LIC Jeevan Amrit 186 Plan

Tools like the LIC Jeevan Amrit plan calculator help estimate benefits, while the LIC Jeevan Amrit plan premium chart gives clarity on premiums. Read more to know about the LIC Jeevan Amrit plan in detail.

An Overview of LIC Jeevan Amrit Plan 186

The Jeevan Amrit LIC plan by LIC of India is for individuals who are young earners and who want high life cover at an affordable price without long-term premium commitments. The LIC Jeevan Amrit plan offers limited premium payment options of 3, 4, or 5 years, with the first-year premium slightly higher, then payments gradually decrease. It is a good choice for those who are thinking of value and flexibility. Individuals can use tools like the LIC Jeevan Amrit plan calculator to estimate their policy benefits, while the LIC Jeevan Amrit plan premium chart helps them understand premium information more easily.

LIC of India has withdrawn this plan, and it is no longer available for new purchases; however, existing policyholders can still enjoy the promised benefits.

Key Features of LIC Jeevan Amrit Plan

Below are essential features of a Jeevan Amrit LIC plan:

• Plan Type: This is an Endowment plan that combines savings with life insurance protection

• Premium Paying Term: Policyholders can choose to pay their premiums for 3, 4, or 5 years only

• Maturity Benefits: On maturity, you receive total premiums paid along with bonuses earned. To calculate your returns, policyholders can use the LIC calculator.

• Premium Payment Frequency: You may pay premiums yearly or half-yearly during the premium-paying term of 3, 4 or 5 years

• Loan Facility: You can take a loan against the policy after certain conditions are met

• Sum Assured: Minimum ₹1 lakh, with no upper limit depending on your needs

• Policy Coverage: Provides both death benefit (for family protection) and maturity benefit

Eligibility Criteria for Jeevan Amrit LIC

The Jeevan Amrit LIC Plan provides flexible eligibility conditions, making it suitable for a wide range of policyholders.

This LIC Jeevan Amrit plan offers flexibility for both the coverage and the premium payments. Tools like the LIC Jeevan Amrit plan premium chart can also help you understand premium details more clearly.

Benefits of LIC Jeevan Amrit Plan

Below are the benefits of the Jeevan Amrit Plan of LIC.

• Death Benefit: If the insured individual dies while their policy is still active, then the beneficiary gets the Sum Assured, with that any simple reversionary bonuses and the additional bonus. This lump-sum payment is intended to provide financial support to the family.

• Maturity Benefit: If the policyholder outlives the policy's term, they will be paid back the total of the premium they have paid. This sum will also include any accrued bonuses.

• Participation in Profits: This plan offers policyholders a share of LIC's profits, if declared, using simple reversionary bonuses. A final bonus may be payable upon death or maturity, depending on policy conditions.

• Tax Benefits: Premiums paid (up to ₹1.5 lakh per year) are eligible for tax deduction under Section 80C. The maturity amount is usually tax-free under Section 10(10D), as per current tax laws.

LIC Jeevan Amrit Plans Policy Details

• Grace Period: Policyholders get a grace period of one month (minimum 30 days) to pay their premium after the due date.

• Paid-up Value: If you have paid at least one year’s premium and stop paying further, your policy does not lapse. The policy's full value is paid, but the coverage amount reduces. Bonuses will keep on accumulating, and the eventual payout, whether at maturity or due to the death of the policyholder.

• Revival Option: If the policy lapses, policyholders can revive it within 5 years by paying their pending premiums with interest.

• Surrender Value: The Policyholder can withdraw their insurance policy after a year and can receive cash value.

- 30% of the total premiums paid

- Bonuses and a special surrender value depending on the paid-up amount are guaranteed.

• Loan Facility: You can take a loan against your policy’s surrender value. The present

interest rates are around 9% annually, payable half-yearly.

• Nomination Facility: Policyholders can nominate a family member to receive the policy amount in case of the policyholder's death, as per insurance rules.

• Cooling-off Period: If you disagree with your policy, you can return the policy within 15 days of receiving it for a refund (subject to terms).

Exclusions

Suicide is not covered during the first year. After that, the policy provides full coverage as per terms.

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