LIC Jeevan Amrit Plan

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Policy Discontinued

LIC Jeevan Amrit Plan

 

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.

 

 

 

Key Features of LIC Jeevan Amrit Plan

 

§  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.

 

 

Benefits you get from LIC Jeevan Amrit 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)

 

 

Eligibility conditions and other restrictions in LIC Jeevan Amrit Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

1,00,000

No Limit

Policy Term (in years)

10

30

Premium Payment Term (in years)

3

5

Entry Age of Policyholder

12

60

Age at Maturity

-

70

Single Premium (in Rs.)

NA

NA

Payment modes

Yearly and Half-Yearly

 

 

Sample illustration of premium of LIC Jeevan Amrit Plan

 

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.

LIC Jeevan Amrit Sample Premium Values

 

Additional Features and Benefits of LIC Jeevan Amrit Plan

 

Riders – There are no Additional Riders available:

 

 

What happens if?

 

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.

 

 

Alternate endowment plans from different insurance companies

 

1.     HDFC Savings Assurance Plan

2.     ICICI Pru Guaranteed Savings insurance Plan

3.     Reliance-Special Endowment Plan

 

 

Other endowment insurance plans from Life Insurance Corporation of India

 

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

  

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the LIC Jeevan Amrit Plan brochure and insurance company's website. It should not be construed as a Critical or Favourable LIC Jeevan Amrit Plan Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

maturity benefit is only premiums paid and bonus, i learnt from someone that it also pays the sum assured amount

By Nishant Sheth on Dec 10, 2013 Reply

Dear Nishant, what you have heard is incorrect. Premiums paid + Bonus is what you will get on maturity.

Replied By Deepak Yohannan (MIC Staff) on Dec 11, 2013 Reply

This is a very good plan for high earnings people.

By Rakesh Chauhan on Dec 17, 2011 Reply

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