LIC’s Jeevan Amar Plan 855 is a Non-Linked, Non-participating Offline Term Assurance Plan which provides financial protection to the insured’s family in case of his/her unfortunate death during the policy term.
Key features of LIC’s Jeevan Amar:
A. Flexibility to choose from two benefit options: Level Sum Assured and Increasing Sum Assured.
B. Flexibility to Choose from Single-Premium, Regular Premium and Limited Premium Payment o Choose the Policy Term/Premium Paying Term o Opt for payment of benefit in installments.
C. Special rates for women.
D. The benefit of attractive High Sum Assured Rebate.
E. Two categories of premium rates namely (1) Non-Smoker rates and (2) Smoker rates. The application of Non-Smoker rates shall be based on the findings of the Urinary Cotinine test. In all other cases, the Smoker rates will be applicable.
F. Option to enhance your coverage by opting for Accident Benefit Rider on payment of additional premium for rider benefit.
Eligibility conditions and Other Restrictions:
a) Minimum Age at entry : [18] years (Last Birthday)
b) Maximum Age at entry : [65] years (Last Birthday)
c) Maximum age at Maturity : [80] years (Last Birthday)
d) Minimum Basic Sum Assured: Rs. 25,00,000/-.
e) Maximum Basic Sum Assured: No Limit The Basic Sum Assured shall be in multiples of Rs. 1,00,000/-, if Basic Sum Assured for the policy is Rs. 25,00,000/- to Rs. 40,00,000/- Rs. 10,00,000/-, if Basic Sum Assured for the policy is above Rs. 40,00,000/-.
f) Policy Term : [10 to 40] years
g) Premium Paying Term: Regular Premium: Same as policy term Limited Premium :[Policy Term minus 5] years for Policy Term [10 to 40] years :[Policy Term minus 10] years for Policy Term [15 to 40] years
Maturity Benefit:
In LIC Jeevan Amar On survival of the life assured to the end of the policy term, no maturity benefit is payable.
Policy Loan:
Under LIC Jeevan Amar No loan will be available under this plan.
Grace Period
A grace period of 30 days shall be allowed in LIC Jeevan Amar. All the benefits shall cease after the expiry of grace period from the date of first unpaid premium under such policies and nothing shall be payable.
Payment of Premiums:
You can opt for Regular Premium, Limited Premium or Single Premium payment options under LIC Jeevan Amar Plan. In case of Regular and Limited Premium payment, the premium can be paid regularly during the Premium Paying Term with modes of premium payment Yearly or Half Yearly.
Suicide Exclusion:
(i) Under Single premium policy: The policy shall be void if the Life Assured (whether sane or insane at the time) commits suicide at any time within 12 months from the date of commencement of the risk, the Corporation will not entertain any other claim except for 90% of the Single Premium paid.
(ii) Regular /Limited Premium Payment policy: This policy shall be void if the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, provided the policy is in force or within 12 months from the date of revival, the Corporation will not entertain any claim except for 80% of the premiums paid till the date of death. This clause shall not be applicable for a lapsed policy as nothing is payable under such policies.
Section 45 of the Insurance Act, 1938
The provision of Section 45 of the Insurance Act, 1938 shall be as amended from time to time. The simplified version of this provision is as under: Provisions regarding policy not being called into question in terms of Section 45 of the Insurance Act, 1938, as amended by Insurance Laws (Amendment) Act, 2015 are as follows: 1. No Policy of Life Insurance shall be called in question on any ground whatsoever after expiry of 3 yrs from a. the date of issuance of policy or b. the date of commencement of risk or c. the date of revival of policy or d. the date of rider to the policy whichever is later.
2. On the ground of fraud, a policy of Life Insurance may be called in question within 3 years from a. the date of issuance of policy or b. the date of commencement of risk or c. the date of revival of policy or d. the date of rider to the policy whichever is later. For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of insured, as applicable, mentioning the ground and materials on which such decision is based.
3. Fraud means any of the following acts committed by insured or by his agent, with the intent to deceive the insurer or to induce the insurer to issue a life insurance policy: a. The suggestion, as a fact of that which is not true and which the insured does not believe to be true; b. The active concealment of a fact by the insured having knowledge or belief of the fact; c. Any other act fitted to deceive; and d. Any such act or omission as the law specifically declares to be fraudulent.
4. Mere silence is not fraud unless depending on circumstances of the case, it is the duty of the insured or his agent keeping silence to speak or silence is in itself equivalent to speak.
Options available:
1. Rider Benefit: The policyholder has an option of availing LIC’s Accident Benefit Rider (UIN:512B203V03) under Regular Premium and Limited Premium payment mode by payment of additional premium during the Premium Paying Term, provided the outstanding premium paying term is at least five years. The benefit cover under this rider shall be available during the Premium Payment Term only or up to the policy anniversary on which age nearest birthday of the Life Assured is 70 years, whichever is earlier. If this rider is opted for, in case of accidental death, the Accident Benefit Rider Sum Assured will be payable as lumpsum along with the death benefit under the base plan. The premium under this rider shall not exceed 100% of the premium under the Base plan. The Accidental Benefit Sum Assured shall not exceed the Basic Sum Assured.
2. Option to take Death Benefit in installments: This is an option to receive death benefits in installments over the chosen period of 5 or 10 or 15 years instead of a lump-sum amount under an enforce policy. This option can be exercised by Life Assured during his/her lifetime; for full or part of Death benefits payable under the policy. The amount opted for by the Life Assured (i.e. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable
