LIC’s New Jeevan Amar

Description

LIC Jeevan Amar offers several key features to its policyholders. Here are some of the notable features:

1. High Sum Assured Rebate: Policyholders may see a reduction in premium costs due to an alluring rebate offered on high-sum guaranteed amounts.
2. Accident Benefit Rider: By including the Accident Benefit Rider with their policy, policyholders can improve their coverage and increase their protection in the event of an accidental death or disability. An additional charge must be paid for this option.
3. Premium Payment Options: Policyholders can choose from various premium payment options, including regular premium, single premium, and limited premium payment, based on their convenience and financial preferences.
4. Flexible Benefit Payout: The policy offers flexibility in choosing how the benefits are paid out, allowing policyholders to receive benefits in multiple installments if desired.
5. Policy and Premium Term Options: Policyholders have the flexibility to select both the policy term and premium paying term based on their financial goals and needs.
6. Non-Smoker Rates: The policy offers non-smoker premium rates, which can result in lower premiums for individuals who do not smoke. These rates are determined based on the results of the Urinary Cotinine test.
7. No Maturity Premium: In the event of the policyholder surviving until the end of the policy term, there is no requirement to pay any maturity benefits. This ensures that policyholders can enjoy the benefits of their policy without additional premium payments.

 

LIC Jeevan Amar provides a range of benefits that make it an attractive choice for policyholders. Here are the key benefits offered by LIC Jeevan Amar:

1. Death Benefit: The policy provides a death benefit to the nominee in the unfortunate event of the policyholder’s death during the policy term. The death benefit is determined based on the type of premium payment:
   • Limited and Regular Premium Payment: The death benefit is the highest of the following:
     • The absolute amount assured to be paid on the demise.
     • 105% of the total premiums paid up to the date of death.
     • 7 times the annual premium.
   • Single Premium Policy: The death benefit is the highest of the following:
     • The absolute amount assured to be paid on the demise.
     • 125% of the total single premium paid.
2. Death Benefit Options: Policyholders have the flexibility to choose from two death benefit options:
   • Increasing Sum Assured: The death benefit increases by 10% of the basic sum assured from the fifth policy year onwards until the 15th policy year, the policyholder’s death, or the end of the term, whichever occurs earlier. This leads to a significant increase in the death benefit over time.
   • Level Sum Assured: The death benefit remains constant and equal to the basic sum assured throughout the policy term.
3. Mode of Installments: Policyholders can choose to receive the death benefit in installments over a period of five, ten, or fifteen years. The installment payment frequency can be monthly, quarterly, half-yearly, or yearly, providing flexibility in managing the received amount.
4. Grace Period: A grace period of 30 days from the premium due date is provided by LIC Jeevan Amar. The insured person continues to benefit from the insurance throughout this time, and the policy is still in effect. During the grace period, premium payments can be made without running the risk of the policy expire.
5. Revival: In the event that premiums are not paid after the grace period, policyholders may choose to resume their insurance during the first five years after the date of the first unpaid premium. Consequently, policyholders can continue to receive benefits and restart coverage for the remainder of their lives..

 

Eligibility Conditions:

Criteria	Minimum	Maximum
Entry Age	18 years (last birthday)	65 years (last birthday)
Age at maturity	—	80 years (last birthday)
the Basic sum assured	INR 25 lakhs	No limit
Policy term	10 years	40 years