LIC Jeevan Amrit Summary:
Jeevan Amrit (Plan No.186) is designed to meet the needs of persons having high earning for short span, wherein the income may decrease or stop thereafter. During the period of high income, the premium paying capacity of such persons is quite high. The premium will be high during first year and thereafter premium comes down significantly i.e. to the extent of half or 1/3rd or 1/4of the first year premium. You can choose the policy term from 10 to 30 years. Under this plan premium payment is limited to 3 or 4 or 5 years. During PPT, the premium payable in subsequent years is higher than the premium payable during the first year.
Some people, particularly the younger ones, want to have high cover at a low cost. Further, many of them do not want commitment to pay premiums for a longer duration. LIC’s Jeevan Amrit is most suitable for such persons.
Excluding extra premium and not on the SA the Simple Reversionary Bonus will be paid on the amount of premiums paid. Whether fully or partially paid-up, the policy will participate in profits. This is the special feature of this plan.
A) Death Benefit: An amount equal to Sum Assured along with vested Simple Reversionary Bonuses and Final (Additional) Bonus (if any) is payable in lump sum immediately on death of the Life Assured during the term of the policy.
B) Maturity Benefit: Payment of total amount of premiums (excluding extra premiums, if any) paid along with vested Reversionary Bonuses and Final (Additional) Bonus (if any), in case of Life Assured surviving to the end of the term.
Payment of Premiums:
You may pay premiums yearly or half-yearly during the premium paying term of 3 or 4 or 5 years.
You may choose Sum Assured (S.A.), Premium Paying Term, Policy Term and Mode of premium payment.
Eligibility Condition and restrictions for Jeevan Amrut
(a) Minimum Entry Age : 12 years (last birthday)
(b) Maximum Entry Age : 60 years (nearest birthday)
(c) Maximum Maturity Age : 70 years (nearest birthday)
(d) Minimum Sum Assured : Rs. 1,00,000
(e) Maximum Sum Assured : No limit
(f) Premium Paying term : 3 to 5 years
(g) Policy term : 10 to 30 years
You may avail loan within the surrender value at the rate and terms determined from time to time by the LIC.
You may surrender the policy for cash after completion of at least one policy year provided premiums for one full year have been paid.
If the policy has lapsed, you can revive it by paying arrears of premium together with interest (rate fixed from time to time) within a period of five years, subject to the production of satisfactory evidence of continued insurability.
Cooling Off Period:
If not satisfied with the Terms & conditions of the policy, policy can be returned within 15 days.
Mr. Anand aged 30 years takes a policy for 10 lakh SA (Term: 30 years PPT :5 years). He pays a yearly premium of Rs 52571 during the 1st year & Rs 13155 during subsequent 4 years (13155X4 = 52620). Totally he pays Rs.105191/-
Till maturity, on his survival i.e. at his age of 60, he will get back all the premiums paid by him i.e. Rs.105191 + bonus and FAB if any. During the term of the policy, in the event of his death, his nominee will get SA of Rs 10 lakhs + vested bonus and FAB if any.
How to Apply for LIC Of India’s Jeevan Amrut table no.186?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent. Or
Fill the Application form to apply online. (Mumbai only)
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The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.
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