LIC Jeevan Amrit Plan

 

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.

 

 

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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)

Check the Bonus rates of LIC Jeevan Amrit Plan

 

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.

 

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.