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LIC Jeevan Amar Plan

This is the newly launched pure term insurance plan from LIC. Being a term insurance insurance plan, you get large covers at very affordable premiums and hence forms the best form of protection. This plan will be sold offline and it much more affordable than the LIC Amulya Jeevan II which was the earlier offering. Also, this plan has enough flexibility compared to the earlier offering.

Launch Date6th August, 2019
Plan DetailsTable No. 855
Policy TypeTerm Insurance
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Cover Options
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Low Premium Rates
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Death Benefit
Compare this plan with other Term Plans
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Key Features

Cover Options

2 Options to choose the life cover

  • Level sum assured
  • Increasing sum assured
Age Availability

Life insurance available till the age of 80

Payout Flexibility

Flexibility in choosing the death benefit payout

  • In lump sum
  • In installments over 5,10 or 15 years
Premium Flexibility

Flexibility to choose how long to pay premiums

  • Single premium
  • Regular Premium
  • Limited Premium
Death Benefit

Accident Death Benefit rider is available

Low Rates (Non-Smoker)

Lower premium rates for non-smokers

Low Rates (Women)

Lower premium rates for women

Tax Benefits

Tax Benefits


Death Benefit

In case of sad demise of policy holder, his nominee will be paid the Sum Assured.

Maturity Benefit

As this is a pure term insurance plan, there is no maturity benefit.

Tax Benefits

This plan will have benefits under Section 80C and Section 10 (10D).

Surrender Value

No surrender value available under regular and limited pay option but you will get it in single pay and limited pay option.

Free look Period

If the policyholder is not convinced with the terms and conditions of the policy, s/he can cancel the policy within 15 days from the receipt of the policy document.



This comparison of premiums will give you a better idea of how the plan is priced in comparison to other plans from LIC and its competition.

Sum Assured - 1 crore
Policy Term - 10 years
Age of policyholder - 40 years
Non-smoker, Male

Annual premiums including taxes will be as follows:

Plan Annual Premium
HDFC Life’s Click 2 Protect 3D Plus Rs. 11,166
ICICI Prudential’s iProtect Smart Rs. 11,192
LIC’s e-Term Plan Rs. 17,464
LIC’s Jeevan Amar Rs. 18,956

How it works


Choice of Cover - You have the option of selecting this option at the time of purchase.

  • Level Sum Assured - Here the cover amount will remain the same throughout the policy term.
  • Increasing Sum Assured - Here the cover amount will increase with the policy term. There will be no change in the cover amount in the first 5 years. This will be called the Basic Sum Assured (BSA). The cover amount will increase by 10% of the BSA every year, for the next 15 years or the end of the policy term (whichever is earlier). After that, the cover amount will not increase. The increase Sum Assured will be capped at 2 times the Basic Sum Assured.

Premium payments - Depending on your comfort levels you can choose to make premiums based on the following:

  • Single Premium - Pay just once and enjoy the cover throughout the policy term without worrying about any future payments. Best for those who do not have a source of regular predictable income and have cash-in-hand now.
  • Regular Premium - In this option, you have to pay every year, throughout the policy term. So if you have chosen a term till the age of 80, you will have to make payments till that time
  • Limited Premiums - This option has become popular with the onset for longer policy terms. Best for those who want to finish paying their premiums during their working years or immediately after that and continue enjoying the cover for the full term. You can choose a premium payment term as follows:
    • Policy term minus 5 years
    • Policy term minus 10 years

Death Benefit Payout - You can choose to have the death benefit payable to the nominee in lumpsum or in parts.

  • Lumpsum Payout - The entire death benefit of Sum Assured will be paid to the nominee at one go.
  • Installment Payouts - You can also choose to have part of the death benefit in lumpsum and the balance in installments over a period of 5, 10 or 15 years. This mode can be useful in case you want to maintain a regular cash flow for your loved ones.

Rider - You can choose to take the Accidental Death Benefit Rider by paying an extra amount. In case of death due to accident, you will get the Rider benefit in addition to the Sum Assured in the plan.


  Minimum Maximum
Age at Entry 18 years (Last Birthday) 65 years (Last Birthday)
Maturity Age 28 years (Last Birthday) 80 years (Last Birthday)
Policy Term 10 years 40 years
Basic Sum Assured Rs. 25 Lakhs No Limit
Premium Payment Options Regular Premium : Same as policy term
Limited Premium : Policy Term - 5 (For policy term 10 to 4 years)
Limited Premium : Policy Term - 10 (For policy term 15 to 40 years)
Single Premium : Single Payment
Minimum Premium Regular Premium - Rs. 3,000/-
Single Premium - Rs. 30,000/-

That pretty much explains the workings of the LIC Jeevan Amar Term Insurance Policy. If you have any questions on this plan, please drop a comment and we will surely get back with our inputs.