LIC’s Jeevan Amar is a Non-Linked, Non-participating Offline Term Assurance Plan which provides financial protection to the insured’s family in case of his/her unfortunate death during the policy term.
Policy Loan: No loan will be available under this plan.
Taxes:
i. Statutory Taxes, if any, imposed on such insurance plans by the Govt. of India or any other constitutional Tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time.
The amount of any applicable taxes, as per the prevailing rates, shall be payable by the policyholder on premium(s) under the policy , which shall be collected separately over and above in addition to the premiums payable by the policyholder. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.
ii. Regarding Income tax benefits/implications on premium(s) paid and benefits payable under this plan, please consult your tax advisor for details.
Key features of LIC’s Jeevan Amar:
• Flexibility to choose from two benefit options: Level Sum Assured and Increasing Sum Assured.
• Flexibility to
o Choose from Single Premium, Regular Premium and Limited Premium Payment
o Choose the Policy Term/Premium Paying Term
o Opt for payment of benefit in installments.
• Special rates for women.
• Benefit of attractive High Sum Assured Rebate.
• Two categories of premium rates namely
(1) Non-Smoker rates and (2) Smoker rates. The application of Non-Smoker rates shall be based on the
findings of the Urinary Cotinine test. In all other cases, the Smoker rates will be applicable.
• Option to enhance your coverage by opting for Accident Benefit Rider on payment of additional premium for rider benefit.
Eligibility conditions and other Restrictions:
a) Minimum Age at entry : [18] years (Last Birthday)
b) Maximum Age at entry : [65] years (Last Birthday)
c) Maximum age at Maturity : [80] years (Last Birthday)
d) Minimum Basic Sum Assured: Rs. 25,00,000/-.
e) Maximum Basic Sum Assured: No Limit
The Basic Sum Assured shall be in multiples of:
Rs. 1,00,000/-, if Basic Sum Assured for the policy is Rs. 25,00,000/- to Rs. 40,00,000/-
Rs. 10,00,000/-, if Basic Sum Assured for the policy is above Rs. 40,00,000/-.
f) Policy Term : [10 to 40] years
g) Premium Paying Term :
Regular Premium : Same as policy term
Limited Premium
: [Policy Term minus 5] years for Policy Term [10 to 40] years
: [Policy Term minus 10] years for Policy Term [15 to 40] years
Single Premium : NA
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