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LIC’s Jeevan Amar (No.855) – Offline Term Life Insurance
by Jayant Harde Our associates have a rich corporate experience ofLIC is introducing its new offline term life insurance LIC’s Jeevan Amar (No.855) from 5th August, 2019. It is claimed that it will be one of LIC's best-cost term life insurance plan. Let's see the benefits and how they're beneficial to us all.
Jeevan Amar (No.855) of LIC is a non-linked, non-participating insurance plan for the term of life. LIC is launching a term life insurance after a long gap. It is primarily due to the competition in this product field.
There are two premium categories under this scheme: 1) Non-Smoker and 2) Smoker Tariffs. You can choose anyone option. However, if you have selected the category of Non-Smoker, you must undergo the extra medical examination such as the Urinary Cotinine Test. The premium will apply to Non-Smoker proposer based on the Cotinine Test results.
Features of LIC’s Jeevan Amar (No.855)
- It is an OFFLINE Term Life Insurance from LIC.
- Minimum Sum Assured is Rs.25 lakh and there is no limit for maximum sum assured.
- You can pay the premium as regular, single or limited.
- You can choose an assured level sum where the assured amount you have chosen will remain the same throughout the policy period.
- You can also opt for an increased assured sum, where the death benefit remains the same for the first policy period up to five years. After that, for the next 10 years, it will increase at a pace of 10 percent (up to that it will double the guaranteed fundamental amount). It will stay the same from the 16th year, i.e. double the guaranteed fundamental amount.
- 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 is no surrender value for periodic premium policies as it is a life insurance word. However, the surrender value is calculated on the basis of the formula set by LIC for a single premium policy and a limited premium policy.
LIC’s Jeevan Amar (No.855) – Death Benefit Options
Death Benefit Sum Assured
LIC's Jeevan Amar (No.855) has two death alternatives.You must select the sort of guaranteed death benefit option at the moment of buying only .In the middle of the policy period, you can't alter the choice. They're just like below.
Level Sum Assured
Your nominee will obtain the assured sum you have chosen when you purchase the policy. Throughout the policy era, it will stay the same.
Increasing Sum Assured
Under this feature, your sum assured increase as below.
- Under this feature, the death benefit will be the same as the initial sum assured for the first five years that you have chosen.
- It will rise at a pace of 10 percent per year from the sixth policy year to the fifteenth year until it becomes the double of the guaranteed fundamental amount.The increase in the assured sum will continue until the end of the policy term, until the date of the policyholder's death or until the 15th year, whichever is earlier, under an inforce policy.
- The assured sum payable at death will be constant from the 16th policy year, i.e. twice the amount assured you initially opted for.
As per the choice selected, your nominee will earn the death advantage during which your death happens during the policy period.
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About Jayant Harde 
Our associates have a rich corporate experience of
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Created on Aug 13th 2019 04:18. Viewed 335 times.
