We all know that Term life insurance The best and cheapest way to buy life insurance. In a post Best term plan It was also discussed. Whenever life insurance is discussed, the first thing that comes to mind is LIC. Recently LIC has announced two new term insurance plans. LIC Jeevan Amar and LIC Tech Plan.
Today in this post let us discuss about LIC Jeevan Amar.
LIC Jeevan Amar (Plan 855): Complete Information (LIC Jeevan Amar in Hindi)
- LIC Jeevan Amar is a term insurance plan. If the holder dies during the policy term, the nominee receives the sum assured. If the policyholder is alive at the expiry of the policy, nothing is paid.
- You cannot purchase this plan online.
- age of entry (entry age,: 18 to 65 years
- Maximum age at policy maturity (max age here Maturity,: 80 years
- Minimum Sum Assured (At least Sum promised,: Rs. 25 lakhs
- Maximum Sum Assured (max Sum promised,: No time limit
- Policy Term (policy conditions,: 18 to 40 years
- Premium payment options (Premium payment option,: Single Premium, Limited Premium Plan, Regular Premium. In a single premium plan, you have to pay the premium only once. In the limited premium option, you have to pay the premium for a few years. In the regular premium option, you have to pay during the entire policy term.
- Minimum premium (At least Premium,: Per annum for regular and limited premium plans Rs. 3,000, for single premium plan Rs. 30,000
- You have two options for life insurance. Level Sum Assured or Increasing Sum Assured
- level Sum promised: Your life insurance sum remains the same throughout the policy term. Let’s say you have purchased an insurance worth Rs.50 lakh. The term of the policy is 20 years. Your life insurance will remain only Rs 50 lakh during the entire term.
- is increasing Sum promised: Life insurance remains the same for the first 5 years. From the 6th year to the 15th policy year, the sum assured increases by 10% every year. Let’s say you have purchased an insurance worth Rs.50 lakh. The term of the policy is 20 years. Life insurance for 5 years will be Rs 50 lakh only. It will increase by 10% every year from the sixth year onwards. The maximum can be twice the basic Sum Assured ie Rs. 1 crore. The insurance will be Rs 55 lakhs in 6th year, 60 lakhs in 7th year, 65 lakhs in 8th year, 70 lakhs in 9th year and 75 lakhs in 10th year. By doing this, the sum assured will be Rs 1 crore in the 15th year. After this there will be no increase in sum insured. From the 16th to the 20th year, the sum assured will be Rs 1 crore only.
- As insurance is available on increasing sum assured, your premium will also be higher.
- Death Benefit Option (death benefits option,: In case of death during the policy term, you can take the sum assured as a lump sum. You also have the option of taking the sum assured in installments. You can choose installments of 5, 10 or 15 years.
- maturity benefit (Maturity benefits,: Since this is a term plan, you will not get anything after the policy term ends.
- If you smoke, your premium will be higher. If you say you are a non-smoker, you will be given a urine cotinine test to confirm.
- The premium for women will be slightly lower.
- As Jeevan Amar is a term plan, you cannot take loan from this policy.
- Surrender Value: There will be no surrender value for regular premium plans. If the limited or single premium option is selected, some of the premium will be refunded on surrender of the policy.
- You can add accidental death rider with LIC Jeevan Amar.
Read: How to take loan from your LIC policy?
LIC Jeevan Amar Yojana: Death Benefit (Death Benefit in LIC Jeevan Amar)
If the policyholder dies during the policy term, the sum assured will be paid to the nominee. The sum assured can be taken in lump sum or in installments for 5, 10 or 15 years.
LIC Jeevan Amar Yojana 855: Maturity benefit in LIC Jeevan Amar
LIC Jeevan Amar is a term insurance plan. If you are alive after the policy expires, you will get nothing.
LIC Jeevan Amar: Tax Benefits (Tax Benefits in LIC Jeevan Amar Yojana)
You will get a tax benefit of up to Rs 1.5 lakh under section 80C on the premium payment.
If the holder dies during the policy term, no tax is payable on the proceeds.
How much is the premium for LIC Jeevan Amar Yojana? (Premium for LIC Jeevan Amar)
The premium will depend on your age of entry, sum assured, policy term and mode of premium payment. Also, the premium will also depend on whether you smoke or not. Or you have opted for Level Sum Assured or Increasing Sum Assured.
Let me tell you about premium with an example:
You can see that the premium is for a sum assured of Rs 1 crore. Level sum is assured. Life insurance will be only Rs 1 crore for the whole period. Regular premium payment option. For non-smokers. Premium increases with age. The premium is lower for women.
What type of plan is LIC Jeevan Amar?
I think LIC Jeevan Amar is a good plan. If you haven’t bought a term insurance plan yet or don’t have enough life insurance, you can buy LIC Jeevan Amar Yojana.
For more information LIC Website go
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