LIC Jeevan Amar

LIC Jeevan Amar is a term assurance plan designed to provide essential financial protection to your loved ones in the event of your unfortunate demise during the policy term. The plan offers flexibility in coverage through Level Sum Assured and Increasing Sum Assured options, along with multiple premium payment choices such as Single, Regular, and Limited Premium payments.

LIC Jeevan Amar – Overview

LIC Jeevan Amar is a Non-Linked, Non-Participating, Offline Term Assurance Plan aimed at securing your family’s financial future. The plan offers two benefit options—Level Sum Assured and Increasing Sum Assured—allowing policyholders to choose coverage based on their protection needs.

The plan also allows enhancement of coverage through the Accident Benefit Rider.

Note: LIC Jeevan Amar has been withdrawn and is no longer available for sale. Customers may consider the LIC New Jeevan Amar plan for continued term insurance protection.

Key Features of LIC Jeevan Amar

• Option to choose between Level Sum Assured and Increasing Sum Assured
• Flexible premium payment options: Single, Limited, or Regular
• Special premium rates for women
• Attractive rebates for higher sum assured amounts
• Optional Accident Benefit Rider available at an additional premium
• Option to receive death benefits in instalments instead of a lump sum

Benefits of LIC Jeevan Amar Plan

Death Benefit

In the event of the policyholder’s death during the policy term, the death benefit is paid to the nominee.

For Regular and Limited Premium payment options, the death benefit will be the highest of:

• 7 times the annualised premium
• 105% of the total premiums paid till the date of death
• Absolute Sum Assured payable on death

For the Single Premium option, the death benefit will be the higher of:

• 125% of the single premium paid
• Absolute Sum Assured payable on death

Rider Benefits

The plan offers additional protection through optional riders:

• LIC Accident Benefit Rider: Provides additional payout in case of death due to an accident, enhancing the base coverage.

Tax Benefits

The death benefit received under the LIC Jeevan Amar Policy is eligible for tax benefits as per prevailing income tax laws.

Optional Benefits

• The Accident Benefit Rider can be added to the base plan after completion of the first two policy years.
• Policyholders may choose to receive the death benefit in instalments over 5, 10, or 15 years, instead of a one-time lump sum.
• The policyholder can opt for full or partial instalment payments as a percentage of the total death benefit, while the policy is active.

Policy Details

Grace Period

A grace period of 30 days is allowed for payment of yearly or half-yearly premiums from the due date of the first unpaid premium. During this period, the policy remains in force. Failure to pay premiums within the grace period will result in policy lapse.

Revival

If premiums are not paid within the grace period and the policy lapses, it can be revived within five consecutive years from the date of the first unpaid premium, subject to LIC’s revival conditions and during the lifetime of the life assured.

Surrender Value

No surrender value is payable under this plan. However, refunds (if applicable) are as follows:

• Regular Premium Plan: No refund payable
• Single Premium Plan: Applicable refund payable during the policy term
• Limited Premium Plan: Refund payable if premiums have been paid for:
• At least 2 consecutive years when PPT is less than 10 years
• At least 3 consecutive years when PPT is 10 years or more

Free Look Period

If the policyholder is not satisfied with the policy terms, features, or benefits, the policy may be returned within 15 days from the date of receipt.