20 Things to know about LIC Jeevan Amar Term Plan

LIC Jeevan Amar - Important points to note-minThings to know about LIC Jeevan Amar Term Plan

Few days back, LIC has launched a new term plan LIC Jeevan Amar. LIC and its agents have been advertising this plan. LIC has launched its new Term plan after a long time and there are several good features in this. However, one should go through all its features and limitations before considering it. In this article we would provide various things to know in LIC Jeevan Amar before considering this term insurance plan.

20 Things to know about LIC Jeevan Amar Term Plan

Here are some important things you should know.

1) LIC Jeevan Amar is a new term insurance plan launched by LIC on 5th August, 2019.  LIC already has several term insurance plans now.

2) This LIC Term plan is non linked and non participating term insurance plan.

3) This is an offline term insurance plan. Means you cannot buy this online. You need to approach LIC branch or LIC agent to buy this term insurance plan.

4) This term insurance plan can be taken by any individual who is in the age of 18 years to 65 years and renewals can be done till 80 years of age.

5) This term insurance plan has a minimum sum assured of Rs 25 Lakhs and maximum sum assured with no limit. These days Rs 25 Lakhs sum assured is minimum amount considering by any one. This sum assured is available in level sum assured and increasing sum assured.

6) LIC Jeevan Amar Plan is available with regular premiums (monthly, quarterly or yearly premiums), single premium and with a limited period premium plan. In case of limited premium plan you would pay a premium upto this period only, but you would get term insurance plan risk coverage for the entire tenure of the plan taken.

7) LIC Term plan has death benefit where in case of death of insured individual, nominee would get sum assured either in lumpsum or in installments. One can opt for installments of 5 years or 10 years or 15 years to take such death benefit. Since it is term plan, there is no maturity benefit or surrender benefit available.

8) This term plan provides Life insurance coverage up to 80 years of age.

9) LIC Jeevan Amar offers accident death benefit rider, which is optional.

10) This term insurance plan offers low premiums for women and non smoking individuals.

11) This plan is available for 10-40 year tenure.

12) In case of a limited premium plan, you can opt for 5 years or 10 year period for premium payment.

13) High Sum Assured Rebate available between 4% to 20% of premium.

14) Since this is a term insurance plan, loan facility is not available.

15) This LIC Jeevan Amar Plan No is 855 and LIC ID is : 512N332V01.

16) LIC is trusted brand, hence premiums would be on the higher side compared to some of the other term insurance plans.

17) LIC Jeevan Amar Premium would be at 4,356 per year for 20 years individual for 20 year term plan for Rs 50 Lakhs Level Sum assured. It would be Rs 5,940 for similar tenure and sum assured. The amount is Rs 11,475 for 40 years individual. If the increasing sum assured is taken, premiums would be higher.

18) You cannot switch from any existing term insurance plans to this new term insurance plan.

19) If you are opting for single premium and want to surrender after a certain period, applicable refund only would be returned to you.

20) If you want to opt for LIC Jeevan Amar and not aware of any LIC agent, you can send SMS with City name to 56767474 and LIC would contact you further.

You can check complete review of LIC Jeevan Amar here.

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Suresh KP

20 Things to know about LIC Jeevan Amar Term Plan

Suresh KP

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