LIC New Jeevan Amar Term Plan – What it is, Features, Death Benefit, Sum Assured, Riders, Quotes

What is LICs New Jeevan Amar Plan?

LIC’s New Jeevan Amar (UIN: 512N350V02) is a Non-Participating, Non-Linked, Term Life Insurance Plan which provides substantial life coverage at affordable premiums. The Plan offers 2 Death Benefit Options: Level Sum Assured Option and Increasing Sum Assured Option. Additionally, the Plan offers special rates for Women, making it more affordable.

Key Features of LICs New Jeevan Amar Plan

1. Entry Age: LIC New Jeevan Amar Plan has a Minimum Entry Age of 18 Years and a Maximum Entry Age of 65 Years.
2. Sum Assured: The Minimum Sum Assured under the LIC New Jeevan Amar Plan is Rs25 lakhs while there is no limit on maximum Sum Assured. The maximum Sum Assured depends on the Underwriter’s decision. The Policyholder can choose the Sum Assured amongst the 2 available options

• Level Sum Assured option: Under the Level Sum Assured Option, Policy Sum Assured remains constant throughout the Policy Term
• Increasing Sum Assured option: Under the Level Sum Assured Option, the Policy provides protection that grows over time - it stays level for the first 5 years, then increases by 10% each year until it doubles by the 15th year, helping counter the effects of inflation.

3. Policy Term: The minimum Policy Term for LIC New Jeevan Amar Term Plan is 10 years. The maximum Policy Term for New Jeevan Amar Plan under the Level Sum Assured is 40 years with the maximum maturity age for the plan being 80 years. For the Increasing Sum Assured Option, the maximum Policy Term depends on Basic Sum Assured and Age Band.
4. Premium Payment: LIC New Jeevan Amar Plan offers options of Regular Premium Payment, Limited Premium Payment and Single Premium Payment Option as well.
5. Free Look Period: The Term Insurance Plan offers a Free Look Period of 30 days where the Policyholder can cancel the Policy if he is not satisfied with the Policy Terms and Conditions. The Policyholder will receive a Premium refund after deducting the proportionate risk premium for the period of cover, expenses incurred on medical examination, and for stamp duty charges in case of cancellation during the Free Look Period.
6. Grace Period: LIC New Jeevan Amar Plan offers a Grace Period of 30 days after the Policy Expiry for payment of yearly or half-yearly premiums from the date of First Unpaid Premium. During the Grace Period, the Policy is considered inforce with the risk cover without any interruption as per the Policy Terms. If the premium is not paid before the expiry of the grace Period, the Policy lapses and no benefit is payable.
7. Premium Advantages: Non-smokers get lower premiums verified through a Urinary Cotinine Test. Women also enjoy preferential premium rates

What are the Death Benefits under the LIC New Jeevan Amar Plan?

The LIC New Jeevan Amar Plan pays a “Sum Assured on Death” as a Death Benefit to the nominee on the death of the Life Assured during the Policy Term. 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 “Total Premiums Paid” upto 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:

1. 125% of Single Premium; or
2. Absolute amount assured to be paid on death. LIC New Jeevan Amar Plan offers an option to receive Death Benefits in instalments over the chosen period of 5 or 10 or 15 years instead of lump sum amount. This option can be exercised by Life Assured during his lifetime, for full or a part of Death Benefit payable under the Policy. The amount to be received as Death Benefit can be expressed either in absolute value or as a percentage of the total Claim Proceeds payable.

What is the Sum Assured under the LIC New Jeevan Amar Plan?

The Minimum Sum Assured under the LIC New Jeevan Amar Plan is Rs25 lakhs and there is no limit on the maximum Sum Assured. The Policyholder can opt for Sum Assured from the 2 available options under the LIC New Jeevan Amar Plan:

• Level Sum Assured option: Under the Level Sum Assured Option, Policy Sum Assured remains constant throughout the policy term
• Increasing Sum Assured option: Under the Level Sum Assured Option, the Policy provides protection that grows over time - it stays level for the first 5 years, then increases by 10% each year until it doubles by the 15th year, helping counter the effects of inflation. 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 end of the Policy Term.

What is the Premium Payment Term under the LIC New Jeevan Amar Plan?

Life Insurance Corporation offers Regular Premium, Limited Premium or Single Premium Payment options. In the case of Regular and Limited Premium Payment Option, the premium can be paid regularly during the Premium Paying Term with Yearly or Half Yearly modes of premium payment. The Premium Payment Term under the LIC New Jeevan Amar Plan is as follows:

1. Regular Premium Payment Term: Same as Policy Term
2. Limited Premium Payment Term:
   • [Policy Term minus 5] years for Policy Term [10 to 40] years
   • [Policy Term minus 10] years for Policy Term [15 to 40] years
3. Single Premium: NA

What are the riders offered by LIC New Jeevan Amar Plan?

LIC New Jeevan Amar Plan offers an Accident Benefit Rider (UIN:512B203V03) under Regular Premium and Limited Premium payment mode on payment of additional premium during the Premium Payment Term, provided the outstanding premium paying term is atleast 5 years. The Accident Benefit Rider pays the Rider Sum Assured in case of Accidental Death as a lumpsum benefit along with the Death Benefit under the Base Plan. The Maximum Aggregate Sum Assured of the Accident Benefit Rider taken with LIC on the same life cannot exceed Rs1 Crores. The benefit cover under this Rider is available during the Premium Paying Term only or up to the Policy Anniversary on which age nearest birthday of the Life Assured is 70 years, whichever is earlier.

What is the Suicide Exclusion under LIC New Jeevan Amar Plan?

LIC New Jeevan Amar Plan has a Suicide Exclusion Clause if the Life Assured commits Suicide within 12 months of Premium Payment as follows:

1. Under Single premium policy: If the Life Assured commits suicide within 12 months from the date of Risk Commencement, the Nominee is refunded 80% of the Single Premium paid.
2. Regular/Limited Premium Payment policy: If the Life Assured commits suicide at any time within 12 months from the date Risk Commencement or from the Date of Policy Revival, the nominee is refunded 80% of the total premiums paid till the Date of Death, provided that the policy is in force.

Get Best Quotes for LIC Term Insurance Policy with Qian!

If you wish to purchase a Term Life Insurance Policy, Qian’s IRDAI-licensed advisors will guide you in choosing the right plan based on your goals and budget, ensuring you make an informed decision. Qian is a licensed Insurance Broker with LIC. We can assist you with all LIC Policies as well as the complete Claim Settlement Process. Get a Quote for LIC Policies with Qian at insurance@qian.co.in or call us on 022-35134695. We would be glad to assist you.

⁠ Get a Quote for LIC New Jeevan Amar Policy