LIC Jeevan Amar Plan launched: Why you just must check out this cover

LIC Jeevan Amar Plan: The Life Insurance Corporation of India has launched a new affordable term insurance plan - the ‘LIC Jeevan Amar Plan'. The new plan comes with greater flexibility for policyholders as it allows them to choose from two death benefit options - level sum assured and increasing sum assured. The plan is available for people above 18 years and can be claimed till the age of 65 years, with the maximum age at maturity being 80 years (last birthday).

Since the LIC Jeevan Amar Plan is a term plan, it is important to understand that it is a without profit and non-linked plan. This means that the plan is not market-linked and you cannot claim the amount on maturity. The amount can only be claimed by the nominee in case of unfortunate demise of the policy holder during the term. 

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The minimum Basic Sum Assured (BSA) under the plan is Rs 25 lakh with no maximum limit. For payment, the policyholder has the option to choose from single, regular and limited options. Interestingly, the life to be assured has an option to choose between non-smoker and smoker category with the former being offered lower premium rates. In case you opt for non-smoker category, you will have to undergo an extra Urine Cotinine test. Similarly, female policy holders are also being offered lower premium rates under LIC Jeevan Amar Plan.

The option to choose death benefit can be exercised by the Life Assured during his/her lifetime; for full or part of death benefits payable under the policy LIC’s Jeevan Amar which also offers optional additional cover through accident benefit rider. Under the plan, the minimum installment premium will be Rs 3,000 under regular and limited premium options, while under single premium option, the minimum installment premium will be Rs 30,000.