A Non-linked, Non-participating, Life Term Assurance Plan – Offline Term
LIC is soon launching its offline term life insurance LIC’s Jeevan Amar (No.855)
Jeevan Amar (Table No.855) – USP / Features
- It is an OFFLINE Term Life Insurance from LIC.
- Minimum Sum Assured – Rs.25 lakh
- Maximum sum assured – No limit
- Premium – Regular, Single & Limited
- You can opt for a level sum assured, where the sum assured you opted will remain the same throughout the policy period.
- You can opt for an increasing sum assured also, where the death benefit will remain the same up to 5 years of the first policy period. After that, it will increases at a rate of 10% for the next 10 years. From the 16th year, it will remain the same.
- Death Benefits can be taken in installments also of 5 years, 10 years or 15 years.
- Coverage up to 80 years of age.
- Accidental Rider is available.
- Lower rates for Non-Smokers and special rates for women.
ELIGIBILITY CONDITIONS
- Entry Age – 18 to 65 years (LBD)
- Max Maturity Age – 80 years (LBD)
- Min BSA :Rs.50 Lakhs
- Max BSA : No Limit
- Policy Term – 10 to 40 years
- Premium Payment – Single, Regular/ Limited (Yearly / Half-Yearly)
LIC’s Tech-Term Vs. LIC’s Jeevan Amar
Product features and variants under both the plans are same. The differences are as under:
Minimum Basic Sum Assured:
- – Rs. 25 Lakhs under LIC’s Jeevan Amar
- – Rs. 50 Lakhs under LIC’s Tech-Term
BSA multiples under LIC’s Jeevan Amar:
- – Rs. 1,00,000/- BSA up to Rs. 40,00,000/-
- – Rs. 10,00,000/- BSA thereafter
High Sum Assured Rebate from:
- – Rs. 50 Lakhs under LIC’s Jeevan Amar
- – Rs. 1 Crore under LIC’s Tech-Term
High Sum Assured Rebate: LIC’s Jeevan Amar
Option I: Level Sum Assured
| Age Band | As a % of Tabular Annual/Single Premium | ||
| (LBD) | Less than Rs. 50 Lakhs | Rs. 50 Lakhs to less than Rs. 1 Crore | Rs. 1 Crore and above |
| <= 30 years | Nil | 12% | 20% |
| 31 – 50 years | Nil | 10% | 15% |
| >= 51 years | Nil | 5% | 7% |
Option II: Increasing Sum Assured
| Age Band | As a % of Tabular Annual/Single Premium | ||
| (LBD) | Less than Rs. 50 Lakhs | Rs. 50 Lakhs to less than Rs. 1 Crore | Rs. 1 Crore and above |
| <= 30 years | Nil | 10% | 18% |
| 31 – 50 years | Nil | 8% | 13% |
| >= 51 years | Nil | 4% | 6% |
LIC’s Jeevan Amar: Sample Premium
Policy Term= 10 Years
Sum Assured= Rs. 1,00,00,000/-
PPT=10 Years
Mode= Yearly (Regular Premium Policy)
Category = Non-Smoker
Option 1: Level Sum Assured
| Age (LBD) | Male | Female | Remark (Per Month Equivalent Premium) |
| 20 | Rs. 8,080 | Rs. 7,760 | Male=673, Female=647 |
| 30 | Rs. 9,280 | Rs. 8,720 | Male=773, Female=727 |
| 40 | Rs. 16,065 | Rs. 13,260 | Male=1339, Female=1105 |