasing Sum Assured. This choice enables customization of the coverage to meet specific financial needs. 
2. Premium Payment Flexibility: LIC’s New Jeevan Amar offers flexible premium payment options, including Regular Premium, Limited Premium, and Single Premium. Regular and Limited Premiums can be paid yearly or half-yearly.  

1. Grace period: A grace period of 30 days is provided for premium payments. After this period, the policy lapses. Policyholders can also tailor the policy term and premium paying term to align with their financial goals. 
2. Instalment Benefit Option: Policyholders have the option to receive the policy's benefit in instalments, which can be a valuable financial planning tool for beneficiaries. 
3. Special Rates for Women: Women policyholders benefit from special premium rates, making the policy more affordable and accessible to them. 
4. High Sum Assured Rebate: Attractive rebates are available for policyholders opting for a higher sum assured, potentially reducing the overall cost of the policy. 
5. Premium Categories: Premium rates are categorized into Non-Smoker and Smoker rates. Non-Smoker rates are determined based on the results of an Urinary Cotinine test, while Smoker rates apply in all other cases. 

1. Accident Benefit Rider: Policyholders can enhance their coverage by adding the Accident Benefit Rider, providing additional protection against accidental death or disability. 
2. Rebates: Rebates and loadings apply to premiums based on factors like Sum Assured and age. 
3. Revival: Revival is possible within 5 years after the First Unpaid Premium, with interest.  
4. Surrender: Surrender value is not available, except under specific conditions.  
5. Policy loan: Policy loans are not offered. 

1. Tax benefits: Taxes are applicable as per government regulations and are collected separately. 
2. Free look: There's a 30-day free look period for policyholders to review and cancel the policy if unsatisfied. 
3. Suicide Exclusion: A suicide exclusion clause is in place for early policyholder death.  

For complete policy details, please refer to the official policy document or contact the nearest LIC Branch Office. 

The eligibility conditions and restrictions associated with LIC’s New Jeevan Amar are essential aspects of the policy that help define who can avail of this insurance coverage and under what terms. These conditions ensure that the policy is structured to cater to the needs and demographics of potential policyholders.  

Here is a closer look at these eligibility conditions and restrictions: 

1. Minimum Entry Age of 18 Years: To be eligible for this insurance plan, the prospective policyholder must be at least 18 years old at the time of applying. This minimum age requirement ensures that individuals are legally competent to enter into a contractual agreement. 
2. Maximum Entry Age of 65 Years: There is an upper age limit for entry into this policy, which is set at 65 years. This means that individuals up to the age of 65 can apply for this insurance, as long as they meet other criteria. 
3. Maximum Maturity Age of 80 Years: The policy has a maximum maturity age of 80 years, which means that the policy term, regardless of the chosen duration, cannot extend beyond the policyholder's 80th birthday. This ensures that the policy provides coverage during a significant portion of the policyholder's lifetime while maintaining a reasonable upper age limit for maturity. 
4. Minimum Basic Sum Assured of Rs.25,00,000: The policy specifies a minimum basic sum assured of Rs.25,00,000. This means that the policyholder must select a sum assured amount of at least Rs.25,00,000 to initiate the policy. This minimum sum assured requirement is in place to ensure that the policy provides substantial financial protection to the policyholder's beneficiaries. 

1. No Maximum Limit for Basic Sum Assured (Subject to Underwriting): While there's a minimum sum assured requirement, there is no specified maximum limit for the basic sum assured. However, the actual maximum sum assured allowed for each individual is determined based on underwriting decisions. Underwriting involves assessing the policyholder's health, lifestyle, and other relevant factors to determine the appropriate sum assured. This ensures that the policy remains financially sustainable and appropriate for each applicant's unique circumstances. 
2. Policy Terms Range from 10 to 40 Years: The policy offers flexibility in choosing the policy term, with terms available ranging from a minimum of 10 years to a maximum of 40 years. This flexibility allows policyholders to align the policy duration with their financial goals and needs. 
3. Premium Paying Terms Vary Based on Policy Term: Depending on the chosen policy term, premium paying terms are determined. For instance, for policy terms ranging from 10 to 40 years, the premium paying term is typically the same as the policy term. However, for policy terms in the range of 15 to 40 years, the premium paying term is 5 years less than the policy term. This premium payment flexibility accommodates different financial preferences and capabilities of policyholders.