LIC Jeevan Amar plan is a non-linked, non-participating, without profit, offline pure protection term insurance plan. The plan is ideal for policyholders looking for exhaustive financial support for their family in the event of the insured's unfortunate demise within the policy tenure.
The premium payable is largely dependent on factors such as age at entry of policyholder [as specified in the Eligibility Criteria], policy term, gender, smoking status, and sum assured, among others.
The policyholder has the option to choose from Single, Regular or Limited premium payment. The table highlights the specificities associated with each option.
Features | Single Premium Payment | Regular Premium Payment | Limited premium Payment |
Mode of Payment | Lump Sum | Yearly / Half-yearly | Yearly / Half-yearly |
Minimum Premium | Rs. 30,000 | Rs. 3,000 | Rs. 3,000 |
LIC Jeevan Amar plan allows for flexibility in choosing the death benefit payout viz. Level Sum Assured and Increasing Sum Assured.
The plan comes in three variants
Level Sum Assured: The sum assured to be paid on the death of the policyholder remains intact throughout the policy tenure.
Increasing Sum Assured: The amount payable under this option remains constant for the first 5 years of the policy period. From the 6th year, the amount increases by 10% till the 15th year. Thereafter, the sum assured becomes constant for the remainder of the policy term.
* Please note that the death benefit option chosen at the time of inception, cannot be changed later by the policyholder or the claimant.
In the table below, we have further attempted to summarize the amount payable to nominees in the event of the death of the policyholder. The sum assured depends on the premium payment option opted for by the insured.
Premium Payment Options
Regular & Limited Premium Payment | Single Premium Payment |
Sum Assured Payable on Death | Single Premium Payment |
7X of annualised premium 105% of all the paid premiums till the date of death Absolute sum assured | Sum Assured Payable on Death 125% of the premium paid Absolute amount assured |
LIC Jeevan Amar Sample Premium Illustration
The tables below illustrate sample premiums payable under different death benefit options by a non-smoker male who has opted for Regular Premium Payment at a basic sum assured of Rs. 50 Lakhs.
Level Sum Assured
Age of Policyholder | Policy Term | Annual Premium |
20 | 20 | Rs. 4,356 |
30 | 20 | Rs. 5,940 |
40 | 20 | Rs.11,475 |
Increasing Sum Assured
Age of Policyholder | Policy Term | Annual Premium |
20 | 20 | Rs. 5,715 |
30 | 20 | Rs. 8,415 |
40 | 20 | Rs. 17,664 |
The family of the policyholder has an option to receive the death benefit through regular installments of 5, 10, and 15 years. This remarkable feature ensures that the family has a regular source of income to support their needs even after the death of the Life Assured.
The table below lists the minimum instalment amount payable under each mode of payment.
Monthly | Rs. 5,000 |
Quarterly | Rs. 15,000 |
Half-Yearly | Rs. 25,000 |
Yearly | Rs. 50,000 |
Note: High Sum Assured rebate as a percent of Tabular Annual / Single Premium
Increasing Sum Assured
Age of Policyholder | Less than Rs 50 Lakh | Rs 50 Lakh to less than Rs 1 Crore | Rs 1 Crore and above |
Up to 30 years | NA | 10% | 18% |
31 to 50 years | NA | 8% | 13% |
51 years and above | NA | 4% | 6% |
Note: High Sum Assured rebate as a percent of Tabular Annual / Single Premium
The Jeevan Amar plan allows policyholders to enhance their coverage through LIC Accident Benefit Rider by paying an additional premium.
If availed, the rider sum assured is paid in lump sum along with the assured death benefit in case of death in an accident or as a result of one.
The rider can only be bought by those who have opted for Regular or Limited premium payment options.
Eligibility Criteria of LIC Jeevan Amar
Age at Entry | Minimum: 18 years Maximum: 65 years |
Maximum age at Maturity | 80 years |
Policy Term | 10 to 40 years |
Premium Payment Options | Single premium, Regular premium, Limited premium |
Minimum Sum Assured | Rs. 25,00,000 |
Mentioned below are some of the conditions which are not covered under the plan.
LIC is not liable to pay the sum assured under its Accident Benefit Rider if the death of the Life Assured occurs as a result of the following:
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