LIC’s Jeevan Amar plan is a Non-Linked, Without Profit, pure protection plan. The plan offers the flexibility to choose from two death benefit options viz: Level Sum Assured and increasing Sum Assured.
Under this plan, there are two categories of premium rates viz (1) Non-Smoker rates and (2) Smoker rates. Also lower premium rates will be available for female proposers.
The policyholder has the option to choose from Single, Regular and Limited Premium payment option. The plan also offers the flexibility to choose death benefit payment either as a lump sum payment and/or in installments.
LIC’s Jeevan Amar, being a pure protection plan, offers life cover to the policyholder at a very affordable price and ensures financial support for the family in case of unfortunate death of the policyholder during the policy term.
Key features:
Flexibility to choose from two benefit options: Level Sum Assured and Increasing Sum Assured.
Flexibility to
o Choose from Single Premium, Regular Premium and Limited Premium Payment
o Choose the Policy Term/Premium Paying Term
o Opt for payment of benefits in installments.
Special rates for women.
Benefit of attractive High Sum Assured Rebate.
Two categories of premium rates namely (1) Non-Smoker rates and (2) Smoker rates. The application of Non-Smoker rates shall be based on the findings of the Urinary Cotinine test. In all other cases, the Smoker rates will be applicable.
Option to enhance your coverage by opting for Accident Benefit Rider on payment of additional premium for rider benefit.
Eligibility conditions and other Restrictions:
a) Minimum Age at entry : [18] years (Last Birthday)
b) Maximum Age at entry : [65] years (Last Birthday)
c) Maximum age at Maturity : [80] years (Last Birthday)
d) Minimum Basic Sum Assured: Rs. 25,00,000/-.
e) Maximum Basic Sum Assured: No Limit
The Basic Sum Assured shall be in multiples of:
Rs. 1,00,000/-, if Basic Sum Assured for the policy is Rs. 25,00,000/- to Rs. 40,00,000/-
Rs. 10,00,000/-, if Basic Sum Assured for the policy is above Rs. 40,00,000/-.
f) Policy Term : [10 to 40] years
g) Premium Paying Term :
Regular Premium : Same as policy term
Limited Premium : [Policy Term minus 5] years for Policy Term [10 to 40] years
[Policy Term minus 10] years for Policy Term [15 to 40] years
Single Premium : NA
Plan Features:
1. Death Benefit:
Death benefit payable in case of admissible death claim during the policy term, provided the policy is inforce shall be “Sum Assured on Death”.
For Regular premium and Limited premium payment policy, “Sum Assured on Death” is defined as the highest of:
7 times of annualised premium; or
105% of all the premiums paid as on the date of death;
or
Absolute amount assured to be paid on death.
For Single premium policy, “Sum Assured on Death” is defined as the higher of:
125% of Single Premium.
Absolute amount assured to be paid on death.
Premiums referred above shall not include any extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.
Absolute amount assured to be paid on death shall depend on Death Benefit Option chosen at the time of taking this policy and is as under:
o Option I: Level Sum Assured
Absolute amount assured to be paid on death shall be an amount equal to Basic Sum Assured, which shall remain the same throughout the policy term.
o Option II: Increasing Sum Assured
Absolute amount assured to be paid on death shall remain equal to Basic Sum Assured till completion of fifth policy year. Thereafter, it increases by 10% of Basic Sum Assured each year from the sixth policy year till fifteenth policy year till it becomes twice the Basic Sum Assured. This increase will continue under an inforce policy till the end of policy term; or till the Date of Death; or till the fifteenth policy year, whichever is earlier. From sixteenth policy year and onwards, the Absolute amount assured to be paid on death remains constant i.e. twice the Basic Sum Assured till the policy term ends.
For example, Absolute amount assured to be paid on death under a policy with Basic Sum Assured of Rs. X will be Rs. X till the end of fifth policy year, Rs. 1.1X during the sixth policy year, 1.2X during seventh policy year, increasing so on by 10% of Basic Sum Assured each year till it becomes 2X in fifteenth policy year. From the sixteenth policy year and onwards, the Absolute amount to be paid on death will be 2X.
The Death Benefit Option once chosen cannot be changed later.
2. Maturity Benefit:
On survival of the life assured to the end of the policy term, no maturity benefit is payable.
