Lic New Jeevan Amar Plan
Life Insurance Corporation of India
Our Verdict
LIC's New Jeevan Amar offers trusted protection with flexible coverage and premium choices, including increasing sum assured. Backed by LIC, it's a reliable option for individuals seeking straightforward term security with valuable riders.
About the Plan
New Jeevan Amar is a non-linked, non-participating pure risk term insurance plan from LIC (Life Insurance Corporation of India), designed to provide comprehensive financial protection to policyholders' families. Offering flexibility in premium payments, coverage options, and death benefits, the plan ensures long-term security. It allows policyholders to choose between increasing and level sum assured options, catering to diverse financial needs. With competitive premiums, special rates for non-smokers, and additional rider options, New Jeevan Amar is an ideal choice for those seeking reliable life coverage.
About the Plan
Eligibility
• Entry Age :
18 to 65 years
• Maximum Maturity Age :
75 years
• Policy Term :
20 to 55 years
• Minimum Sum Assured :
₹25,00,000
• Premium Payment Term :
Regular Pay or Limited Pay (10 or 15 years)
• Premium Payment Frequency :
Yearly, Half-Yearly, or Monthly
• Citizenship :
Indian residents and NRIs (subject to underwriting)
Eligibility
Features of the Product
Total Permanent Disability Payout
The New Jeevan Amar plan provides a Total Permanent Disability Payout if the Accidental Permanent Disability Rider is opted for. In case the policyholder becomes permanently disabled due to an accident, a lump sum amount or regular payouts may be provided to help cover lost income and medical expenses.
Premium Payment Customizations
The New Jeevan Amar plan offers flexible premium payment options, including Single Pay, Regular Pay, and Limited Pay, with the choice of yearly or half-yearly payment frequencies.
Exclusions
Death due to suicide within 12 months from policy commencement or revival; only 80% of premiums paid (excluding taxes) will be refunded.
Death caused by self-inflicted injuries or intentional harm.
Involvement in criminal activities or unlawful acts leading to death.
Death due to drug or alcohol abuse.
Participation in hazardous or adventure sports such as skydiving, bungee jumping, or scuba diving.
Death resulting from war, terrorism, or civil unrest.
Pre-existing medical conditions not disclosed at the time of policy purchase.
Death due to radioactive contamination or nuclear hazards.
Exclusions
Accidental Death Benefit Rider - Provides an additional lump sum payout if the policyholder dies due to an accident, ensuring enhanced financial security for the nominee.
Accidental Permanent Disability Rider - Offers financial support if the policyholder becomes permanently disabled due to an accident, helping cover lost income and medical expenses.
Critical Illness Rider - Pays a lump sum amount upon diagnosis of specified critical illnesses such as cancer, heart attack, or stroke, aiding in medical treatment and recovery.
Waiver of Premium Rider - Waives all future premiums if the policyholder suffers from a critical illness or total and permanent disability, keeping the policy benefits intact.
Add-ons
If you are a woman
Discount of premiums for women policyholders: In the case of women policyholders, under the LIC New Jeevan Amar Plan, the premiums are significantly reduced.
If you smoke
Different premium rates for smokers and non-smokers: Like any other term insurance policy, this plan has separate premiums for smoking and non-smoking profiles. However, these premiums are higher than those charged for the best-term insurance plans from other credible insurers.
Note :
Grace period : The New Jeevan Amar plan provides a grace period of 30 days for yearly and half-yearly premium payments and 15 days for monthly premium payments. During this period, the policyholder can pay the missed premium without policy lapse, ensuring continuous coverage.
Free look period : The New Jeevan Amar plan offers a free look period of 15 days (30 days for policies purchased online or through distance mode). During this period, the policyholder can review the policy terms and cancel it if unsatisfied, receiving a refund of the premium paid after deducting applicable charges.
Suicide clause : The New Jeevan Amar plan includes a suicide clause, stating that if the policyholder dies by suicide within 12 months from the date of policy commencement or revival, the nominee will receive 80% of the total premiums paid till the date of death, provided the policy is in force.
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About the Company
Life Insurance Corporation of India (LIC) is a state-owned life insurance company established in 1956. Life Insurance Corporation of India (LIC) was founded by the Government of India,through the integration of several private insurance companies.
LIC offers a wide range of insurance products, including plans for life protection, pension, and investment. LIC is recognized for its trustworthiness and strong customer base, providing financial security to millions. It plays a pivotal role in the country’s insurance sector and aims to deliver value to its customers through reliable services and customer-centric policies.