LIC Policy Jeevan Amar Plan: The Life Insurance Corporation, or LIC, of India is one of the go-to options for Indians when it comes to buy insurance policies. The LIC, has for this reason, curated specific plans for a specific group of individuals. The corporation, backed by the government has an array of insurance plans for people of almost all ages and categories. LIC policies are loved among Indians who like investing in risk-free assets, and after bank FDs and post office savings schemes these LIC policies are a favourite among them due to is comparatively high returns.
LIC Jeevan Amar Policy
LIC’s Jeevan Amar plan is a Non-Linked, Without Profit, pure protection plan. The plan offers the flexibility to choose from two death benefit options including Level Sum Assured and increasing Sum Assured. The policy claims that it gives higher benefits with lower premiums. The LIC Jeevan Amar plan provides financial protection to the insured’s family in case of his/her unfortunate death
during the policy term. This is the first term plan of LIC which provides option to add Accidental Death Benefit rider.
LIC Jeevan Amar Policy Benefits
If you are a 30-year-old who wants to invest in the LIC Jeevan Amar plan, then you have to pay a monthly premium of Rs 3,000 to get the minimum sum assured of Rs 2.5 lakh in a time of 10 years.
The policyholder has the option to choose from Single, Regular and Limited Premium payment option. The plan also offers the flexibility to choose death benefit payment either as a lump sum payment and/or in installments. “LIC’s Jeevan Amar, being a pure protection plan, offers life cover to the policyholder at a very affordable price and ensures financial support for the family in case of unfortunate death of the policyholder during the policy term,” says the company on its website.
If the policyholder is not satisfied with the Jeevan Amar policy, then they can also return it under certain conditions. According to information, if you are not satisfied with the terms of the policy, then the policy can be returned to the company within 15 days from the receipt of the policy bond after which, the LIC will cancel the policy and the deposited premium amount will be returned after taking some charges.
However, no Maturity Benefit shall be payable on the Life Assured surviving the stipulated Date of Maturity, while there is no surrender value as well.
LIC Jeevan Amar Eligibility Criteria
LIC Jeevan Amar policy can be availed by people of 18-65 age group. The maximum maturity age of this policy is 80 years. The term of this policy will be from 10 years to 40 years. It must also be noted that the premium amount will be different for men and women.
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