LIC Jeevan Amrit Plan is a limited payment endowment policy with bonus facility. Premium needs to be paid for a maximum of 5 years in this plan but the cover continues till the end of the policy. The first year premium under this plan is noticeably higher than the subsequent years’ premium.
In this plan, the Sum Assured + accrued Bonus would be paid as Death Benefit if the life insured dies within the policy tenure. However, if he lives till the policy maturity, then all the premiums paid till date along with accrued Bonus would be paid as Maturity Benefit.
§ This plan an endowment plan with guaranteed returns
§ Sum assured + accrued Bonus paid as Death Benefit.
§ The premiums paid till date along with accrued Bonus is paid as Maturity Benefit.
§ Premium needs to be paid only for 3 to 5 years in this plan.
§ The first year premium is much higher than the subsequent year’s premiums so that the premium paying commitment is low.
§ There is a large Sum Assured rebate available under this plan.
Death Benefit – In case of death of the Life Insured, the nominee receives Sum Assured + Simple Reversionary Bonus + Final Addition Bonus
Maturity Benefit – At the maturity of the policy, the insured will get total Premiums paid till date + Simple Reversionary Bonus + Final Addition Bonus
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
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Sum Assured (in Rs.)
Policy Term (in years)
Premium Payment Term (in years)
Entry Age of Policyholder
Age at Maturity
Single Premium (in Rs.)
Yearly and Half-Yearly
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs 1,00,000and Policy Term = 25 years with a PPT= 5 years respectively.
Riders – There are no Additional Riders available:
You stop paying the premium – If you stop paying the premiums after paying first years’ premium in full, the policy acquires a Paid Up Value for a Reduced Sum Assured. If the Life Insured dies under this circumstance, the reduced Paid-up Sum Assured, along with vested reversionary bonuses, if any, shall be payable.
You want to surrender the policy – There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
There is also a Special Surrender Value, which is the discounted value of Paid-up Sum Assured
You want a loan against your policy – Loan facility is available under this policy. The rate of interest at present is 9% p.a.
1. HDFC Savings Assurance Plan
2. ICICI Pru Guaranteed Savings insurance Plan
3. Reliance-Special Endowment Plan
1. Endowment Assurance Limited. Payment - with profits
2. Endowment Assurance Policy - with profits
3. Jeevan Mitra
4. New Jeevan Shree 1
5. Jeevan Saral
6. Jeevan Pramukh
7. Bima Nivesh 2005
8. New Janaraksha Plan