Life Insurance Corporation of India has launched a new term insurance plan, LIC Jeevan Amar plan. The policy offers more options and greater flexibility to policyholders in comparison to other insurance plans. The policy, available for those above 18 years, offers the flexibility to choose from two death benefit options i.e.: level sum assured and increasing sum assured. All those till the age of 65 years can avail the insurance policy, with the maximum age at maturity at 80 years (last birthday).
The proposer/ life to be assured has an option to choose between non-smoker and smoker category. Lower premium rates are made available for non-smokers and special rates for female proposers.
The minimum Basic Sum Assured (BSA) under the plan is Rs 25 lakh with no maximum limit. The policyholder has the option to choose from single, regular and limited premium payment option.
The option to choose death benefit can be exercised by the Life Assured during his/her lifetime; for full or part of death benefits payable under the policy LIC’s Jeevan Amar which also offers optional additional cover through accident benefit rider.
The Jeevan Amar policy option to select between two categories: Smoker and non-smoker.
LIC withdrew ‘Amulya Jeevan’ Term and many new features have been included in this new plan.
LIC is providing this plan for people above 18 years.
It is claimed till the age of 65 years with the maximum age at maturity is 80 years.
LIC Jeevan Amar Plan
LIC Jeevan Amar Plan is a term plan without profit and non-linked plan. The Plan is not market-linked and an insured person can’t claim the amount on maturity. The amount can be claimed only by the nominee in case of the sudden demise of the policyholder during the term plan. Non-smokers and women have lower rates of the premium. Death benefits can be taken in installments also of 5 years, 10 years and 15 years. Minimum Basic Sum Assured under the plan is Rs 25 lakh with no maximum limit. The Policy Holder’s nominee will receive the Sum assured which was opted while buying the policy. The sum assured will remain the same throughout the policy period.
The death benefits will be the same as the initial sum assured policyholder chosen for the first five years. It will increase at the rate of 10% per year from the 6th policy year to 10th year. The policy will complete its 16th year. It will remain the same throughout the remaining policy period.