Life Insurance Corporation of India (LIC) Jeevan Amar is a non-linked, non-participating, life insurance plan. The plan is designed to provide financial protection to the policyholder’s family in case of his/her unfortunate death. LIC Jeevan Amar offers a range of benefits and advantages to the policyholder, making it a popular life insurance plan in India. In this article, we will discuss the key features, benefits, advantages, eligibility criteria, and the application process of LIC Jeevan Amar.
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Benefits of LIC Jeevan Amar:
Death Benefit: In case of the unfortunate death of the policyholder during the policy term, the nominee will receive the sum assured as death benefit.
Guaranteed Maturity Benefit: The policyholder is eligible to receive the sum assured as maturity benefit on the completion of the policy term.
High Sum Assured Rebate: The policyholder can avail of a high sum assured rebate, which reduces the premium amount.
Tax Benefits: The premium paid for LIC Jeevan Amar is eligible for tax deductions under Section 80C of the Income Tax Act, 1961.
Advantages of LIC Jeevan Amar:
Flexibility: The policyholder has the option to choose the policy term and the sum assured as per his/her requirement.
Low Premium: The premium amount for LIC Jeevan Amar is relatively low compared to other life insurance plans.
Easy Claim Settlement: The claim settlement process for LIC Jeevan Amar is quick and hassle-free.
Who can Apply for LIC Jeevan Amar?
Age: The minimum age for applying for LIC Jeevan Amar is 8 years, and the maximum age is 60 years.
Policy Term: The policy term for LIC Jeevan Amar ranges from 10 to 30 years.
Sum Assured: The minimum sum assured for LIC Jeevan Amar is Rs. 2 lakh, and there is no upper limit for the same.
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How to Apply for LIC Jeevan Amar?
The policyholder can easily apply for LIC Jeevan Amar by visiting the nearest LIC branch or through the LIC website. The policyholder will have to provide some personal details, medical history, and information about the nominee to complete the application process.
Example for LIC Jeevan Amar:
Suppose, Mr. Rohit, who is 40 years old, wants to buy a life insurance policy to secure the financial future of his family. He decides to opt for LIC Jeevan Amar with a sum assured of Rs. 10 lakh and a policy term of 20 years. The premium amount for Mr. Rohit would be approximately Rs. 20,000 per annum. In case of his unfortunate death during the policy term, his family will receive Rs. 10 lakh as death benefit. On the completion of the policy term, Mr. Rohit will receive Rs. 10 lakh as maturity benefit.
