LIC’s Jeevan Amar
LIC has launched its flagship term life insurance LIC’s Jeevan Amar (No.855). This is going to be one of the blockbuster term plan introduced by LIC as far as per experts in this field. Let us see the benefits and how it protects our family.
LIC’s Jeevan Amar (No.855) is a Non-Linked, Non-Participating Term Life Insurance Plan. After a long time, LIC launching a term life insurance. It is mainly because of the competition in this field of product.
LIC’s Jeevan Amar (No.855) – Must buy term plan
- It is an OFFLINE Term Life Insurance from India’s trusted insurer LIC.
- Minimum Sum Assured is Rs.25 lakhs and there is no limit for maximum sum assured. Do consult Financial advisor for amount of insurance required.
- You can pay the premium as regular, single or 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.
- You can opt for Accidental Rider also.
- Lower rates for Non-Smokers and special rates for women.
There are two subcategories on the basis of insurance coverage:
1. Level Sum Assured
Your nominee will receive the Sum Assured you opted while buying the policy. It will remain the same throughout the policy period.
2. Increasing Sum Assured
Under this feature, the death benefit will be the same as that of the initial sum assured you have chosen for the first five years. From 6th policy year to 10th year, it will increase at the rate of 10% per year. From the 16th year of the policy period, it will remain the same throughout the remaining policy period.
Accordingly, your nominee will receive the death benefit during which period of the policy your death occurs. Death benefit payment option to the nominee Your nominee can receive the death benefit as a lump sum or in installments. If you opted for installments, then LIC will pay the death benefit installments in 5 years, 10 years or 15 years.
You can choose the full death claim amount be payable in installments or a certain portion of death claim in installments. You can choose this installment option either at the time of buying or during the policy period.
Confused to buy Online or Offline ?
Most individuals think they save money by buying online which proves very costly at the time of claim settlement. Ordinary individuals tend to make wrong data entry while buying online which can even make the plan null and void and therefore losing all the premium and also insurance cover too.
Always insist on a qualified LIC adviser preferable MDRT agent who can help you to submit the proposal in a professional manner and assist you in every step of proposal completion. Finally a professional adviser will provide you complete peace of mind as many times claim procedure are lengthy and time consuming and only professional adviser with thorough knowledge will assist in claim.