Life Insurance Corporation of India (LIC) has been a cornerstone of financial security for millions of Indians, offering a range of insurance products designed to meet various needs. Among its offerings, the LIC Jeevan Amar Plan stands out as a versatile term insurance policy aimed at providing comprehensive coverage and financial protection. In this comprehensive guide, we delve into the features, benefits, eligibility criteria, exclusions, and everything else you need to know about the LIC Jeevan Amar Plan.
Understanding Term Insurance
Term insurance is a straightforward form of life insurance that provides coverage for a specified period, known as the policy term. Unlike traditional life insurance policies that may include investment components, term insurance focuses solely on providing a death benefit to the nominee in case of the insured’s demise during the policy term. It’s a pure protection plan that ensures financial stability for your loved ones in your absence.
Overview of LIC Jeevan Amar Plan
LIC Jeevan Amar Plan is a non-linked, non-participating, term assurance plan offered by LIC of India. It is designed to provide affordable life cover with flexible options to suit individual needs. Here are the key features and benefits of the LIC Jeevan Amar Plan:
Key Features:
- Flexibility in Coverage: The plan offers flexibility in choosing the sum assured and policy term based on your financial goals and protection needs.
- Multiple Sum Assured Options: Policyholders can opt for various sum assured options based on their income, liabilities, and future financial obligations.
- Affordable Premiums: The premiums for LIC Jeevan Amar Plan are competitive, making it accessible for individuals looking to secure their family’s financial future at an affordable cost.
- No Maturity Benefits: Since it’s a pure term plan, LIC Jeevan Amar Plan does not offer any maturity benefits if the insured survives the policy term.
- Death Benefit: In the unfortunate event of the insured’s demise during the policy term, the nominee receives the sum assured chosen at the inception of the policy.
- Policy Term Options: Policyholders can select from various policy term options, ranging from a minimum of 10 years to a maximum of 40 years, depending on their age and financial planning horizon.
Benefits of LIC Jeevan Amar Plan:
- High Sum Assured Rebate: The plan offers a rebate on high sum assured amounts, incentivizing policyholders to opt for larger coverage, thereby enhancing financial protection.
- Accidental Death and Disability Benefit: An additional rider can be opted for covering accidental death and disability, providing extra security against unforeseen circumstances.
- Tax Benefits: Premiums paid towards LIC Jeevan Amar Plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961, up to a specified limit. The death benefit received by the nominee is also tax-free under Section 10(10D) of the Income Tax Act.
Eligibility Criteria
To avail of the LIC Jeevan Amar Plan, individuals need to meet certain eligibility criteria:
- Minimum Age: 18 years (age at last birthday)
- Maximum Age: 65 years (age at last birthday)
- Policy Term: Minimum 10 years to maximum 40 years, depending on age at entry
Exclusions
While LIC Jeevan Amar Plan offers comprehensive coverage, certain exclusions apply:
- Suicide Exclusion: If the insured commits suicide within 12 months from the policy inception or revival date, the nominee will receive 80% of the premiums paid, excluding taxes and extra premium.
LIC Jeevan Amar Plan Benefit Illustration
Assumptions:
- Age of Insured: 30 years
- Policy Term: 20 years
- Sum Assured: Rs. 1 crore
- Premium Payment Mode: Annual
Premium Calculation:
Based on the age of the insured and the chosen sum assured, let’s calculate the annual premium for the LIC Jeevan Amar Plan:
- Premium Amount: Rs. 10,000 per annum (hypothetical figure for illustration purposes)
Scenario 1: Death Benefit
Event: Unfortunately, the insured passes away due to natural causes after 15 years of purchasing the LIC Jeevan Amar Plan.
Death Benefit Calculation:
- Sum Assured: Rs. 1 crore
- Death Benefit Payable: Rs. 1 crore (full sum assured)
Scenario 2: Survival Benefits
Event: The insured survives the entire policy term of 20 years without making any claims.
Survival Benefits:
- Since LIC Jeevan Amar Plan is a pure term insurance plan, there are no maturity or survival benefits payable upon survival of the insured at the end of the policy term. The plan solely focuses on providing financial protection to the nominee in case of the insured’s demise during the policy term.
Step-by-Step Guide to Buying LIC Jeevan Amar Plan Online
- Visit the LIC Official Website:
- Open your web browser and navigate to the official website of Life Insurance Corporation of India (LIC): www.licindia.in.
- Navigate to Products:
- On the LIC homepage, locate and click on the “Products” or “Insurance Plans” section. This will lead you to a list of various insurance products offered by LIC.
- Find LIC Jeevan Amar Plan:
- Look for the LIC Jeevan Amar Plan in the list of insurance products. You can usually find it under the “Term Insurance Plans” or “Protection Plans” category.
- Understand the Plan:
- Click on the LIC Jeevan Amar Plan to read more details about its features, benefits, eligibility criteria, premium rates, and any optional riders available.
- Calculate Premium:
- Use the online premium calculator, if available on the website, to estimate the premium amount based on your age, chosen sum assured, and policy term.
- Proceed with Online Application:
- Once you have reviewed the plan details and are ready to proceed, look for an option like “Buy Now” or “Apply Online”. Click on it to start the online application process.
- Fill Application Form:
- You will be directed to an online application form for the LIC Jeevan Amar Plan. Fill in all required details accurately, including personal information, contact details, nominee details, and health-related questions.
- Upload Documents:
- Upload scanned copies of necessary documents such as age proof, identity proof (Aadhaar card, PAN card, Passport, etc.), address proof (Utility bill, Passport, Aadhaar card, etc.), and income proof if required.
- Medical Examination (if applicable):
- Depending on your age and the sum assured chosen, you may need to undergo a medical examination. Follow the instructions provided regarding the medical tests and appointments.
- Payment of Premium:
- Choose your preferred premium payment mode (monthly, quarterly, half-yearly, or annually) and proceed to make the payment online through net banking, debit card, or credit card.
- Review and Submit:
- Review all the information provided in the application form and the premium calculation. Double-check for accuracy before submitting the application.
- Receive Policy Document:
- After successful submission and payment, you will receive an acknowledgment of your application. The policy document and other related documents will be sent to your registered email address or postal address.
Additional Tips:
- Consultation: If you have any doubts or need assistance during the application process, consider consulting with an LIC agent or financial advisor who can provide personalized guidance.
- Customer Support: For any queries or assistance related to the LIC Jeevan Amar Plan or the online application process, you can contact LIC’s customer support through their helpline numbers or email provided on their website.
By following these steps systematically, you can purchase the LIC Jeevan Amar Plan conveniently through the official LIC website, ensuring that you secure your family’s financial future with a reliable term insurance plan from India’s leading insurance provider.
Conclusion
LIC Jeevan Amar Plan is a reliable choice for individuals seeking affordable and comprehensive term insurance coverage. It offers flexibility in terms of coverage, competitive premiums, and tax benefits, making it a preferred option among policyholders looking to secure their family’s financial future. By understanding its features, benefits, eligibility criteria, and application process, you can make an informed decision about whether LIC Jeevan Amar Plan aligns with your financial goals and protection needs.
For more information and personalized guidance on LIC Jeevan Amar Plan, it’s advisable to consult with an LIC agent or financial advisor who can provide tailored recommendations based on your specific circumstances and requirements. Invest in your family’s future today with LIC Jeevan Amar Plan and ensure peace of mind knowing they are financially protected against life’s uncertainties.
