LIC’s Jeevan Amar – Benefits, Features, Premiums and More Details

A life insurance policy is important for every individual. Be it when they are alive or after their demise, the policies can help their families tackle financial needs. One such initiative and a newly launched insurance plan is the LIC Jeevan Amar plan. After buying this insurance policy, the insurers can be assured of their family’s financial upkeep after their demise.

This new policy of the Jeevan Amar LIC plan offers a wide array of payment options, death benefit choices, and other features to decide on. In this write-up, get to understand the basics of the LIC Jeevan Amar policy, its benefits, features, and a comparison study with other LIC insurance policies.

LIC’s Jeevan Amar Overview

LIC Jeevan Amar is an initiative in the form of an insurance plan that provides full protection to the insurer’s family after their demise. It is a non-participation, offline, and non-linked insurance policy. It provides all the benefits and has all the features of the term insurance plan. Additionally, this insurance policy gives death benefits to the family members of the insurer. This pure protection plan is a non-profiting insurance scheme by LIC.

LIC’s Jeevan Amar Details Table

LIC Jeevan Amar Premium Chart Table

Example 1: LIC Jeevan Amar Premium Chart Table for an 18-year-old insurer are as follows:

Example 2:  LIC Jeevan Amar Premium Chart Table for a 32-year-old insurer are as follows:

Jeevan Amar LIC Plan Required Documents

To get the LIC Jeevan Amar policy, one needs to furnish the following documents:

• Proof of Identity (Aadhaar card, PAN card, passports, etc.)
• Proof of Address (Aadhaar card, PAN card, passport, driving licence, ration card, utility bills, etc.)
• Proof of Income (salary slips, income tax returns records, etc.)
• Health record of the advocated insurer.

LIC’s Jeevan Amar Eligibility Criteria

The eligibility criteria for LIC Jeevan Amar insurance policy are as follows:

• Age of the Insurer:
  • Minimum Age: 18 years
  • Maximum Age: 65 years
  • Maximum Age at the time of Maturity Period: 80 years

• Sum Assured Amount:
  • Minimum: ₹ 25 lakhs
  • Maximum: Has no maximum limit

• Jeevan Amar LIC plan tenure:
  • Minimum tenure period: 10 years
  • Maximum tenure period: 40 years

• Premium Amount Paying Term:
  • Regular premium: same as the policy term
  • Single premium: inapt
  • Limited premium:
    • Subtracting the term of the LIC Jeevan Amar policy for the plan ranges between 10 years and 40 years. 

Subtracting the 10 years from the term of the LIC Jeevan Amar policy for the plan, the plan ranges between 15 years and 40 years.

LIC’s Jeevan Amar Key Features

The key features of the LIC Jeevan Amar plan are as follows:

• The insurer gets to choose among two death benefits provided, i.e, assured level sum and an assured increasing sum.
• Women insurers are offered special rates for premiums under LIC Jeevan Amar.
• Under this plan, the insurers get to choose among multiple options for premium payment, i.e, limited, regular, or single.
• Multiple choices are available for the insurer to decide on availing death benefits, i.e, lump sum payment or in instalments.
• Two categories of premium rate plans are available under the Jeevan Amar plan, i.e, smoker and non-smoker rates.
• An enhancement to the existing LIC Jeevan Amar plan can be added with the LIC Accident Benefit Rider. This enhancement can be availed by paying an extra plan premium amount.

LIC’s Jeevan Amar Benefits

There are three kinds of benefits that the insurer and their families get with the Jeevan Amar LIC plan, as mentioned below.

Rider Benefit

The accident benefits under the LIC Jeevan Amar plan become liable for the insurer. It can only be availed under regular and limited payment options where the insurer pays an additional premium amount during the insurance policy period. The payment for the remaining premium time period is up to five years.

Death Benefit

In the event of the insurer’s demise, their family gets insurance benefits under the LIC Jeevan Amar plan.

• The sum assured on the insurer’s death for both regular and premium (limited) will be the highest of one of the following:
  • 105% of the total amount paid by the insurer till the time of his demise.
  • The actual funds assured by the insurance to be paid on the insurer’s demise.
  •  7 times more than the annualised speculated premium.
•  The sum amount assured on the insurer’s demise for a single paid premium will be based on the following:
  • The actual funds that were to be paid on the insurer’s demise.
  • 125% more dependent on the single paid premium.

Under the Jeevan Amar LIC plan, the amount can also be availed in instalments instead of taking all the funds out at once.

Maturity Benefit

Upon survival till the end of the Jeevan Amar LIC plan, the insurer will receive no maturity benefits.

Surrender Benefit

A limited set of benefits are available for surrendering under LIC Jeevan Amar. Currently, there is no specification on this benefit. It fluctuates from one insurer to another. Therefore, one can get exact details from their LIC executive for exact details. The refunds after surrendering are initiated after two years have been completed for the policy term. Refunds for a single premium are completed under certain conditions. Regular payments for the policy are not eligible for refunds. The limited pay payment is eligible for refunds after two (if the policy plan is less than 10 years) and three (if the policy plan is equal to or more than 10 years) years have been completed and all the payments are made on time.

Tax Benefit

Under the LIC Jeevan Amar plan, the insurance policy becomes eligible to avail of tax benefits as per the relevant Income Tax Act.

LIC’s Jeevan Amar Comparison

The comparisons between LIC Tech Term vs. Jeevan Amar vs. Jeevan Umang are mentioned in the table below.

Jeevan Amar LIC Plan Exclusions

The following exclusions apply to the Jeevan Amar LIC plan:

• In the situation of a single premium paid, the company will release about 90% of the paid premium amount if the insurer has committed suicide within 12 months of risk outset.
• In case of limited and regular premiums paid, the company will release about 80% of the paid premium amount if the insurer has committed suicide within 12 months of risk outset.
• No suicide exclusion is offered by the organisation for lapsed LIC Jeevan Amar policy.

Jeevan Amar LIC Accident Benefit Rider Exclusions

• Intentional suicide, self-injury, accidents, immorality, or insanity.
• If the life of the insurer is influenced by liquor, smoking, narcotics, or drug.
• While being a part of aeronautics aviation.
• Injury received by being a part of a riot, rebellion, civil commotion, war, hunting, invasion, racing, mountaineering, parachuting, paragliding, or being a part of any adventurous sport.
• Death of the insurer after 180 days of the accident.

Frequently Asked Questions (FAQs)