All you need to know about LIC Jeevan Amar Term Plan
LIC is a leading public insurance company in India that offers a variety of products for you that will help you achieve financial goals in your life. However, you need to know more about the details of plans with more attention that gives ways to get more ideas. Not only that, you can focus more on your financial planning in the future. So before choosing a plan, you need to know the features and other things from different sources. Another thing is that it allows you to invest money based on your options.
A variety of plans are available from LIC that aim at catering to your needs. LIC Jeevan Amar term plan is one of them which provides several advantages for you. It is a non-term and non-participating plan that comes with term insurance benefits. The plan offers protection for your family when you are not around. Moreover, the premium rates are affordable when you want to purchase this plan.
What are the features of the LIC Jeevan Amar plan?
1. Coverage Choice
LIC’s Jeevan Amar plan has two plan options for you when it comes to coverage. You can pick anyone among them based on your choices.
The first one is the level sum assured coverage, where the coverage amount will remain the same throughout the policy term. On the other hand, the increasing sum assured increases the coverage amount during the policy term. However, the coverage remains the same for the first five years. It is called the basic sum assured (BSA) and increases 10% for the next 15 years.
2. Death Benefit
The plan provides a death benefit for your family during your absence. Your nominee will get a lump sum amount that will help lead a comfortable life. Furthermore, LIC allows your spouse or children to receive the amount in installments for a period of 5 years or more, depending on the choices. This mode is the right option when you want to ensure a regular cash flow for your loved ones.
3. Surrender Benefit
The plan offers surrender benefits when you want to terminate it. At the same time, you don’t get a refund in a regular payment plan. If you have a limited pay plan, then you are eligible to receive a refund. At the same time, ensure that you have completed premium amounts for at least 2 years when it is a 10-year plan and 3 years for more than 10 years plan.
4. Rider Benefit
You can choose a rider benefit option under this plan. In addition, the plan offers critical illness coverage, disability benefit, or accidental death coverage, which exactly suits your needs that will help accomplish goals to a large extent.
What is the eligibility for the LIC Jeevan Amar plan?
The minimum entry age for entering this plan is 18 years old, and the maximum entry age is 65 years. You should know more about the details of the LIC Jeevan Amar plan before buying; that will help you make the right decision.
5 Reasons to buy LIC Jeevan Amar plan
- The policy has a duration of 10-40 years, and you can choose your term depending on your needs
- It covers a minimum sum assured amount of Rs.25 lakhs and has no maximum sum assured amount
- Special premium rates when you are a non-smoker
- Attractive rebates on high sum assured amounts that can help save more money
- Easy claim process enabling you to experience peace of mind
How to calculate LIC Jeevan Amar plan premiums?
If you want to know the premiums of the Jeevan Amar plan, then you consider using the LIC Jeevan Amar premium calculator online. It will help you to calculate the amount that gives ways to buy the same according to your needs. On the other hand, you should enter some details to generate the premium amounts.
Some of them include age, sum assured, lifestyle, income, occupation, tenure, premium type, etc. They allow you to determine the premium amounts that exactly suit your budgets, giving ways to pay the same on time. This calculator is an online tool that enables you to know the premium prices with ease.
Factors that can affect LIC‘s Jeevan Amar plan premiums
As a policy buyer, you should know the factors that can influence the premium prices of LIC’s Jeevan Amar plan. This, in turn, gives ways to proceed further when you want to buy the policy.
Age is the most important factor that will affect your premium rates. If you plan to buy a plan after 40 years, you have to spend more money on them. Your lifestyle will also play an important role in your premium prices because the risks are high if you are a smoker. You should consult with the company if you have smoking habits.
Occupation is the next thing that can increase your premium rates because LIC will list certain professions under the risk category. Therefore, you need to pay more premium amounts when your job is a risky one. Sum assured amount is another factor to keep in mind while buying LIC‘s Jeevan Amar plan. If you are above 45 years, then you need to submit a medical test report to know your health conditions. However, it is wise for you to confirm the same when purchasing the plan.
Where to buy LIC’s Jeevan Amar plan?
It would be best if you read the LIC Jeevan Amar review before purchasing the plan. Also, you can buy the policy online at the best prices that will reduce your expenses. You should follow the instructions carefully when purchasing the plan online. The premium prices are affordable, and the plan doesn’t come with any maturity benefit. You should know the exclusions of the policy before investing money. You can even get guidance from agents who have a vast knowledge of plans and other procedures. Make sure that you meet all the conditions while purchasing a plan that will help claim amounts with ease.
