LIC's New Jeevan Amar

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LIC’s New Jeevan Amar (Plan No. 955, UIN: 512N350V01) is a non-linked, non-participating, individual pure risk premium life insurance policy designed to provide financial protection to your family in case of your untimely demise during the policy term.

Key Features

• Policy Type: Non-Linked, Non-Participating, Individual, Pure Risk Plan

• Policy Term:

  • 10 to 40 years for Level Sum Assured option

  • 10 to 40 years for Increasing Sum Assured option, subject to age and sum assured limits licindia.in+5licnews24.com+5licagentindelhi.in+5licindia.in+2loanoffice.in+2licnews24.com+2

• Premium Payment Options:

  • Regular Premium

  • Limited Premium

  • Single Premium

• Minimum Entry Age: 18 years (Last Birthday)loanoffice.in

• Maximum Entry Age: 65 years (Last Birthday)licindia.in+10licagentindelhi.in+10licplansonline.in+10

• Minimum Basic Sum Assured: ₹25,00,000loanoffice.in+4licplansonline.in+4bankbazaar.com+4

• Maximum Basic Sum Assured: No upper limit (subject to underwriting)loanoffice.in

• Maximum Age at Maturity: 80 years (Last Birthday)licplansonline.in

• Death Benefit Options:

  • Option 1: Level Sum Assured – The death benefit remains constant throughout the policy term.

  • Option 2: Increasing Sum Assured – The death benefit increases by 10% of the Basic Sum Assured each year from the 6th to the 15th policy year, potentially doubling the initial coverage. liccalculator.in

• Premium Rates:

  • Non-Smoker Rates

  • Special Rates for Women

  • High Sum Assured Rebateslicplansonline.in+2licagentindelhi.in+2licindia.in+2loanoffice.in

💰 Death Benefit Calculation

For Regular and Limited Premium Policies:

• The "Sum Assured on Death" is the highest of:

  • 7 times the annualized premium

  • 105% of total premiums paid as of the date of death

  • Absolute amount assured to be paid on death (depends on the chosen death benefit option) licplansonline.in+6loanoffice.in+6licagentindelhi.in+6licagentindelhi.in+1liccalculator.in+1

For Single Premium Policies:

• The "Sum Assured on Death" is the higher of:

  • 125% of the single premium

  • Absolute amount assured to be paid on death (depends on the chosen death benefit option) licplansonline.in+4licagentindelhi.in+4loanoffice.in+4policybazaar.com+3loanoffice.in+3bankbazaar.com+3

🛡️ Additional Features

• Accident Benefit Rider: Provides an additional sum assured in case of accidental death, subject to certain conditions.loanoffice.in

• Installment Option for Death Benefit: Allows the nominee to receive the death benefit in installments over 5, 10, or 15 years, instead of a lump sum.

• Tax Benefits:

  • Premiums paid are eligible for tax deduction under Section 80C of the Income Tax Act.

  • Death benefit received is eligible for tax exemption under Section 10(10D), subject to conditions. loanoffice.in

⚠️ Important Considerations

• No Maturity Benefit: If the Life Assured survives to the end of the policy term, no maturity benefit is payable.

• No Loan Facility: This plan does not offer a loan facility.

• No Surrender Value: Regular premium policies do not have a surrender value. Limited and single premium policies may have a refund under certain conditions.

• Grace Period: 30 days for yearly and half-yearly premium payments.

• Policy Revival: Policies can be revived within 5 years from the date of the first unpaid premium, subject to conditions.

📝 Application Process

• Offline Application: This plan is available exclusively through authorized LIC agents.licagentindelhi.in+2jagranjosh.com+2bankbazaar.com+2

• Documents Required:

  • Proof of identity and address.

  • Photograph.

  • e-KYC documents.licindia.in+3policybazaar.com+3jagranjosh.com+3

• Free Look Period: 30 days from the policy issuance date to review and cancel the policy if unsatisfied. loanoffice.in

If you need assistance comparing this plan with other term insurance options or have specific questions, feel free to ask!

Sources

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