LIC new term plan 'Jeevan Amar'

LIC's 'Jeevan Amar' insurance plan is a non-linked, non-participating, life term assurance plan and provides greater flexibility to policyholders when compared to other existing insurance plans.

1. Non-linked plan

This latest term plan from LIC is a non-linked market plan. The policyholder cannot claim the amount on maturity. The nominee will receive the death claim in case of demise of the life assured during the term of the policy.

2. Death cover, the sum assured and more

LIC said in a release, the 'Jeevan Amar' plan, offers flexibility to choose from two death cover options like the level sum assured and increasing sum assured.

♦ In level, the sum assured, the death benefit remains the same throughout the term of the policy.

♦ In increasing sum assured, the death benefit remains at the same level in the first five years of the policy and increases by 10 per cent of the necessary sum assured every year for the next 15 years or end of the policy term, whichever is earlier. Then remains constant for the remaining term of the policy.

3. Insurance coverage up to 80 years of age

The plan is available for people above 18 years of age, and it can be claimed until the age of 65 years. The maximum age at maturity is 80 years.

4. Policy term of the plan

Policy term of the 'Jeevan Amar' plan is

Minimum - 10 years

Maximum - 40 years.

5. Insurance cover

The minimum basic sum assured (BSA) under 'Jeevan Amar' plan is Rs 25 lakh with no maximum limit.

6. Insurance premium payment

The insurance premium can either be paid one time, for a limited premium paying term or repeatedly throughout the policy term.

7. The flexibility of receiving the amount of death claim

This plan gives the flexibility to the policyholder of deciding mode of receiving the amount of death claim. They can either choose to get the full money in a lump sum or instalments throughout 5, 10 or 15 years.

8. Policy benefits

This plan gives an option to choose between smoker and non-smoker category. If one opts for the non-smoker category, they need to undergo an additional urine cotinine test. The premium for smokers will be more than that of non-smokers.

9. Other benefits

The 'Jeevan Amar' plan also offers lower premium rates for women. It also provides optional additional cover through accident benefit rider.