One of the most popular and renowned insurance & investment groups of our country is Life Insurance Corporation of India (LIC). People always run behind being successful in life. The first and foremost thought that strikes in most of our minds is the money. Yes, you can’t deny the fact that money makes you powerful. It comes along with success & fame. However, these are not the only things that matter. Emotions, relations, behavior, social presentation, and money handling are the other things that help you to stay humble to your work. To compile your finance with the sentiment of your friends and family, the Life insurance corporation of India is an ideal platform.
It has recently launched a new program named Jeevan Amar plan about which we are going to discuss today. Beginners who have just started their careers can also invest in it. Earning money, saving, and investing in the right place are three different things. If you master all the three art, you will never repent in life about any financial matter. Let us begin with a simple scenario; imagine you have bought a new cell phone. You cannot merely keep using it as it is. Getting a screen guard, phone cover, and other protective accessories are mandatory. If, due to any mishappening, your phone gets into an accident, you will be able to secure it. Similarly, imagine the phone as your life and protective accessories as your LIC plan. It helps to fix your life during happy & carefree days and even after death.
Different people have various goals and purpose in their life. Therefore, their needs also vary. LIC has a set of plans according to the requirements of people in our country. Money back, endowment, term insurance, and whole life are some fascinating plans. The Jeevan Amar Plan is what we are going to discuss today. It comes under the term insurance plan.
What are the fundamentals of the Jeevan Amar plan?
The new pure protection plan by LIC, known as Jeevan Amar Plan, is an excellent option to invest your money safely. It is a term plan which was launched at the fifth of august in 2019. It comes under table number 855. It is an offline plan that offers the benefit of staying in direct contact with the agent while receiving term payment. It has several more features & benefits. Make sure you read the entire article for complete information. It will clear all your doubts if you are interested in purchasing this plan.
What are the features of LIC Jeevan Amar plan?
- The death benefit is the first and foremost profitable feature. Unfortunately, if your demise occurs, the nominee of the plan will get the entire assured amount along with some benefits.
- To enhance the fundamental cover of the plan, there is also the availability of additional riders. In case of any auto accident or anything, you will have extra coverage.
- Smokers and non-smokers have different premium plans. The one who does not smoke will have a lesser premium and vice versa.
- Women have exclusive benefits in this plan. In comparison to men, they have to pay lesser premium amount.
- Two types of sum assured options are available. The one which remains steady is known as level sum assured. Another one is known as increasing sum assured. We will discuss it further.
What are the advantages of LIC Jeevan Amar plan?
- People get an outstanding benefit of a high sum assured rebate.
- Smokers and non-smokers have two categories of premium rates.
- You also have an option to include the rider for enhancing the plan cover.
- You are free to choose between increasing and level sum assured.
- Premium paying option has flexibility, as you can select from single, regular, and premium payments.
- Women are highly benefited due to the special rates available for them.
How is it different from Jeevan Amulya’s plan?
- The age of entry was 18 to 60 years in the Jeevan Amulya plan. However, the entry is similar to the Jeevan Amulya Plan, but it is increased to 65 years.
- Premium discounts to women was not available in the older plan. However, this plan benefits women exclusively.
- The grace period of 15 days is doubled in the recent Jeevan Amar Plan. It is now for 30 days.
- The only option for death benefit was a lump sum payment in the last plan. However, now you have lump sum and installment payment options.
- Single premium paying term was not present in the Jeevan Amulya Plan. You will get this feature in Jeevan Amar Plan.
- The age of maturity is ten years more in the Jeevan Amar Plan. Previously, it was 70 years of age.
What about the death benefit payment?
Death benefit payment is an outstanding feature to assure the future of you and your family. It has three kinds of options:
- Lump-sum: If the nominee chooses this option, he/she will be paid the entire amount of death benefit at once.
- Installments: However, if the nominee picks installment options, he/she will get yearly, monthly, or quarterly for five, ten, or sum of 15 years.
- Lump-sum + installments: It is the combination of both the payments. Make sure that the right of choosing the death benefit payment option remains to the nominee only. Once selected, you cannot make any change in the plan.
Who is eligible for LIC Jeevan Amar plan?
Let us discuss about the people who are eligible for this plan. It will help you to know if it is wise for you to invest money in this plan or not:
- The minimum age of entry is 18 years.
- The maximum age of entry is 65 years.
- The maximum age of maturity is 80 years.
- The minimum sum assured amount is 25 lakhs.
- There is no amount set for the maximum sum assured as of now. It will depend on the income of the person.
- Minimum and maximum policy terms are 10 years and 40 years, respectively.
What is LIC Jeevan Amar Premium?
You will have two types of options for LIC premium payment. It can either be single or regular time. People also get the benefit of 30 days grace period. If under any circumstances, if something happens to the person, he will be given extra time for completion of premium payment. Therefore, the claim will be payable to you.
Why should you choose LIC Jeevan Amar plan?
- The nominee has to pay low rates in premium under this plan if he/she chooses a high sum assured amount. For example, if you are selecting an amount of 50 lacks or 1crore, you are eligible for discounts of 12 to 20 percent.
- We have already discussed enough about the death benefit. It is an amazing option for nominees with more family members.
- You also get the benefit of paying premium payment in three different forms. Single, regular, and limited premium payment options are available. Under this, you can pay either at once or annually. You also get an option of completing term payment but at the cost of reducing 5-10 years from term policy.
We hope that we made the LIC Jeevan Amar Plan easier for you to understand. Thanks for your precious time!