LIC Jeevan Amar Plan 855

LIC Jeevan Amar Plan is an inexpensive flexible term plan with a wide range of benefits. As a term-plan it is a zero-profit, non-linked plan. As such the plan is not linked to the market and has no maturity value. The plan can only be redeemed in the instance of a death claim to the nominated beneficiary in the course of policy term, provided the policy is in full force.

The plan is available in two categories of premium- (i) Non-Smoker and (ii) Smoker Rates. The purchaser has the option to choose any one option. The Non-Smoker Category requires lesser premium payment than the Smoker category. If you decide to choose Non-Smoker category, then you will have to undergo an additional medical examination known as Urinary Cotinine Test to confirm your eligibility for that group. On the basis of the result of the Cotinine Test, you will be eligible for the premium that is applicable for Non-Smoker category.

Features

• LIC Jeevan Amar Plan is an OFFLINE Term Life Insurance from LIC.
• Here the minimum Sum Assured is of the value twenty five lakh rupees with the maximum sum assured being limitless.
• The plan has the option to pay the premium as regular, single or limited.
• There is an option for a level sum assured. Here the opted sum assured would remain fixed all through the policy duration.
• There is another option for an increasing sum assured. Here the death benefit will remain unchanged for the first five years of the policy duration. Thereafter, it will increase at a rate of 10 percent for the next 10 years. Consequently, from the 16^th year, the death benefit would remain fixed at double of the basic sum assured. (The increased sum assured can never be more than double the basic sum assured).
• Death Benefits could be purchased in five-yearly premiums with instalments in 5 years, 10 years, or 15 years.
• The term insurance provides a life cover of up to 80 years.
• There is a provision for a choice of an Accidental Rider.
• The plan has a lower premium rate for Non-Smokers category and special rates for women. In the category of Non-Smokers, the men have to pay a greater premium amount than women.

LIC’s Jeevan Amar (No.855) – Eligibility

Minimum Eligibility Age: The purchaser should be minimum 18 years of age. At this age the purchaser has the flexibility to choose from two death benefit options- (i) Level Sum Assured, and (ii) Increasing Sum Assured.

Maximum Eligibility Age: The purchaser should be 65 years of age on his or her last birthday.

Maximum Age at Maturity: The purchaser must be 80 years on his or her last birthday.

Maximum Premium Ceasing Age: 70 Years.

Minimum Basic Sum Assured: 25 lakhs.

Maximum Basic Sum Assured: Limitless (Dependent on age and income level).

Premium Payment Option: The purchaser can choose from single, regular, and limited premium paying option.

Minimum Policy Term: 10 Years.

Maximum Policy Term: 40 Years.

Surrender Value: There is no surrender value under regular premium option. There is a provision for surrender value under single premium and limited premium options subject to certain terms and conditions. The surrender value is calculated based on the formula set by LIC.

LIC’s Jeevan Amar (No.855) – Death Benefit Options

Death benefit payment option to the nominee

• The nominee can receive the death benefit as a single lump sum amount or in small installments spread out over certain time frame. The options for installments are 5 years, 10 years, and 15 years.
• The purchaser could choose the full death claim amount to be payable in installments or a certain portion of death claim in installments.
• The option for death benefit claim (single lump sum or installments ) could be taken either at the time of purchase of the policy or in the course of active policy period.
• The installments shall be paid to the beneficiary in advance at yearly/ half-yearly/ quarterly/ monthly payments according to the opted option.
• If the net claim amount happens to be less than the required amount payable in installments , then LIC would make a one-time payment to the beneficiary.