LIC Jeevan AMAR Plan is the 2nd term insurance plan from LIC Of India. Yes, earlier I have shared about LIC Tech-Term Plan. Both the plans are almost similar from their features point of view, but with a single difference. In this detailed LIC Jeevan AMAR review guide, I will share everything like Premium Calculator, Eligibility, Benefits, Features, Riders.
LIC’s JEEVAN AMAR plan is a Non-Linked, Without Profit, pure protection plan. Under this plan, there is the flexibility to choose from two death benefit options: 1) Level Sum Assured and 2) Increasing Sum Assured. For more details, read this complete Review of the LIC Jeevan AMAR Plan.
Surrender Value - No surrender value available under regular and limited pay option but you will get it in single pay and limited pay option.
Freelook Period - if the policyholder is not convinced with the terms and conditions of the policy, she/he can cancel the policy within 15 days from the receipt of the policy document.
For Regular Premium and Limited premium payment policy, “Sum Assured on Death” is defined as the highest of:
| Launch Date | 6th August 2019 |
| Plan Details | Table No. 855 |
| Policy Type | Term Insurance |
LIC’s JEEVAN AMAR plan is a Non-Linked, Without Profit, pure protection plan. Under this plan, there is the flexibility to choose from two death benefit options: 1) Level Sum Assured and 2) Increasing Sum Assured. For more details, read this complete Review of the LIC Jeevan AMAR Plan.
LIC Jeevan AMAR Plan Features
- As mentioned the most attractive feature of this policy is the double death benefit options. Yes, you can choose from these 2 options: (1) Non-Smoker rates and (2) Smoker rates.
- You can buy this policy until the age of 80 years.
- You can choose the death benefit or lumpsum benefit as an installment of 5,10, 15 years or get at once.
- You can choose from Single Or Limited or Regular premium payment option.
- Get a good discount on premiums for non-smoker & women.
- You can get additional accidental rider benefits with this plan.
- Get income tax benefits under section 80C & 10(10D) for the premium payment every year.
- There is no Loan facility again this LIC policy.
Surrender Value - No surrender value available under regular and limited pay option but you will get it in single pay and limited pay option.
Freelook Period - if the policyholder is not convinced with the terms and conditions of the policy, she/he can cancel the policy within 15 days from the receipt of the policy document.
Eligibility Criteria Of LIC's Jeevan Amar Plan
| Minimum Age at entry: | 18 years (Last Birthday) |
| Maximum Age at entry: | 65 years (Last Birthday) |
| Maximum age at Maturity | 80 years (Last Birthday) |
| Minimum Basic Sum Assured | Rs. 25,00,000/-. |
| Maximum Basic Sum Assured | No Limit |
Basic Sum Assured should be in multiples of amounts specified below:
| Sum Assured Range | Sum Assured Multiple |
| Rs. 25,00,000/- to Rs. 40,00,000/- | Rs. 1,00,000/- |
| Above Rs 40,00,000/- | Rs. 10,00,000/- |
| a) | Policy Term | 10 to 40 years |
| b) | Premium Paying Term | |
| Regular Premium | Same as the policy term | |
| Limited Premium | [Policy Term minus 5] years for Policy Term 10 to 40 years | |
| [Policy Term minus 10] years for Policy Term 15 to 40 years | ||
| Single-Premium | NA | |
| c) | Minimum Premium | The minimum installment premium will be Rs. 3,000/- for Regular/ Limited premium policies and Rs. 30,000/- for Single premium policies. |
| d) | Mode of Premium Payment | Premiums can be paid either under Regular Premium, Limited Premium or Single Premium payment options. In the case of Regular and Limited Premium payment, the premium can be paid regularly during the Premium Paying Term with modes of premium payment yearly or half-yearly. |
Death Benefit Of LIC Jeevan AMAR Policy
The death benefit, payable in case of admissible death claim, before the stipulated Date of Maturity, provided the policy is in force, shall be “Sum Assured on Death”.For Regular Premium and Limited premium payment policy, “Sum Assured on Death” is defined as the highest of:
- 7 times of annualized premium; or
- 105% of all the premiums paid as on the date of death; or
- Absolute amount assured to be paid on death.
- 125% of Single Premium.
- Absolute amount assured to be paid on death.
Maturity Benefit Of LIC Jeevan Amar Policy
Like every LIC policy, there is no maturity benefit of this term insurance plan.LIC Jeevan Amar Premium Calculation
Let's find out how much premium you have to pay for buying a 1 crore term plan from LIC of India.
Here are the data for the calculation.
- Sum Assured - 1 crore
- Policy Term - 10 years
- Age of policyholder - 40 years
- Non-smoker, Male
Now for this data, here is the premium amount for both the term plans from LIC of India.
- LIC Jeevan Amar Premium: Rs. 18,956
- LIC Tech-Term Plan Premium: Rs. 17,464
So, it's clear that offline plan is costly compared to the online policy. Check out the list of Online policies from LIC of India.
Should I Buy LIC Jeevan AMAR Plan (No 855)
If you have compared both LIC Jeevan AMAR & LIC Tech-Term Plan, then I am sure you will understand that both the plans provide similar benefits only. But Jeevan AMAR is an offline term plan from LIC of India and Tech-Term is an Online Term Plan of India. That's the reason, Tech_Term policy premium is cheap compared to LIC Jeevan Amar Policy.
So, why to pay an extra premium when you can easily fill up the online form and buy LIC Tech-Term plan? I am sure you will also feel the same after reading this detailed review of the LIC Jeevan AMAR Plan.
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