LIC Term Insurance plan

LIC Term Insurance plan – Details of LIC Jeevan Amar 855 policy

A pure-term insurance plan

LIC Jeevan Amar plan is a Non-Linked, Without Profit, pure protection plan. The plan offers the flexibility to choose from two death benefit options,

Level Sum Assured and
increasing Sum Assured

Under this plan, there are two categories of premium rates viz

Non-Smoker rates and

Smoker rates.

Also, lower premium rates will be available for female proposers.
The policyholder has the option to choose from Single, Regular and Limited Premium payment options. The plan also offers the flexibility to choose death benefit payments either as a lump sum payment and/or in installments.

LIC Jeevan Amar 855 policy – LIC Term Insurance plan

LIC’s Jeevan Amar, being a pure protection plan, offers life cover to the policyholder at a very affordable price and ensures financial support for the family in case of the unfortunate death of the policyholder during the policy term.

In this plan, four types of options are available. They are :

Single premium plan,
Regular Term plan,
5yrs less than the total term or the plan,
10 years less than the total term of the plan.

BENEFITS:

On Death:

For Regular and Limited Premium:
The amount payable on death is the highest of 7 * annualised premium or 105% of all premium paid as on the date of death or Absolute amount

For Single Premium:

The amount payable on death is the highest of 125% of Single Premium or Absolute Amount.

For Level SA:

The Absolute amount is the basic sum assured.

For Increasing SA:

The Absolute amount is basic Sum Assured till 5th policy year and increases by 10% of Basic SA for each year till 15th policy year or till the date of death whichever is earlier. The amount will increase till it reaches 2 * Basic SA.

On Maturity:

No Maturity Benefit is payable under this plan.

OPTIONAL BENEFITS under LIC Jeevan Amar 855 policy:

Accidental Death and Disability Benefit: On Death, double the Sum Assured shall be payable.

On Disability, the future premium will be waived off and Accidental Sum Assured will be paid in 120 monthly instalments.

Minimum and maximum age for LIC Jeevan Amar 855 policy:

Allowed for Age 18 years to 55 years only.

MODE OF PREMIUM:

Half yearly, yearly, 5 years minus the term, 10 years the term or single premium

ELIGIBILITY CONDITIONS for LIC :

MIN AGE: 18

MIN TERM: 10

MIN SA: 2500000

BASIC SA IN MULTIPLES OF 1L till 40L SA and 10L above 40L SA

MAX MATURITY AGE: 80

MAX AGE: 55

MAX TERM: 40

MAX SA: No-Limit