A prevalent misunderstanding regarding LIC is that it primarily serves as a safety net for accidental death. However, it is more accurately viewed as a superior investment strategy. In terms of returns and overall benefits, it stands out as a more advantageous investment choice. Many individuals perceive LIC’s plans as costly and unaffordable, but this is a misconception.
LIC’s Jeevan Amar Policy
The Jeevan Amar Policy from LIC offers a lower investment requirement while providing substantial benefits. Launched in August 2019, this policy features two types of benefits: a fixed sum assured and an increasing sum assured, allowing you to select the option that best suits your needs. This plan can be accessed through any LIC agent. Let us explore the details of this scheme further.
Features of LIC Jeevan Amar Plan
The Jeevan Amar Plan is a pure term insurance policy. It provides the flexibility to receive the sum assured as a lump sum or in installments. Additionally, there are premium discounts available for non-smokers and women.
This plan allows for easy installment options with death benefits payable over 5, 10, or 15 years. The minimum sum assured under the LIC Jeevan Amar Plan is 25 lakhs, and it also includes the option for an accidental rider.
Policy Features
1. Eligibility for the Jeevan Amar Plan is limited to individuals aged 18 to 65 years.
2. The policy term can range from 10 to 40 years.
3. The maximum maturity age for the policy is 80 years.
4. Non-smokers and women benefit from premium exemptions.
5. There is no surrender value available under the regular premium option.
6. The policy can also be purchased with a single premium payment.
7. Certain terms and conditions apply to the Limited Premium option.
Premium Deposit Options
The Jeevan Amar Plan offers three premium payment options: Single Premium, Regular Premium, and Limited Premium.
The maximum age for premium payment is set at 70 years.
For both the regular and limited premium options, the minimum premium installment is established at Rs 3000.
Under the single premium option, the minimum premium installment is Rs 30,000.
