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LIC Jeevan Amar

The LIC Jeevan Amar Term Assurance Plan provides essential financial protection to your loved ones in case of your unfortunate death during the policy term. The plan allows the policyholder to choose from Level Sum Assured or Increasing Sum Assured and provides flexibility to choose Single, Regular, or Limited Premium Payments.

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LIC Jeevan Amar- An Overview

The LIC Jeevan Amar Plan is designed to provide financial security to your loved ones in case of your unfortunate demise. It is a Non-Linked, Non-participating Offline Term Assurance Plan that offers flexibility with two benefit options: Level Sum Assured and Increasing Sum Assured. 

In addition to this, the plan allows you to boost coverage by adding the Accident Benefit Rider. 

Since this plan has been withdrawn and is no longer available for sale, you can check out the LIC New Jeevan Amar plan to secure your family’s financial future. 

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Key Features of LIC Jeevan Amar 

The plan provided by LIC includes the following features:

  • The plan offers the flexibility to select from two benefits: Increasing sum assured and Level sum assured.

  • Flexibility to pay the premium once, for a limited time, or throughout the policy tenure.

  • The plan provides special premium rates for women.

  • Attractive and unique rebates on high sums are assured.

  • Accidental Rider benefits are also available that enhance the base coverage by paying an additional premium amount.

  • You can choose to pay the benefit in installments.

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Eligibility for LIC Jeevan Amar Plan

Parameters Eligibility Details 
Entry Age Min - 18 years (last birthday) Max - 65 years (last birthday)
Maturity Age 80 years (last birthday)
Policy Tenure 10-40 years
Premium Paying Term Regular Premium: Same as the policy term Limited Premium: 10-40 years – Policy Term minus 5 years 15-40 years – Policy Term minus 10 years
Premium Paying Mode Quarterly, Monthly, Half Yearly, and Yearly
Sum Assured Maximum - Rs. 25,00,000/- Minimum – No Limit

Benefits of LIC Jeevan Amar Plan

Benefits available under LIC Jeevan Amar are:

  1. Death Benefit

    The death benefit is paid to the nominee after the policyholder's demise during the policy term. The benefit paid for regular and limited premium payment plans will be the highest of:

    • 7 times the annualized premiums paid or 

    • 105% of the premiums paid till death or 

    • the absolute sum assured to be paid on death. 

    The death benefit for a single premium is defined as: 

    • 125% of the single premium paid or 

    • Absolute death benefit, whichever is higher

  2. Availability of Riders for enhanced protection

    The plan offers four additional riders, namely LIC Accident Benefit Rider, which can be added to protect against accidental death.

  3. Tax Benefits

    The death benefit received under the LIC Jeevan Amar Policy is eligible for tax benefits per the prevalent tax laws.

Optional Benefits:

  • The policyholder can add the LIC Accident Benefit Rider to the base plan after the first two years of premium payment. The rider applies to any instance of death by accident and adds the proceeds to the absolute sum assured that is released as a death benefit to your family.

  • Under the plan, the policyholder can take Death Benefits in instalments over 5, 10, or 15 years instead of getting a one-time lump sum amount for an active insurance policy. The policyholder can decide to do this while they are alive. They can receive either the full or a portion of the death benefits in installments—a percentage of the total claim amount.

Policy Details 

  • Grace Period:

    A 30-day grace period is allowed to pay half-yearly or yearly premiums from the date of 1st unpaid premiums. In such cases, the policy shall be considered inactive with risk coverage. In case of non-payment of premiums before the expiry of a grace period, the plan lapses.

  • Revival:

    If in case the premium is not paid within the grace period, then the plan lapses. The policyholder has the option to revive the lapsed policy during the life assured’s lifetime but within 5 consecutive years from the date of 1st unpaid premiums. 

  • Surrender Value – No value of surrender is available under this plan. However, in case of surrendering the LIC policy, the following amount will be refunded as follows: 

    In regular premium plans, nothing will be refunded. 

    In single premium plans, applicable refund will be paid during the plan term anytime.

    In the Limited premium plan, any applicable refund will be paid if total premiums have been paid for at least 2 consecutive years (when PPT <10 years) and 3 consecutive years (when PPT is equal to or more than 10 years). 

  • Free Look Period – If the policyholder is not satisfied with the terms and conditions, features, and benefits of the policy, the plan may be returned to the insurer within 15 days from the policy receipt date. 

What are the Documents Required to Buy LIC Jeevan Amar Policy?

To buy the LIC Jeevan Amar Plan policy, one has to provide:

  • Identity proof - Aadhar card, voter's card, and passport

  • Address proof- Aadhar card, driving license, electricity bill, ration card, voter's card, and/or passport

  • Income proof - such as Income tax returns or salary slips

  • Health records of the life-assured

What is Not Covered in LIC Jeevan Amar?

Single Premium Policy:

  • If the person covered by the policy (whether they are mentally stable or not) commits suicide within the first 12 months from when the policy started, the policy becomes invalid. In this case, the insurance company will only refund 90% of the single premium paid.

Regular/Limited Premium Payment Policy:

  • If the person covered by the policy (whether they are mentally stable or not) commits suicide within the first 12 months from the start of the policy, or within 12 months after the policy is revived, the policy becomes void. In such a situation, the insurance company will only refund 80% of the premiums paid up to the date of death.

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