LIC Jeevan Amar Plan
  • Rebate on High Sum Assured
  • Discounted Premium for Women
  • Add-on cover with Accident Benefit Rider

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About LIC Jeevan Amar Plan

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 but financial support for their family in the event of the insured's unfortunate demise within the policy tenure.

Key Features of LIC Jeevan Amar Plan

  1. Premium Payment Options

    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, 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.

    FeaturesSingle Premium PaymentRegular Premium PaymentLimited premium Payment
    Mode of PaymentLump SumYearly / Half-yearlyYearly / Half-yearly
    Minimum PremiumRs. 30,000Rs. 3,000Rs. 3,000
  2. Death Benefit

    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 PaymentSingle Premium Payment
    Sum Assured Payable on DeathSingle 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 PolicyholderPolicy TermAnnual Premium
    2020Rs. 4,356
    3020Rs. 5,940
    4020Rs.11,475

    Increasing Sum Assured

    Age of PolicyholderPolicy TermAnnual Premium
    2020Rs. 5,715
    3020Rs. 8,415
    4020Rs. 17,664
  3. Death Benefit in Instalments

    The family of the policyholder has an option to receive the death benefit through regular instalments 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.

    MonthlyRs. 5,000
    QuarterlyRs. 15,000
    Half-YearlyRs. 25,000
    YearlyRs. 50,000

    Note: High Sum Assured rebate as a percent of Tabular Annual / Single Premium

    Increasing Sum Assured

    Age of PolicyholderLess than Rs 50 LakhRs 50 Lakh to less than Rs 1 CroreRs 1 Crore and above
    Up to 30 yearsNA10%18%
    31 to 50 yearsNA8%13%
    51 years and aboveNA4%6%

    Note: High Sum Assured rebate as a percent of Tabular Annual / Single Premium

Benefits of LIC Jeevan Amar Plan

Benefits of LIC Jeevan Amar Plan

Optional Rider Benefits

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 EntryMinimum: 18 years
Maximum: 65 years
Maximum age at Maturity80 years
Policy Term10 to 40 years
Premium Payment OptionsSingle premium, Regular premium, Limited premium
Minimum Sum AssuredRs. 25,00,000

Exclusion Criteria Under Jeevan Amar Term Plan

Mentioned below are some of the conditions which are not covered under the plan.

  • This policy shall stand void if the Life Assured commits suicide within 12 months from the date of commencement of the policy or within 12 months from the date of revival.
  • LIC does not entertain claims except for 80% (90% in case of single premium payment policy) of the premiums paid (excluding any extra amount if charged under the policy due to rider premiums) till the date of death.

Exclusions Under Accident Benefit Rider

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:

  • Intentional self-injury, attempted suicide, insanity or immorality or if the Life Assured was under the influence of liquor, drug, or narcotic;
  • Whilst engaged in aviation or aeronautics;
  • Injuries from taking any part in riots, civil commotion, rebellion or war, invasion, hunting, mountaineering, racing of any kind, paragliding or parachuting, taking part in adventurous sports;
  • The Life Assured breaching law with criminal intent;
  • Employment in the armed forces,
  • Death occurs after 180 days from the date of the accident.

Find Out What the Customers Are Saying

(Showing latest 5 reviews only)

- 4/5 (14 Total Rating)

June 16, 2021

Dilip Kumar

Bengaluru

Very simple, very quick management. I can sleep well knowing my family will be taken care of financially now

June 16, 2021

Rupa Kakoti

Dehradun

Their customer service is at par. Everything was very well explained to me and my queries answered. Thank You!

June 16, 2021

Roohi Wadhwani

Jaipur

I am extremely thankful to LIC for being so prompt with their claim settlement. I honestly could not have hoped for better service at such a difficult time. A big thanks to the team.

June 16, 2021

Ushana Kakoi

Guwahati

After doing a lot of research, LIC’s Jeevan Amar plan seemed like the best option for me. Being a woman looking after my whole family, the plan’s discounted premium rate has been really helpful.

June 16, 2021

pramod bhatnagar

Delhi

i bought lic term plan from one of the agents. it is slightly costlier but given the brand name, I think it is worth it. i am wondering if going for private brands would have been a better choice.

Last updated on June 2021

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