| Plan | Entry age | Maximum age at maturity | Policy term | Sum assured | Premium payment | Premium payment frequency |
| LIC’s New Jeevan Amar | 18 – 65 | 80 | 10 – 40 | 25 L – No Limits | 5 / 10 Lifeterm | Yearly, Half-yearly |
| LIC’s Jeevan Kiran | 18 – 65 | 80 | 10 – 40 | 15 L – No Limits | Single Actual Term | Single,Yearly, Half-yearly |
| LIC Saral Jeevan Bima | 18 – 65 | 70 | Register 10 – 40 | 5 L – 25 L | Actual Term 10 | Single,Yearly, Half-yearly |
Benefits of LIC Jeevan Amar Plan:
Here are the major benefits of Jeevan Amar LIC:
The policy brings in a choice to enhance the coverage. This is possible by obtaining an accident benefit rider that is applicable on the payment of additional premium to be paid on rider benefit.
Death benefit and death benefit in installments under LIC Jeevan Amar Plan
The death benefit is payable only when the death claim is raised during the policy term. In case of regular and limited premium payment policy, the sum assured on death shall be the highest of the three:
In the case of a single premium policy, the definition of “sum assured on death” shall be the highest of the following:
The premium that is mentioned above for LIC Jeevan Amar Plan does not include any additional amount under this policy such as the rider premium (if any applicable).
The assured absolute amount to be paid at the time of death depends upon the death benefit option that is chosen by the policyholder at the time of obtaining the policy.
The absolute amount that is assured to be paid at the time of death must be equal to Basic Sum Assured. This amount remains constant during the entire policy term.
The absolute amount that is to be paid at the time of maturity of the policy is equal to the basic sum assured till the fifth year of the policy. This increases by 10% each year after the 6th year of the policy till the 15th year of the policy. After this, it becomes twice as the Basic Sum Assured and then stays the same till the end of the policy term.
Other features of LIC Jeevan Amar Plan:
Given below are other key features of the LIC term plan Jeevan Amar:
A policyholder gets the flexibility to return the policy after 15 days of receiving the policy bond if he is not satisfied with any terms or conditions mentioned in the document.
The policy allows a grace period of 30 days to pay the due premium after the first date of the unpaid premium. This is applicable for both yearly and half-yearly payments.
There is no maturity benefit in this plan. If the insured individual survives the policy term, the policy is terminated and no benefit is paid to him or the nominee.
Here is a list of some of the main features and benefits of the plan:
Flexibility:
The plan provides flexibility to choose between single and regular premiums, the period of time for which the protection is necessary, and payment of benefits in installments.
Death Benefit:
“Sum Assured on Death” or death benefit will be paid out if the life assured passes away within the policy’s term after the beginning of the risk but before the maturity date.
Under the regular premium payment option, the “Sum Assured on Death” will be the highest of:
Under the single premium payment option, the “Sum Assured on Death” will be:
Maturity Benefit:
The “Sum Assured on Maturity” will be paid if the life assured survives the designated date of maturity and is equal to the “Total Premiums Paid” under a Regular Premium Payment policy and the “Single Premium Paid” under a Single Premium Payment Policy.
Rider Benefits:
The policyholder can enhance the policy by selecting various optional riders available under the plan with an extra payment. They are as follows:
Settlement Option:
If the policyholder chooses the settlement option, he can choose to receive his maturity benefit from a paid-up or in-force policy in 5 annual installments rather than a lump sum. The amount selected by the life assured (i.e., Net Claim Amount) may be calculated either as a percentage of the total claim funds payable or as an absolute sum.
Option to Take Death Benefit In Installments:
This is an option to receive the death benefit under an in-force as well as paid-up policy in five-year installments rather than a lump sum. The life assured may use this option at any moment during his or her lifetime to receive all or a portion of the death benefits provided by the policy.
Grace Period:
From the date of the first unpaid premium, a grace period of 30 days will be given for the payment of yearly or half-yearly premiums. The policy will be regarded as continuing to provide risk coverage throughout this time, in accordance with the provisions of the policy, without interruption. The policy will expire if the premium is not paid before the days of grace have passed.
Free Look Period:
If the policyholder has any objections to the “terms and conditions” of the policy, they may return the policy to the corporation within 30 days of the day they received the physical or electronic version of the policy document, whichever comes first, along with a statement of their complaints.
The following conditions are related to the policy’s exclusions:
Under Regular Premium Payment:
Under Single Premium Payment:
The nominee or beneficiary of the life assured shall be entitled to 80% of the single premium paid if the life assured (whether sane or insane) commits suicide at any time during 12 months from the date of commencement of risk. Taxes, additional amounts charged under the insurance owing to an underwriting decision, and any applicable rider premiums are not included in the aforementioned payment.
Sample Premium & Benefit Illustration Of LIC Jeevan Kiran Policy
Before buying the LIC Jeevan Kiran plan, one should be aware of how much he/she needs to spend in a premium amount. Therefore, the table below (which is for regular premiums) has provided premium amounts for different policy terms and the age of the insured. Let’s take a look!
Now, let’s understand the plan with a benefit illustration. The main goal of this illustration is to enable the client to understand the benefits of the product.
Mr. X, a 40 years old non-smoker, has purchased the regular premium policy through offline sales. The details of his policy are as follows:
Let’s take a look at how Mr. X will be benefitted from the plan!
Categorized under term insurance, LIC’s Saral Jeevan Bima is an individual, non-participating, non-linked pure risk life insurance policy that offers comprehensive protection against the death of the life assured. The plan comes with an assured death benefit; however, no maturity benefit is payable at the end of the policy term if the policyholder survives the entire duration.
The term insurance policy offers an assured death benefit to the family of the policyholders. The details of the death benefit payable are discussed below. Please note that the policy does not come with any maturity benefits as it is a pure risk insurance cover.
Death Benefit
The death benefit is the amount paid by the insurer to the assigned beneficiaries on the death of the life assured. This amount is payable only if death occurs while the policy is still in force. LIC’s Saral Jeevan Bima comes with a waiting period of 45 days from the commencement of risk.
Death During the Waiting period
If the death of the life assured occurs due to any reason other than an accident, LIC is liable to pay off 100% of the premium amount back to the family of the life assured.
If the life assured dies as a result of an accident during the waiting period, the death benefit (as defined below) is payable as a lump sum amount.
