Term Assurance Plan which provides financial protection to
the insured’s family in case of his/her unfortunate death
during the policy term.
Key features of LIC’s Jeevan Amar:
• Flexibility to choose from two benefit options: Level
Sum Assured and Increasing Sum Assured.
• Flexibility to
o Choose from Single Premium, Regular Premium
and Limited Premium Payment
o Choose the Policy Term/Premium Paying Term
o Opt for payment of benefit in instalments.
• Special rates for women.
• Benefit of attractive High Sum Assured Rebate.
• Two categories of premium rates namely
(1) Non-Smoker rates and (2) Smoker rates. The
application of Non-Smoker rates shall be based on the
findings of the Urinary Cotinine test. In all other cases,
the Smoker rates will be applicable.
• Option to enhance your coverage by opting for Accident
Benefit Rider on payment of additional premium for
rider benefit.
Eligibility conditions and other Restrictions:
a) Minimum Age at entry : [18] years (Last Birthday)
b) Maximum Age at entry : [65] years (Last Birthday)
c) Maximum age at Maturity : [80] years (Last Birthday)
d) Minimum Basic Sum Assured: Rs. 25,00,000/-.
e) Maximum Basic Sum Assured: No Limit
The Basic Sum Assured shall be in multiples of:
Rs. 1,00,000/-, if Basic Sum Assured for the policy is Rs.
25,00,000/- to Rs. 40,00,000/-
Rs. 10,00,000/-, if Basic Sum Assured for the policy is
above Rs. 40,00,000/-.
f) Policy Term : [10 to 40] years
g) Premium Paying Term :
Regular Premium :Same as policy term
Limited Premium :[Policy Term minus 5] years for
Policy Term [10 to 40] years
:[Policy Term minus 10] years for
Policy Term [15 to 40] years
Single Premium : NA
Plan Features:
1. Death Benefit:
Death benefit payable in case of admissible death claim
during the policy term, provided the policy is inforce shall
be “Sum Assured on Death”.
For Regular premium and Limited premium payment policy,
“Sum Assured on Death” is defined as the highest of:
• 7 times of annualised premium; or
• 105% of all the premiums paid as on the date of death;
or
• Absolute amount assured to be paid on death.
For Single premium policy, “Sum Assured on Death” is
defined as the higher of:
• 125% of Single Premium.
• Absolute amount assured to be paid on death.
Premiums referred above shall not include any extra amount
chargeable under the policy due to underwriting decision
and rider premium(s), if any.
Absolute amount assured to be paid on death shall depend
on Death Benefit Option chosen at the time of taking this
policy and is as under:
o Option I: Level Sum Assured
Absolute amount assured to be paid on death shall be
an amount equal to Basic Sum Assured, which shall
remain the same throughout the policy term.
o Option II: Increasing Sum Assured
Absolute amount assured to be paid on death shall
remain equal to Basic Sum Assured till completion
of fifth policy year. Thereafter, it increases by 10%
of Basic Sum Assured each year from the sixth policy
year till fifteenth policy year till it becomes twice the
Basic Sum Assured. This increase will continue under
an inforce policy till the end of policy term; or till the
Date of Death; or till the fifteenth policy year, whichever
is earlier. From sixteenth policy year and onwards, the
Absolute amount assured to be paid on death remains
constant i.e. twice the Basic Sum Assured till the policy
term ends.
For example, Absolute amount assured to be paid on
death under a policy with Basic Sum Assured of Rs. X
will be Rs. X till the end of fifth policy year, Rs. 1.1X
during the sixth policy year, 1.2X during seventh policy
year, increasing so on by 10% of Basic Sum Assured each
year till it becomes 2X in fifteenth policy year. From
the sixteenth policy year and onwards, the Absolute
amount to be paid on death will be 2X.
The Death Benefit Option once chosen cannot be changed
later.
2. Maturity Benefit:
On survival of the life assured to the end of the policy term,
no maturity benefit is payable.
3. Options available:
i. Rider Benefit:
The policyholder has an option of availing LIC’s Accident
Benefit Rider (UIN:512B203V03) under Regular
Premium and Limited Premium payment mode by
payment of additional premium during the Premium
Paying Term, provided the outstanding premium paying
term is atleast five years. The benefit cover under this
rider shall be available during the Premium Payment
Term only or up to the policy anniversary on which
age nearest birthday of the Life Assured is 70 years,
whichever is earlier. If this rider is opted for, in case
of accidental death, the Accident Benefit Rider Sum
Assured will be payable as lumpsum along with the
death benefit under the base plan.
The premium under this rider shall not exceed 100%
of the premium under the Base plan. The Accidental
Benefit Sum Assured shall not exceed the Basic Sum
Assured on Death under the policy.
For more details on this rider, refer to the Rider brochure
on our website www.licindia.in.
ii. Option to take Death Benefit in instalments:
This is an option to receive death benefits in instalments
over the chosen period of 5 or 10 or 15 years instead of
lump sum amount under an inforce policy. This option
can be exercised by Life Assured during his/her lifetime;
for full or part of Death benefits payable under the
policy. The amount opted for by the Life Assured (i.e.
Net Claim Amount) can be either in absolute value or as
a percentage of the total claim proceeds payable.
The instalments shall be paid in advance at yearly or
half-yearly or quarterly or monthly intervals, as opted
for, subject to minimum instalment amount for different
modes of payments being as under:
Mode of instalment payment Minimum instalment amount
Monthly Rs. 5000/-
Quarterly Rs. 15000/-
Half-Yearly Rs. 25000/-
Yearly Rs. 50000/-
If the Net Claim Amount is less than the required
amount to provide the minimum instalment amount as
per the option exercised by the Life assured, the claim
proceed shall be paid in lump sum only.
The interest rate applicable for arriving at the instalment
payments under this option shall be as fixed by the
Corporation from time to time.
For exercising option to take Death Benefit in
instalments, the Life Assured can exercise this option
during his/her lifetime while in currency of the policy,
specifying the period of Instalment payment and net
claim amount for which the option is to be exercised.
The death claim amount shall then be paid to the
nominee as per the option exercised by the Life Assured
and no alteration whatsoever shall be allowed to be
made by the nominee.
4. Payment of Premiums:
You can opt for Regular Premium, Limited Premium or
Single Premium payment options under this plan. In case
of Regular and Limited Premium payment, the premium
can be paid regularly during the Premium Paying Term with
modes of premium payment Yearly or Half Yearly.
The premium payable will depend on the age at entry of
the life to be assured, smoking status, gender, policy term,
Premium Paying Term and Sum Assured Option chosen.
Under Single Premium, minimum premium shall be Rs
30,000/-. Under Regular and Limited Premium mode, the
minimum premium shall be Rs 3,000/-.
5. Grace Period (applicable for Regular and Limited
Premium payment):
A grace period of 30 days shall be allowed for payment of
yearly or half-yearly premiums from the date of first unpaid
premium. During this period, the policy shall be considered
inforce with the risk cover without any interruption as per
the terms of the policy.
If the premium is not paid before the expiry of the days of
grace, the Policy lapses. All the benefits shall cease after the
expiry of grace period from the date of first unpaid premium
under such policies and nothing shall be payable.
6. Sample Illustrative Premium:
The sample illustrative premiums for both option I (Level
Sum Assured) and option II (Increasing Sum Assured) for
Basic Sum Assured of Rs. 50 Lakh for Non-Smoker, Male,
Standard lives under different Premium Payment options
are as under