Excelsior Correspondent
JAMMU, Aug 5: LIC Chairman M.R Kumar today launched Jeevan Amar, a new term insurance plan.
A handout stated that Jeevan Amar plan is a non-linked, without profit, pure protection plan, available for sale offline.
The plan offers flexibility to choose from two death benefit options viz: Level Sum Assured and increasing Sum Assured.
The plan is available for the ages 18 years to 65 years with the maximum age at maturity at 80 years.
The plan offers a wide range of policy terms starting from 10 years to a maximum of 40 years.
Under this plan there are two categories of premium rates—non-smoker rate and smoker rates.
The proposer/life to be assured has an option to choose between non-smoker and smoker category.
Also lower premium rates will be available for female proposers.
For eg., yearly premium for non-smoker male proposer of age 30 years opting for coverage of 20 years for 1 crore sum assured will be Rs 10,800 and for a female proposer it will be Rs 9440 (GST extra).
The minimum sum assured under the plan is 25 lakh with no maximum limit. The policy holder has the option to choose from single, regular and limited premium payment option.
The plan also offers the flexibility to choose death benefit payment either as a lump sum payment or in instalments.
The option to choose death benefit can be exercised by the Life Assured during his life time; for full or part of Death Benefits payable under the policy. LIC’s Jeevan Amar also offers optional additional cover through accident benefit rider.
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