The Life Insurance Corporation of India had launched the term plan named LIC Jeevan Amar Plan. It is truly a term plan having lots of benefits. With the help of this plan, the insured person can secure his/her family financially. As the plan offers financial support to the family of the insured person in case of his/her death. Point to be noted that this plan does not offer any type of returns to the policyholder.
The plan is different from the many pans offered by the corporations like LIC Housing Finance FD, LIC Jeevan Akshay Policy, LIC New Children’s Money Back Plan. This plan is a life insurance term plan which is non-participating & non-linked.
Individuals having age between 18 to 65 years are eligible to buy this term plan. The plan can be adopted for a minimum period of 10 years, and you can hold this plan for a maximum of 40 years. The Features, Eligibility, Benefits, and other details related to the plan have been provided here. Moreover, you can apply for the plan via online mode also.
LIC Jeevan Amar Plan
Eligibility Of LIC Jeevan Amar Plan
- Age Limit- 18 to 65 years
- Medical Examination- Urine cotinine is mandatory for the non-smoker category.
Features Of LIC Jeevan Amar Plan
- It is truly a term plan.
- The scheme comes with a non-market linked plan.
- The policy rates for the premium will be classified into two types that are Smoker and Non-Smoker.
- The plan does not cover any maturity amount.
- After the death of the insured person, the benefit of the same shall be given to the beneficiaries either in a fixed amount or in installments
- The premium paying term and the policy term can be chosen by the insured as per his/her own choice.
- The insured person has the option to pay a premium for a LIC Jeevan Amar Plan regular basis, lump sum, or limited as well as per his/her own choice.
- The plan has mentioned that the Medical Cotinine Test for Urine is compulsory for the insured person belongs to the non-smoker category.
- The complete amount of the policyholder will be transferred to the beneficiary as per the rules and regulations after the death of the policyholder
- Sum Assured can be increased & level Sum Assured option is also available.
Benefits Of LIC Jeevan Amar Plan
- The is no cap for the maximum Sum Assured.
- The policy is available for both of the categories that are Smoker and non-smoker.
- The maximum maturity age will be 80 years, and the plan covers a higher risk.
- The policyholder will get the great rebates on Sum Assured.
- The policy offers a low premium for the individuals belonging to the non-smokers and women category.
- The policyholder can pay the additional premium to add on the accidental benefit.
- You can Buy LIC Policy Online with no additional cost.
- Individuals can also buy the policy through LIC Agent.
- Policyholder can pay the plan installments via online mode only.
CA Shivam Channa is a trusted financial writer with deep knowledge of financial systems. He has over 10 years of experience in writing His articles are always well researched and provide great insights into the topic at hand.