Benefits of LIC Jeevan Amar Plan

Benefits available under LIC Jeevan Amar are:

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:

• 7 times the annualized premiums paid or 

• 105% of the premiums paid till death or 

• the absolute sum assured to be paid on death. 

• The death benefit for a single premium is defined as: 

• 125% of the single premium paid or 

• Absolute death benefit, whichever is higher

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.

Tax Benefits

The death benefit received under the LIC Jeevan Amar Policy is eligible for tax benefits per the prevalent tax laws.

Optional Benefits:

The policyholder can add the LIC Accident Benefit Rider to the base plan after the first two years of premium payment. The rider applies to any instance of death by accident and adds the proceeds to the absolute sum assured that is released as a death benefit to your family.

Under the plan, the policyholder can take Death Benefits in instalments over 5, 10, or 15 years instead of getting a one-time lump sum amount for an active insurance policy. The policyholder can decide to do this while they are alive. They can receive either the full or a portion of the death benefits in installments—a percentage of the total claim amount.

Policy Details 

Grace Period:

A 30-day grace period is allowed to pay half-yearly or yearly premiums from the date of 1st unpaid premiums. In such cases, the policy shall be considered inactive with risk coverage. In case of non-payment of premiums before the expiry of a grace period, the plan lapses.

Revival:

If in case the premium is not paid within the grace period, then the plan lapses. The policyholder has the option to revive the lapsed policy during the life assured’s lifetime but within 5 consecutive years from the date of 1st unpaid premiums. 

Surrender Value – No value of surrender is available under this plan. However, in case of surrendering the LIC policy, the following amount will be refunded as follows: 

In regular premium plans, nothing will be refunded. 

In single premium plans, applicable refund will be paid during the plan term anytime.

In the Limited premium plan, any applicable refund will be paid if total premiums have been paid for at least 2 consecutive years (when PPT <10 years) and 3 consecutive years (when PPT is equal to or more than 10 years). 

• Free Look Period – If the policyholder is not satisfied with the terms and conditions, features, and benefits of the policy, the plan may be returned to the insurer within 15 days from the policy receipt date.