LIC Jeevan Amar (Plan 855)
LIC Jeevan Amar, Plan 855 is a Term Insurance plan launched by LIC of India which provides a High Sum Assured at a nominal premium, hence providing a protection that may help to fulfill the needs of the family in case of any unfortunate happening to the Policyholder.
It is a Non-Linked, without profit, pure protection plan with a flexibility to opt for two death covers option viz Level Sum Assured and Increasing Sum Assured.
Under the LIC Jeevan Amar Plan there are two categories of premium rates vis. Smoker and Non-Smoker. Where in the Non Smoker premiums are very less as compared to the smoker rates. The premium also differs for male lives and females too.
For this policy the Life Assured will have to undergo additional medical tests depending on the Sum Assured and the Age of the Life Assured as per the prevailing underwriting rules of LIC of India.
Unique Identification Number: 512N332V01
Launch Date: 5th August 2019
Options Available under the LIC Jeevan Amar Plan:
Th option under LIC Jeevan Amar plan should be decided at the commencement of the policy and no alteration in option will be allowed later.
Option 1 (Level SA):
- Basic Sum Assured remains same throughout the term.
Option 2 (Increasing SA):
- 10% increase in Basic Sum Assured every year after the completion of 5th years till 15th year till it becomes twice the Basic Sum Assured
- The 10% increase will continue under an in-force policy till the end of the policy term, or till the Date of Death or till 15th policy year whichever is earlier.
Maturity Benefit:
No maturity benefit will be paid under the LIC Jeevan Amar Policy.
LIC Jeevan Amar DEATH BENEFITS:
Sum Assured on Death is Payable.
For Regular & Limited premium payment policy.
- Death claim will be higher of following
- 7 times of annualized premium or
- 105% of premium paid till death or
- Absolute amount assured.
For Single premium :
- 125% of single premium or
- Absolute amount assured.
- The Death Benefit shall be paid in a lump sum as specified above and/or in installments, as per the Settlement option exercised by the Policyholder/Life Assured.
- An additional Basic Sum Assured will be payable in case of death due to an accident for an in-force policy if the LIC Accident Benefit Rider has opted.
Income Tax Benefit:
- under section 80C of the Income Tax Act, premiums paid under the LIC’s Jeevan Amar Plan are eligible for a rebate up to the limit of Rs: 1,50,000/-
- under Section 10(10D) of Income Tax Act, The Death claim received by the Nominee under LIC Jeevan Amar Plan is entirely tax-free and no TDS is deductable.
Synopsis of LIC Jeevan Amar Plan:
| Sr. No. | Particulars | Eligibility Condition |
| 1 | Age at entry for Life assured | Minimum – 18 years (last birthday) Maximum – 65 years (last birthday) |
| 2 | Policy Term Premium paying term (Minimum premium will be 3000/- for Regular modes and 30,000/- for Single-Mode) | 10 years to 40 years Regular Premium: Same as Policy Term Limited Premium: Policy Term minus 5 years Policy term minus 10 years, for policy term 15 years to 40 years only. Single premium: Onetime payment. |
| 3 | Maximum Maturity Age | 80 years (last birthday) |
| 4 | Basic Sum assured (in multiples of 1,00,000/- upto 40 lakhs In multiple of 10,00,000/- above 40 lakhs) | Minimum – 25,00,000/- Maximum – No Limit |
| 5 | Mode Loading | Yearly – Nil Half Yearly – 2% of tabular premium |
| 6 | Large Sum Assured rebate | Available (as per Age and Sum assured) |
| 7 | Mode of payment of premiums | Single Payment Yearly Half-yearly |
| 8 | Grace Period | 30 days |
| 9 | Surrender & Policy Loan | No option Available |
| 10 | Revival | Within 5 years from First Unpaid Premium & before Maturity |
| 11 | Optional Riders Available: | L.I.C’s Accident Benefit Rider |
- For more details about Suicide Clause under LIC Policy visit http://www.punitshet.com/lic-policy-suicide-clause/
Option to take Death Claim Benefits in installment:
- Death Claim Benefits under this plan can be paid to the Nominee in installments provided the option has been exercised by the policyholder. To know more about How to take Death Claim in Installments read: http://www.punitshet.com/take-lic-policyholders-death-claim-amount-in-instalments
Note: The above details are for information purposes only. For more authentic details about the LIC Policy please visit the official LIC website or contact your nearest LIC branch.
