If you are hesitant to buy an LIC policy because Life Insurance Corporation of India offers expensive plans, then this news is for you. Today we are telling you about one such plan of LIC which is a very affordable term insurance plan. It is a non linked, non participating term insurance plan. We are talking about Pure Protection Term Insurance Plan ‘Jeevan Amar’. The special feature of LIC Jeevan Amar is that it helps the family financially in case of unfortunate death of the insured during the policy term. Let us tell you all the details about this policy:
>> LIC’s Jeevan Amar is not only cheap but also has many more features that make this plan great.
>> Minimum policy term of Jeevan Amar plan is 10 years and maximum policy term is 40 years. A person of 18 years can join this scheme. However, the maximum age for paying premium will be 70 years.
>> The maximum age maturity under this policy is 80 years.
>> The minimum premium installment under Regular and Limited Premium option will be Rs.3000. Whereas, the minimum premium premium has been kept at Rs 30,000 under the single premium option.
>> Sum Assured on Death for Single Premium Policy, means payment of full amount after death.
>> Death benefit option has to be opted at the time of taking the policy to get the full amount to be paid on death.
>> Similarly, there will be a difference in the premium for a smoker and a non-smoker. The premium for a man will be higher than that of a woman. A smoker will have to pay a higher premium than a non-smoker.
>> No Surrender Value will be available under Regular Premium Option but it will be available in Single Premium. At the same time, there will be some terms and conditions attached to the Limited Premium option. The premium amount will be different for male and female.
>> If a person is not satisfied with the terms and conditions of the policy, the policy can be returned within 15 days of receipt of bond.
LIC Jeevan Amar Plan has 2 death benefits options:
>> Level Sum Assured
>> Increasing Sum Assured
You can choose any one of these facilities. This plan can be purchased only offline. That is, it can be bought only through an agent.
Who can take Jeevan Amar Policy
>> Minimum age to buy the plan should be 18 years.
>> The maximum age limit for the plan is 65 years.
>> The maturity age for the plan is up to 80 years.
>> Minimum Sum Assured is Rs.25 lakhs.
>> There is no limit on the maximum sum insured.
