LIC Jivan Amar Policy: Today I am going to provide you all the details of the LIC Jivan Amar Term Policy. LIC has come up with this new Policy called LIC Jivan Amar Term Insurance for its customers. Life Insurance Corporation (LIC) is India's largest insurance company. This Term Policy is very useful during the present situation of the country. I am saying about Pandemic.
LIC is well known for its insurance plans. LIC has all the types of insurance plans to fulfill its customer's needs. In case of any accidental death during the term of LIC Jivan Amar Policy, his family will get financial support from the Insurance Company.
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Eligibility criteria for LIC Jivan Amar Policy
Any person above the age of 18 years can take advantage of the scheme and also anyone below the age of 18 can get the advantage of it. The minimum term of this policy is 10 years and the maximum term is 40 years. This LIC Jivan Amar Policy is the newest term insurance policy launched by LIC.
| Parameters | Details |
|---|---|
| Policy Tenure | 10-40 Years |
| Premium Paying Term | Regular Premium: Same as the policy term Limited Premium: 10-40 years - Policy term minus 5 years 15-40 years - Policy term minus 10 years |
| Premium Paying Mode | Quarterly, Monthly, Half Yearly, and Yearly |
| Entry Age | Minimum 18 years Maximum 65 years |
| Maturity Age | 80 Years |
| Grace Period | 30 Days |
| Sum Assured | Maximum - 25,00,000 Minimum - No Limit |
| Liquidity | No Liquidity |
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What is a Term Insurance Policy
A term insurance policy is a policy where your dependents can avail of accidental death coverage. You will not get any maturity value as the other policies give. You are just paying to secure your dependant's future when you are not there to take care of them.
Term insurance policies pay you a great coverage value from rupees 1 crore and more. It depends on the Insurance Company. By buying a term insurance plan, you get great coverage at very affordable premiums. At present time, if you look forward then this is the best form of protection.
Benefits of LIC Jivan Amar Term Insurance Policy
The key benefits of LIC Jivan Amar Term Insurance Policy are below:
- Death Benefit: As I told you that the main highlighted point of this policy is death coverage. The dependents of the policyholder get a lump-sum amount as in death benefit. The death benefit for a single premium is defined as 125% of that premium.
- Maturity Benefit: No maturity benefit is payable to the policyholder until the end of the policy tenure.
- Surrender Benefit: Limited Surrender value is available. If you want to know more about surrender benefits, then you have to contact the LIC Agent.
- Tax Benefits: LIC Jivan Amar Policy is eligible for tax benefits
| Medical Checkup | No medical checkup required |
| Discount | Save more with up to 10% Discount |
| New Coverage | Covers COVID-19 |
| Tax Benefits | Up to Rs. 46800 |
| Cover Till Age | 99 Years |
Document required to open LIC Jivan Amar Policy
The following documents are require to buy LIC Jivan Amar Policy:
- Identity Proof: PAN Card, Voter Id Card
- Address Proof: Passport, Aadhar Card, Driving License, Electricity Bill
- Income Proof: Income Tax return or Salary Slip
How to buy LIC Jivan Amar Policy Online
You can't buy this policy online. You have to visit your nearest LIC Branch to buy this policy.
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Conclusion:
So, I hope you have got an idea of LIC Jivan Amar Policy. If you like the article then let me know in the comment section. I'll be back with a new article soon.
FAQ's
Q1. Where to check LIC Jivan Amar Policy Status?
You can track all the communication over SMS and E-mail or visit the nearest branch to check the policy status.
Q2. What to do after policy holder's death?
The nominee can bring all the supportive policy documents to the nearest LIC branch or if you have a good relation with LIC agent then the process would be easier to claim the policy amount.