LIC of India has launched it’s New Term Insurance Plan LIC’s Jeevan Amar (Plan-855). This plan is going to be a game-changer for LIC of India due to its very low premiums compared to its previous term plan Anmol Jeevan and Amulya Jeevan. Jeevan Amar is available for sale from 05/08/2019 onwards. LIC of India has already withdrawn its earlier high sum assured term plan New Amulya Jeevan with effect from 04/08/2019.
LIC’s Jeevan Amar is a Non-Linked, Non-Participating Term Life Insurance Plan. Unique Identification Number of Jeevan Amar is 512N332V01.
Salient Features of LIC Jeevan Amar (Plan 855)
Some of the key features of the LIC’s Jeevan Amar are as follow
- It is a pure Term Life Insurance.
- Very low premium compared to previous term plans launched by LIC of India.
- Two options are available for Sum Assured first is the level sum assured ie sum assured will be the same throughout the policy term. Second is the Increasing sum assured where the sum assured will remain the same for the first five policy years and then sum assured will increase by 10% every year for the next 10 years. There will not be any increase in sum assured after 16th policy year.
- Different rates for smokers and non-smokers and special rates available for female life assured.
- For the first time in LIC of India, accidental benefit rider is available with a term insurance plan.
- Various premium payment options are available ie regular, single or limited premium payment options.
- Minimum Sum Assured is Rs.25 lakhs.
- Risk cover is available up to the age of 80 years.
- A settlement option is available in Death Benefits, ie, it can be taken in installments also of 5 years, 10 years or 15 years.