LIC New Jeevan Amar Plan

The eligibility criteria for LIC New Jeevan Amar Plan are mentioned below -

1. The minimum age of entry for the insurance plan is 18 years and the maximum age is 65 years. 
2. The maximum age of maturity for the plan is 80 years.
3. The minimum basic sum assured is Rs.25,00,000.
4. The minimum policy term is 10 years, and the maximum is 40 years.

Additional Benefits of New Jeevan Amar Plan

The various additional benefits of New Jeevan Amar plan are mentioned below -

Death Benefits: In case of the policyholder’s untimely death within the policy term, the policyholder’s family member who acts as a nominee will receive the sum assured.

The highest of the following is considered "Sum Assured on Death" for Regular Premium and Limited Premium Payment Policies:

1. 7 times of the mentioned annualised premiums

1. The total amount guaranteed to be paid upon death

1. 105 percent of "Total Premiums Paid" as of the death date

"Sum Assured on Death" for policies with a single premium is the greater of:

1. Amount guaranteed in full to be paid upon death

1. up to 125% of the Single Premium

Rider Benefits: The Accident Benefit Rider from LIC (UIN: 512B203V03) is only offered as an Optional Rider for payment policies that use Regular Premium and Limited Premium. As long as the Base Policy's remaining Premium Paying Term is at least five years, this rider may be chosen under an active policy at any time throughout the Base Policy's Premium Paying Term. The coverage under this Rider is only valid throughout the premium-paying period or until the policy anniversary on which the life assured's age is 70 years old, whichever comes first.

Grace Period: From the date of the First Unpaid Premium, a grace period of 30 days will be given for payment of annual or biannual premiums. The Policy expires if the premium is not paid before the days of grace have passed. The policy will still be in effect and the benefits will be paid after deducting the said unpaid premium as well as the balance premium(s), if any, falling due from the date of death and before the next policy anniversary. If the death of the Life Assured occurs within the grace period but before the payment of the premium then due, the policy will still be in effect.

Premium Payments: The premium and all relevant taxes, if any, must be paid by the policyholder on the due dates listed in the Schedule of this policy document. Any balance premiums, if any, that become due after the date of death and before the next policy anniversary will be subtracted from the claim amount in the event that the Life Assured under an active policy dies after all premiums due up to the date of death have been paid.

What is Excluded from New Jeevan Amar Plan

The following is excluded from the New Jeevan Amar plan -

Death by Suicide: In case of the policyholder’s death caused by suicide within the first 12 months of the purchase of the policy, the nominee will receive 90% of the single premium and 80% of the premium paid until the death of beneficiary.