LIC Jeevan Amar is a policy that offers financial protection to the policyholder’s family in case of their untimely death. The LIC of India plan also offers maturity benefits, which makes it a comprehensive life insurance policy. It provides for both, life cover as well as savings, making it an ideal choice for those who are looking for complete financial protection.
|LIC’s Jeevan Amar (Plan No. 855, UIN No. 512N332V01|
|LIC Jeevan Amar Plans Policy Document|
LIC Jeevan Amar plans are available in two variants – Plan 814 and Plan 815. Plan 814 is a regular premium paying plan while Plan 815 is a single premium paying plan. Both the variants offer same benefits but differ in terms of premium payment mode. Under the LIC Jeevan Amar plan, the sum assured is paid to the nominee in case of unfortunate death of the policyholder during the policy term. In case of survival till maturity, maturity benefit equal to sum assured plus accrued bonuses is paid to the policyholder.
The salient features of LIC Jeevan Amar plans are as follows:
-offers financial protection to the policyholder’s family in case of their untimely death
-provides for both, life cover as well as savings
-available in two variants – Plan 814 and Plan 815
-sum assured is paid to the nominee in case of unfortunate death of the policyholder during the policy term
-mature benefit equal to sum assured plus accrued bonuses is paid to the policyholder on survival till maturity
Eligibility Criteria For LIC Jeevan Amar Policy
The LIC Jeevan Amar Policy is a whole life insurance policy that offers coverage for the policyholder’s entire lifetime. The policy has no maturity date and provides a death benefit to the beneficiary in the event of the policyholder’s death. The policy also offers a cash value component that can be accessed by the policyholder during their lifetime.
To be eligible for the LIC Jeevan Amar Policy, an individual must be between the ages of 18 and 55. The maximum sum assured under this policy is Rs. 1,00,000. The minimum premium amount that must be paid is Rs. 500 per year.
What are the benefits of LIC Jeevan Amar Plans?
There are several benefits of LIC Jeevan Amar Plans. Some of these are:
1) Whole life coverage: This is one of the biggest advantages of this plan. It provides financial security to the policyholder and their family in case of their untimely death. The policy will pay out a lump sum to the beneficiaries, which can be used to cover funeral expenses, outstanding debts, and other expenses.
2) Flexibility: This plan offers policyholders the flexibility to choose the sum assured and premium payment term that best suits their needs. They can also make changes to their policy during the policy term, subject to certain conditions.
3) Tax benefits: Premiums paid towards this policy are eligible for tax deductions under Section 80C of the Income Tax Act. Additionally, the maturity proceeds are exempt from taxes under Section 10(10D) of the Act.
4) death benefit option: Under this plan, the policyholder has the option to receive the death benefit as a lump sum or as an annuity. They can choose whichever option best meets their needs at the time of claim settlement.
How do LIC Jeevan Amar Plans work?
LIC Jeevan Amar Plans are whole life insurance policies that offer guaranteed lifetime protection. The policyholder pays premiums for a certain period of time, usually 20-30 years. After the premium paying period is over, the policy remains in force and the policyholder does not have to pay any more premiums. This makes LIC Jeevan Amar Plans an ideal choice for people who want to provide financial security for their loved ones in case of their death.
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How to choose the right LIC Jeevan Amar Plan for you
When it comes to choosing the right LIC Jeevan Amar Plan for you, there are a few things that you need to take into account. First of all, you need to decide whether you want a single premium or a regular premium policy. Single premium policies are usually more expensive, but they offer the benefit of being able to pay off the entire policy in one lump sum. Regular premium policies, on the other hand, allow you to make smaller payments over time.
Another thing to consider is the death benefit. The death benefit is the amount of money that your beneficiaries will receive in the event of your death. You need to make sure that the death benefit is enough to cover your final expenses and provide for your loved ones.
Finally, you need to take into account the maturity benefits. The maturity benefits are the payouts that you will receive once the policy matures. Make sure that the maturity benefits are sufficient to cover your needs in retirement.
By taking all of these factors into account, you can be sure that you choose the right LIC Jeevan Amar Plan for you.
Exclusions of LIC Jeevan Amar Plans
LIC Jeevan Amar Plans have the following exclusions:
-It does not cover critical illnesses.
-There is no terminal illness benefit.
-The waiting period for pre-existing diseases is 5 years.
-There is no accident benefit.
-The plans do not cover maternity expenses.
Documents required to Buy LIC Jeevan Amar Plan
When you decide to purchase the LIC Jeevan Amar Plan, you will need to provide the company with some documents. These include:
-Your identity proof (Aadhaar card, PAN card, etc.)
-Your age proof (birth certificate, school leaving certificate, etc.)
-Your address proof (voter ID card, ration card, utility bills, etc.)
-Income proof (salary slips, ITR statements, bank statements, etc.)
-Medical reports (if applicable)
Once you have gathered all these documents, you can proceed with buying the LIC Jeevan Amar Plan.
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