LIC's New Jeevan Amar (Table No. 955)
INTRODUCTION :- LIC’s New Jeevan Amar is a non-linked, without profit, pure protection plan, which provides financial protection to the insured’s family in case of his/her unfortunate death during the policy term. Under this New Jeevan Amar plan there is a flexibility to choose from two death benefit options viz. Level Sum Assured and Increasing Sum Assured and also Flexibility to Choose from Single Premium, Regular Premium and Limited Premium Payment term. in this plan Two categories of premium rates namely (1) Non-Smoker rates and (2) Smoker-rates. The application of Non-Smoker rates shall be based on the findings of the Urinary Cotinine test. In all other cases, the Smoker rates will be applicable. This policy is best insurance plan for individuals who want to provide more protection to their families at a lower premium.
Basic Eligibility Conditions and Features of LIC’s New Jeevan Amar Plan (Table No. 955): –
(a) Minimum Age at entry:- 18 years last Birthday
(b) Maximum Age at entry:- 65 years last birthday
(c) Maximum Maturity age:- 80 years last birthday
(d) Minimum Sum Assured:- Rs. 25,00,000/-
(e) Maximum Sum Assured:- No Limit
(f) Policy Term:- 10 to 40 years.
(g) Premium Paying Term:- Same as policy term
Limited Premium:- Policy Term minus 5 for policy term 10 to 40 years
Policy Term minus 10 for policy term 15 to 40 years
Single Premium:- Available
(h) Minimum Premium:- The minimum instalment premium will be Rs. 3000 for Regular/Limited premium policy and Rs. 30000 for Single premium.
(i) Special rates for women.
Modes of Payments:- Premium can be paid in Single, Yearly, Half-yearly.
Death Benefit:- “Sum Assured on Death” becomes payable in case of death claims provided the death occurs before the maturity date and the policy is in force at the time of death.
For Regular premium and limited premium policies:- Sum Assured on death shall be the highest of 7 times of annualized premium; or 105% of all premiums paid as on date of death; or Absolute amount assured to be paid on death.
For Single premium policy:- Sum assured on death shall be the higher of 125% of the single premium. Absolute amount assured to be paid on death.
Two options are available under this plan to choose ‘Sum Assured at Death:-
Option 1:- Level Sum Assured:- Absolute amount assured to be paid on death shall be an amount equal to Basic Sum Assured which remains the same throughout the policy term.
Option 2:- Increasing Sum Assured:- Absolute amount assured to be paid shall remain equal to Basic Sum Assured till the completion of the fifth policy year. Thereafter it increases by 10% of basic sum assured each year from the sixth policy year till fifteenth policy year, whichever is earlier. From sixteenth policy year onwards the ‘absolute amount assured to be paid on death’ shall remain constant at twice the basic sum assured.
Option to take Death Benefit in Instalments:- The death benefit can be received in installments over the chosen period of 5 or 10 or 15 years, instead of the lump-sum amount if required.
Accident Benefit Rider:- Accident Benefit Rider shall be available under Regular and Limited Premium Payment policies only. This rider can be opted at the time of inception or any time later within the premium paying period.