LIC New Jeevan Amar Plan

Read on to know about the LIC New Jeevan Amar plan in detail.

LIC New Jeevan Amar- An Overview

LIC New Jeevan Amar 955 is a risk cover term insurance plan from LIC of India. A non-linked and non-participating plan, it is designed to help policyholders provide complete financial safety to his/her family in case of an unfortunate event. It also offers flexible premium payment options, coverage and death benefits while ensuring long-term security.

The New LIC Jeevan Amar offers the policyholder the freedom to choose between the increasing and level sum assured options, addressing the varying financial needs of family members. LIC Jeevan Amar is one of the most cost effective plans by LIC and also offers non-smokers special rates and the additional option of rider benefits.

Key Features of LIC New Jeevan Amar 955

The New LIC Jeevan Amar plan 955 can be defined through the following features:

• Offers the flexibility to select from two options: Increasing sum assured and Level sum assured.

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

• The Jeevan Amar LIC policy offers special premium rates for women.

• The 955 LIC plan offers attractive rebates on high sums are assured and premium modes.

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

• In this LIC term insurance plan, you can choose to receive the death benefit in installments. This choice can not be changed after the policy is purchased.

Eligibility Criteria for LIC New Jeevan Amar Plan 955

LIC Jeevan Amar Plan Benefits (Plan no. 955)

Benefits available under LIC New Jeevan Amar 955 are:

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

• Absolute sum assured to be paid on death.

For Single Premium option in the policy, the death benefit is the higher amount of:

• 125% of the single premium paid or

• Absolute death benefit, whichever is higher

• Death Benefit in Installments

• Under the New Jeevan Amar plan LIC policyholders have the flexibility to receive the Death Benefit in installments instead of a lump sum. This option can be exercised by the Life Assured during their lifetime under an in-force policy, either for the full or partial Death Benefit amount. This option must be selected by the Life Assured while the policy is active. Once chosen, no changes to the chosen option are permitted after the Life Assured’s death.

Tax Benefits
The death benefit received under the LIC New Jeevan Amar Policy is eligible for tax benefits per the prevalent tax laws. As per section 80C, tax benefits are also applicable on the premium payments.

Additional Rider With LIC New Jeevan Amar 955

The LIC Accident Benefit Rider can be added to the Jeevan Amar plan LIC by paying an extra premium, if at least five years of the premium term remain. Coverage is available during the Premium Paying Term or until age 70 (nearest birthday), whichever is earlier. In case of accidental death, the rider sum assured is paid along with the base plan’s death benefit. The rider premium can’t exceed 30% of the base premium, and its sum assured is limited to three times the Basic Sum Assured.

LIC New Jeevan Amar 955 Sample Premium Illustration

Sample illustrative premiums for both Option I (Level Sum Assured) and Option II (Increasing Sum Assured) for a Basic Sum Assured of Rs 50 Lakh for a Non-Smoker Male Standard lives under different Premium Payment options are as under:

New customers and existing policyholders can calculate the premium amounts by themselves using the LIC Jeevan Amar Premium Calculator and get an accurate estimate of premium rates. Let's now go through the LIC 955 plan details.

LIC New Jeevan Amar Policy Details

Grace Period – A 30-day grace period is allowed to pay half-yearly or yearly premiums from the date of 1st unpaid premium. 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 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 premium.

Surrender Value – No surrender value is available under the Jeevan Amar LIC 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 30 days from the policy receipt date.

Rebates and Loadings – In the Jeevan Amar plan LIC, premium discounts apply for higher Sum Assured under Regular, Limited, and Single Premium modes, based on your age and coverage amount.

High Sum Assured Rebate (applicable for any premium payment mode)

Modal Loading (applicable for Regular and Limited Premium payment)

Policy Termination – The LIC Jeevan Amar policy will terminate immediately and automatically upon the earliest occurrence of any of the following events:

• Payment of the lump sum death benefit or the final instalment of the death benefit;

• Settlement of the Unexpired Risk Premium Value upon policy surrender;

• Reaching the policy maturity date;

• Expiry of the revival period without successful policy revival;

• Payment of the amount under free look cancellation;

• Policy forfeiture in case any false or incorrect statement is found in the proposal form, personal statement, declaration, or related documents, or if any material information is withheld.

What is Not Covered in LIC New Jeevan Amar?

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the LIC New Jeevan Amar plan.

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

To buy the LIC New 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

Who Should Buy LIC New Jeevan Amar Plan?

The LIC New Jeevan Amar Plan is suitable for individuals looking for a pure term insurance plan with high life cover at an affordable premium. It is especially beneficial for those who want long-term financial security for their dependents.

• Primary earning members: The LIC Jeevan Amar Policy is ideal for salaried and self-employed individuals who want to safeguard their family's financial future.

• Young professionals: LIC New Jeevan Amar 955 is a suitable choice for those who want to secure high life cover at lower premiums by purchasing early.

• Parents with financial dependents: Jeevan Amar Term Insurance helps protect the financial needs of your spouse, children, or ageing parents.

• People seeking flexible coverage: The LIC Jeevan Amar Plan is a good option for buyers who want flexible premium payment modes and a choice between Level and Increasing Sum Assured.

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