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LIC Relaunched A Term Assurance Plan: LIC New Jeevan Amar

Life Insurance Corporation (LIC) of India recently relaunched its Jeevan Amar plan, a pure-risk, life assurance plan, and withdrew its old term insurance plan. This new plan offers special discounted rates for females and premium prices vary for non-smokers and smokers. Let’s discuss the relaunched LIC Term plan in detail:

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Introduction to LIC New Jeevan Amar

LIC New Jeevan Amar, offered by Life Insurance Corporation of India (LIC) is a comprehensive term plan that offers financial protection to the family of the assured in case of the policyholder’s unfortunate death during the policy term. The nominee of the assured will receive the death benefit as per the sum assured on death selected by the policyholder. The term plan can be purchased offline only and offers two sum assured options, from which the policyholders can choose the one most suitable for them.

Key Features of LIC New Jeevan Amar

  • The plan offers several premium payment options like a single premium, regular premium, or a limited premium paying term.

  • The plan can only be purchased offline through agents, brokers, and Insurance marketing firms.

  • Choose a policy term of anywhere between 10 years to 40 years.

  • The policy offers special rates for women and provides two categories of premium rates for smokers and non-smokers.

  • The plan’s coverage can be enhanced by including Accident Benefit Rider in the base plan for an additional premium.

  • Policyholders can choose to receive the benefit payout in installments, over a period of 5 years, instead of a lump sum amount. 

  • Receive a benefit of a High Sum Assured Rebate. 

Eligibility Criteria of LIC New Jeevan Amar

In order to purchase the LIC New Jeevan Amar, you need to make sure you satisfy the following requirements.

Parameters Minimum Maximum
Entry Age 18 years 65 years
Age at Maturity - 80 years
Basic Sum Assured Rs. 25,00,000 No limit
Policy Term 10 years 40 years
Premium Paying Term Single Premium

Regular Premium

  • Same as the policy term

Limited Premium

  • (Policy term - 5) years for (10 to 40 year) policy term
  • (Policy term - 10) years for (15 to 40 year) policy term

Benefits Of LIC New Jeevan Amar

Death Benefits: In case the policyholder suffers an unfortunate death within the policy term, the nominee will receive the Sum assured on Death. This Sum Assured on Death depends on the premium payment option selected by the policyholder:

  • For Regular and Limited Premium Payment Options, the ‘Sum Assured on Death’ will be the highest of the following 

    • 7 times the Annualised premiums

    • 105 percent of the ‘Total premiums amount paid’ until the demise of the assured

    • Absolute assured amount to be paid on death

  • For Single Premium Payment, the ‘Sum Assured on Death’ will be the higher of the following

    • 125% of Single Premium

    • Absolute assured amount to be paid on death

Here is a list of sum assured options available under the plan

    • Option 1: Level Sum Assured

In this option, the Absolute sum assured payable on death will be the basic sum assured amount which will remain the same all over the policy term.

    • Option 2: Increasing Sum Assured

In this, the Absolute sum assured payable on death becomes twice the basic sum assured amount by the end of the policy tenure.

Maturity Benefits: The policyholder shall receive no maturity value in case they outlive the policy term since this is a pure-risk LIC term insurance plan.

Tax Benefits: The assured will be eligible to receive tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.

Sample Premium Illustration for LIC New Jeevan Amar

Here is an example to help you understand the plan better. 

Suppose a 30-year-old male is planning on purchasing the LIC Jeevan Amar plan Rs. 25 Lacs. If the policy term is 30 years and the premium payment mode is regular, then the premiums for the level and increasing sum assured will be as follows

Sum Assured on Death Level Sum Assured Increasing Sum Assured

Regular Premium

Yearly Rs. 7,139 Rs. 11,151
Half-yearly Rs. 3,640 Rs. 5,687

You can also use the term insurance calculator to make these calculations easily in just a few clicks.

Rider Benefits With LIC New Jeevan Amar

LIC Accident Benefit Rider

Under this rider, if the assured passes away due to accidental death, the nominee will receive the Accident Benefit Sum Assured in lump sum amount along with the death benefit under the base plan. The benefit cover will only be applicable until the end of the premium paying period or when the assured turns 70 years of age, whichever is earlier.

Additional Policy Details

  • Free Look Period: LIC Jeevan Amar offers a 30-day free look period during which the policyholder can return the policy if unsatisfied with the policy T&Cs without any extra charges. This period starts from the day of policy purchase.

  • Surrender Benefits: The policy does not offer any surrender value but for both sum assured options (Option 1 and 2) the amount refunded will be as follows

    • For regular premium policies, no amount shall be refunded.

    • For single premium policies, the relevant refund shall be payable at any time during the policy term.

    • For limited premium policies, the refund shall be payable only if the premiums have been paid for at least

      • Two years for premium paying terms less than 10 years.

      • Three years for premium paying terms 10 or more than 10 years.

  • Grace Period: The policy offers a term insurance grace period of 30 days for regular and limited premium payment options. This period will begin from the first day of the unpaid premium for yearly and half-yearly premiums and in case the policyholder fails to pay the premiums within this period, the policy lapses.

Exclusions Under LIC Jeevan Amar

Suicide: In case the policyholder commits suicide within the first 12 months of the policy purchase, 

  • The nominee will receive 90% of the single premium paid in case of a single premium policy 

  • The nominee will receive 80% of the premiums paid until the death of the policyholder. No other claims can be made by the beneficiary under the policy.

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