LIC Jeevan Amar Plan

Eligibility Conditions of LIC Jeevan Amar

Minimum age	18 years (Completed)
Maximum age	65 years
Maximum maturity age	80 years
Minimum Sum Assured	Rs. 25 Lakhs
Maximum Sum Assured	No upper limit
Policy Term	10 to 40years
Premium paying term	Single premium, Regular premium, Limited premium (Policy term minus 5 or 10 years)
Loan	Not available
Surrender	Not applicable
On Death	Sum Assured + Accidental risk cover
On Maturity	NIL
Income Tax Benefits	(i) Premiums paid are eligible for Tax rebate u/s 80c (ii) Maturity amount / Death claim is Non-taxable u/s 10(10d)

Benefits of Jeevan Amar Policy

Death Benefit

In LIC Jeevan Amar, the death benefit payable to the nominee of the policy holder can be availed under two options, Level Sum Assured and Increasing Sum Assured.

i. Level Sum Assured
The sum assured payable on death remains the same throughout the policy term

ii. Increasing Sum Assured
The sum assured payable on death remains constant for the first 5 years of the policy term. This amount increases by 10% from the 6th year till the 15th year. Thereafter the sum assured remains constant till the balance of the policy term.

The death benefit amount is calculated as the higher of the following depending on the policy paying option

Single Premium Payment

• 125% of the single premium paid OR
• Absolute death benefit whichever is higher

Regular & Limited Premium

• 7 times the annual premium paid till death of the policyholder.
• 105% of all the paid premiums paid till death of policyholder.
• Absolute Sum assured to be paid on death.

By paying an additional premium amount as Accident Benefit Rider, wherein Upon the policyholder’s demise resulting from an accident, the nominee will receive an extra amount as part of the Accident Benefit Rider, which is added to the Absolute Sum Assured.

Death Benefit Pay-out

While opting for the policy, the policy holder can choose to have the death benefit payable to the nominee as a lumpsum amount or as Instalment pay-outs.

i. Lumpsum Pay-out – In this option, the entire death benefit payable as Sum Assured will be paid at one go

ii. Instalment Pay-outs – The policy holder can opt to receive the death benefit part in lumpsum and balance in instalments over a period of 5, 10 or 15 years.

Maturity Benefit

There is no maturity benefit available in this plan.

Surrender

There is no surrender value of LIC Jeevan Amar policy in the case of regular premium payment. However, an applicable refund amount will be processed at any time during the policy tenure in case of single premium payment.

Income Tax Benefit

Under Section 80C of the Income Tax Act, the premiums paid for LIC Jeevan Amar Buy LIC Jeevan Amar Policy are eligible for a tax-free deduction. Individuals can claim a maximum deduction of INR 1.5 lakhs on this amount.

Life Cover

In the event of the policyholder’s death during the policy term, the nominee will be entitled to receive the death benefit as the Sum Assured either in Lumpsum in a single-go or as instalments over a period of 5, 10 or 15 years.

Additional Benefits of LIC New Jeevan Amar Plan

Accidental Benefit Rider

With this rider, the policy holder gets access to a lump-sum pay out in case of accidental death in addition to the Sum Assured death benefit. In order to avail the life insurance policy rider, one must pay an additional premium.

Frequently Asked Questions