LIC Jeevan Amar- An Overview
The LIC Jeevan Amar Plan is designed to provide financial security to your loved ones in case of your unfortunate demise. It is a Non-Linked, Non-participating Offline Term Assurance Plan that offers flexibility with two benefit options: Level Sum Assured and Increasing Sum Assured.
In addition to this, the plan allows you to boost coverage by adding the Accident Benefit Rider.
Since this plan has been withdrawn and is no longer available for sale, you can check out the LIC New Jeevan Amar plan to secure your family’s financial future.
Key Features of LIC Jeevan Amar
The plan provided by LIC includes the following features:
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The plan offers the flexibility to select from two benefits: Increasing sum assured and Level sum assured.
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Flexibility to pay the premium once, for a limited time, or throughout the policy tenure.
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The plan provides special premium rates for women.
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Attractive and unique rebates on high sums are assured.
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Accidental Rider benefits are also available that enhance the base coverage by paying an additional premium amount.
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You can choose to pay the benefit in installments.
Benefits of LIC Jeevan Amar Plan
Benefits available under LIC Jeevan Amar are:
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Death Benefit
The death benefit is paid to the nominee after the policyholder's demise during the policy term. The benefit paid for regular and limited premium payment plans will be the highest of:
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7 times the annualized premiums paid or
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105% of the premiums paid till death or
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the absolute sum assured to be paid on death.
The death benefit for a single premium is defined as:
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Availability of Riders for enhanced protection
The plan offers four additional riders, namely LIC Accident Benefit Rider, which can be added to protect against accidental death.
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Tax Benefits
The death benefit received under the LIC Jeevan Amar Policy is eligible for tax benefits per the prevalent tax laws.
What are the Documents Required to Buy LIC Jeevan Amar Policy?
To buy the LIC Jeevan Amar Plan policy, one has to provide:
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Identity proof - Aadhar card, voter's card, and passport
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Address proof- Aadhar card, driving license, electricity bill, ration card, voter's card, and/or passport
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Income proof - such as Income tax returns or salary slips
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Health records of the life-assured
What is Not Covered in LIC Jeevan Amar?
Single Premium Policy:
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If the person covered by the policy (whether they are mentally stable or not) commits suicide within the first 12 months from when the policy started, the policy becomes invalid. In this case, the insurance company will only refund 90% of the single premium paid.
Regular/Limited Premium Payment Policy:
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If the person covered by the policy (whether they are mentally stable or not) commits suicide within the first 12 months from the start of the policy, or within 12 months after the policy is revived, the policy becomes void. In such a situation, the insurance company will only refund 80% of the premiums paid up to the date of death.