LIC's Jeevan Amar is a non-linked, non-participating, Life Term Assurance Plan. LIC Jeevan amar is much more flexible and has many wider options compared to existing term insurance plans.
Key Features of LIC New Jeevan Amar
- LIC Jeevan Amar allows you to choose between Level & Increased Sum assured
- Lower premium rates for non-smoker lives.
- Special premium rates for women.
- Attractive High sum assured rebate.
- Life cover until 80 years.
- Accident benefit rider available during PPT under regular and limited premium policies.
- Option to pay premium as Regular, Single or for limited period.
- Option to take death benefit in lump sum and / or installment
Premiums paid towards New Jeevan Amar is eligible for Tax rebate under Section 80C each year upto Rs.1,50,000. The Maturity/ Death claim paid under Jeevan Amar is 100% Tax-free under Section 10(10d)
Eligibility Conditions And Restrictions
- Entry Age : 18 to 65 years
- Maximum Maturity Age : 80 years
- Policy Term : 10 to 40 years
- Premium Paying Term : Single / Regular / Limited
&nbps;&nbps;&nbps;&nbps;&nbps; Term - 5 years for term 10 to 40 yrs
&nbps;&nbps;&nbps;&nbps;&nbps; Term - 10 years for term 15 to 40 yrs.
- Minimum Sum Assured : Rs.25,00,000
- Maximum Sum Assured : No limit
- Sum Assured : Multiples of 1,00,000 until 40 Lakhs
&nbps;&nbps;&nbps;&nbps;&nbps; Multiples of 10,00,000 thereafter
- Premium Payment : Yearly / Half yearly
Death benefit option
- Level Sum Assured: Death Benefit remains level throughout the Policy term.
- Increasing Sum Assured: Death benefit remains level during first 5 policy years, increases by 10% of BSA every years for the next 15 years or end of policy term and then remains level for the remaining policy term.
- Death benefit can be taken in installments over chosen period of 5/10/15 yrs instead of lumpsum amount.
- Flexibility to exercise the option in respect of full or part of claim proceeds.
- Installments will be paid in advance subject to minimum installment amount
- Flexibility to exercise the option at proposal stage or during currency of the policy
Premium payment options
- Regular premium : PPT = Policy term
- Limited Premium : PPT = Policy Term - 5
- Limited Premium : PPT = Policy Term - 10
- Single Premium : PPT = 1