LIC Jeevan Amar plan launched: Insurance coverage up to 80 years
LIC Jeevan Amar Plan will be sold offline only. It can be purchased only through a LIC agent.
Jeevan Amar Plan: The Life Insurance Corporation of India (LIC) has launched a new and affordable term insurance plan named the ‘LIC Jeevan Amar Plan’. This plan provides greater flexibility to the policyholders as it allows them to choose two death benefit options of their own choice. These two options are – Level Sum Assured and Increasing Sum Assured.
LIC Jeevan Amar Plan will be sold offline only. It can be purchased only through LIC agent. LIC has withdrawn Amulya Jeevan Term and many new features have been included in this new plan.
LIC Jeevan Amar plan
• LIC is providing this plan for people above 18 years and it can be claimed till the age of 65 years, with the maximum age at maturity being 80 years.
• It is important to understand that LIC Jeevan Amar Plan is a term plan hence it is a without profit and non-linked plan.
• Plan is not market-linked and insured person can’t claim the amount on maturity. It means amount can be claimed only by the nominee in case of sudden demise of the policy holder during the term plan.
• Non-smokers and women have better options with 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. There will be three options for a policyholder to choose from single, regular and limited premium payment option.
LIC’s Jeevan Amar (No.855) Plan – Death Benefit Options
Level Sum Assured
Policy Holder’s nominee will receive the Sum Assured which was opted while buying the policy. Sum assured will remain the same throughout the policy period.
Increasing Sum Assured
The death benefits will be the same as that of the initial sum assured policyholder has chosen for the first five years. It will increase at the rate of 10% per year from the 6th policy year to 10th year. When policy will complete its 16th year, it will remain the same throughout the remaining policy period.