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Are you looking for a reliable life insurance plan to protect your loved ones financially? As the Best LIC Agent in Kolkata, I’m excited to introduce you to LIC New Jeevan Amar – a powerful term insurance policy designed to provide comprehensive coverage at affordable rates. In this guide, I’ll walk you through everything you need to know about this popular plan and how it can safeguard your family’s future.
Table of Contents
Key Takeaways
- LIC New Jeevan Amar is a pure term insurance plan offering high coverage at affordable rates.
- Choose between level and increasing sum assured options to match your needs.
- Benefit from special rates for women, non-smokers, and high sum assured policies.
- Enhance protection with accidental death benefit rider.
- Flexible premium payment options and revival facility available.
What is LIC New Jeevan Amar?
LIC New Jeevan Amar is a non-linked, non-participating, individual pure risk premium life insurance plan offered by Life Insurance Corporation of India (LIC). It’s specifically designed to provide financial protection to your family in case of your untimely demise during the policy term.
Some key features that make New Jeevan Amar stand out include:
- Flexibility to choose between level and increasing sum assured options
- Multiple premium payment modes (single, regular, limited)
- Special premium rates for women
- High sum assured rebates for large policies
- Option to add accidental death benefit rider
Let’s dive deeper into the details of this plan to help you determine if it’s the right fit for your insurance needs.
Benefits of LIC New Jeevan Amar
Death Benefit
The primary purpose of New Jeevan Amar is to provide a substantial death benefit to your nominees if you pass away during the policy term. The death benefit payable will be the “Sum Assured on Death” which is defined as the highest of:
- 7 times the annualized premium
- 105% of total premiums paid up to the date of death
- Absolute amount assured to be paid on death
For single premium policies, it’s the higher of:
- 125% of single premium
- Absolute amount assured to be paid on death
Flexibility in Sum Assured Options
New Jeevan Amar offers two benefit options to choose from:
- Level Sum Assured: The death benefit remains constant throughout the policy term.
- Increasing Sum Assured: The death benefit increases by 10% of the basic sum assured each year from the 6th to 15th policy year, ultimately becoming twice the basic sum assured.
This flexibility allows you to align the coverage with your increasing financial responsibilities over time.
No Maturity Benefit
It’s important to note that New Jeevan Amar is a pure term insurance plan. This means there is no maturity benefit payable if you survive the policy term. The focus is entirely on providing maximum protection at minimum cost.
Eligibility and Policy Details
- Age at Entry: 18 to 65 years
- Maximum Age at Maturity: 80 years
- Minimum Sum Assured: ₹25,00,000
- Maximum Sum Assured: No limit (subject to underwriting)
- Policy Term: 10 to 40 years
- Premium Payment Options:
- Regular Premium: Same as policy term
- Limited Premium: (Policy term minus 5) or (Policy term minus 10) years
- Single Premium
Premium Rates and Rebates
LIC New Jeevan Amar offers competitive premium rates, with additional benefits for:
- Non-smokers: Lower rates based on urinary cotinine test results
- Women: Special discounted rates
- High Sum Assured: Attractive rebates for larger policies
High Sum Assured Rebates
For Level Sum Assured Option:
| Age Band | ₹50 Lakh to < ₹1 Crore | ₹1 Crore and above |
|---|---|---|
| Up to 30 years | 13% | 25% |
| 31 to 50 years | 11% | 21% |
| 51 years and above | 6% | 11% |
For Increasing Sum Assured Option:
| Age Band | ₹50 Lakh to < ₹1 Crore | ₹1 Crore and above |
|---|---|---|
| Up to 30 years | 11% | 23% |
| 31 to 50 years | 9% | 19% |
| 51 years and above | 5% | 10% |
These rebates can significantly reduce your premium outgo, especially for younger policyholders opting for higher coverage amounts.
Additional Features
Rider Option
You can enhance your protection by adding the LIC’s Accident Benefit Rider. This rider provides an additional sum assured in case of accidental death, subject to certain conditions.
Option to Receive Death Benefit in Installments
New Jeevan Amar allows the policyholder to choose whether the death benefit should be paid as a lump sum or in installments over 5 years. This can be helpful for families who prefer a regular income stream rather than a large one-time payout.
Revival of Lapsed Policies
If you miss premium payments, the policy can be revived within 5 years from the date of first unpaid premium, subject to certain conditions and payment of due premiums with interest.
Why Choose LIC New Jeevan Amar?
- Trustworthy Brand: LIC is India’s largest and most trusted life insurer with a strong track record of claim settlements.
- Affordable Premiums: Get high coverage at competitive rates, especially beneficial for young individuals and families.
- Customizable: Choose from various options to tailor the plan to your specific needs and budget.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C of the Income Tax Act*.
- Peace of Mind: Ensure your family’s financial security even in your absence.
*Note: Tax benefits are subject to changes in tax laws. Please consult a tax advisor for detailed information.
How to Buy LIC New Jeevan Amar
As an experienced LIC Agent in Kolkata, I can guide you through the entire process of purchasing New Jeevan Amar:
- Consultation: We’ll discuss your financial goals and protection needs.
- Customization: I’ll help you choose the right sum assured, policy term, and premium payment option.
- Documentation: Assist with filling out the application and gathering necessary documents.
- Medical Requirements: Guide you through any required medical tests.
- Policy Issuance: Follow up with LIC to ensure smooth policy issuance.
Remember, life insurance is a crucial part of your financial planning. As your dedicated LIC Agent in Kolkata, I’m here to help you make an informed decision and secure your family’s future with the right insurance coverage.
Feel free to reach out to me at 7980031260 for personalized advice or to start your New Jeevan Amar application process. Let’s work together to build a strong financial safety net for your loved ones!
Frequently Asked Questions
Is LIC New Jeevan Amar suitable for senior citizens?
While New Jeevan Amar can be purchased up to age 65, it’s generally more cost-effective when bought at a younger age. For seniors, there might be other LIC plans better suited to their needs.
Can I increase my sum assured after purchasing the policy?
The sum assured cannot be increased after policy issuance. However, if you’ve chosen the increasing sum assured option, your coverage will automatically grow as per the policy terms.
What happens if I stop paying premiums?
If you stop paying premiums, the policy will lapse after the grace period. A lapsed policy provides no benefits. However, you have the option to revive the policy within 5 years by paying due premiums with interest.
Is medical examination compulsory for New Jeevan Amar?
Medical requirements depend on factors like age, sum assured, and personal health history. For some applicants, a simple declaration of good health may suffice, while others might need more comprehensive medical tests.
Can I get returns if I survive the policy term?
New Jeevan Amar is a pure protection plan with no maturity benefit. If you’re looking for returns, you might want to consider LIC’s endowment or ULIP plans alongside this term insurance for comprehensive financial planning.
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