LIC Jeevan Amar Plan

LIC’s Jeevan Amar is a pure protection plan designed to financially support the policyholder’s family in times of need. It is a non-linked and non-profit plan.

Key Features of LIC Jeevan Amar Plan

The features of the LIC Jeevan Amar Plan are as follows:

  • The policyholder can choose between two death benefit options with this plan: Increasing sum assured and level sum assured.
  • The women policyholders get special premium rates.
  • The policyholder can choose from multiple premium payment options: single, regular or limited.
  • The policyholder also gets multiple options to avail death benefit payment: in installments or as a lump sum payment.
  • The policyholder gets two categories of premium rates with this plan: Smoker rates and Non-Smoker rates.
  • The policy holder can enhance the policy coverage by choosing the LIC Accident Benefit Rider by paying an additional premium.

Eligibility criteria of LIC Jeevan Amar Plan

The policyholder should meet the following criteria for LIC Jeevan Amar Plan:

Policy holder’s age (age as on last birthday)
  • Minimum age of entry: 18 years
  • Maximum age of entry: 65 years
  • Maximum age at maturity: 80 years
Sum assured
  • Minimum sum assured: Rs.25 lakh
  • Maximum sum assured: No upper limit
Policy tenure
  • Minimum tenure: 10 years
  • Maximum tenure: 40 years
Premium paying term
  • Regular premium: same as policy term
  • Single premium: not applicable
  • Limited premium:
    • Policy term (minus) years for policy tenure 10 to 40 years.
    • Policy term (minus) 10 years for policy tenure 15 to 40 years

Benefits of LIC Jeevan Amar Plan:

  • Death benefit:The policyholder’s family gets a lump-sum amount as death benefit in case of policyholder’s demise.
    • The ‘Sum Assured on Death’ for regular and limited premium will be the highest of:
      • 105% of the total premiums paid as on the date of demise; or
      • The actual amount assured to be paid on demise; or
      • 7 times of annualised premium.
    • The ‘Sum Assured on Death’ for single premium will be the highest of:
      • The actual amount assured to be paid on demise.
      • 125% of Single Premium
    • The policy also gives option to avail death benefit in installments instead of lump sum amount.
  • Maturity benefitThe policyholder does not get any maturity benefit up on survival at the end of policy tenure.
  • Rider benefit:The policyholder can avail LIC’s Accident Benefit Rider under the limited and regular payment options by paying an additional premium during the policy term, provided the minimum remaining premium paying term is five years.

Documents required to apply for LIC Jeevan Amar Plan:

The following documents will be required to buy LIC Jeevan Amar Plan:

  • Identity proof: Aadhar Card, PAN card, etc.
  • Address proof: Water bill, electricity bill, bank passbook, etc.
  • Income proof: IT return, bank passbook, etc.
  • Health records.

LIC Jeevan Amar Plan Exclusions:

The LIC Jeevan Amar Plan has the following exclusions:

  • In case of single premium, the corporation releases 90% of the premium paid if the suicide is committed within 12 months of risk commencement.
  • In case of regular and limited premium, the corporation releases 80% of the premium paid until death if the suicide is committed within 12 months of risk commencement.
  • There is no suicide exclusion for lapsed policies.

LIC Jeevan Amar Plan FAQs:

  • Can I avail tax benefit on LIC Jeevan Amar Plan?
  • Yes, you can avail tax benefit on LIC Jeevan Amar Plan as per the prevalent laws.

  • What is the surrender value of LIC Jeevan Amar policy?
  • There is no surrender value of LIC Jeevan Amar policy in the case of regular premium payment. However, an applicable refund amount will be processed at any time during the policy tenure in case of single premium payment.

    In case of limited premium payment, a refund will be processed only if:

    • The full premium has been paid for two consecutive years for a premium term of less than 10 years
    • The full premium has been paid for three consecutive years for a premium term more than 10 years
  • Is there any grace period to pay premium of LIC Jeevan Amar policy?
  • Yes, a grace period of 30 days is granted from the date of first unpaid premium in case of half-yearly or yearly premium payment.

  • How much is the free look period of LIC Jeevan Amar plan?
  • The policy can be returned within 15 days of the date of receipt if the policyholder is not satisfied with the terms and conditions.

  • Is policy loan available with LIC Jeevan Amar plan?
  • No, policy loans are not available with LIC Jeevan Amar plan.

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