Everything You Need to Know About LIC Jeevan Amar Plan

Are you ready to take control of your financial future? If so, you may want to consider LIC Jeevan Amar Plan. This comprehensive life insurance policy offers a range of benefits that can help protect you and your loved ones in the event of unexpected circumstances. But with so many options available, it can be hard to know which plan is right for you. That’s why we’ve put together this guide with everything you need to know about LIC Jeevan Amar Plan – from its features and benefits, to how it works and what makes it stand out among other policies on the market. So whether you’re new to life insurance or just looking for more information, read on to discover all there is to know about this popular plan!

What is LIC Jeevan Amar Plan?

LIC Jeevan Amar is a non-participating, non-linked whole life insurance policy which offers guaranteed lifetime protection. The policy provides for payment of entire sum assured on death of the policyholder, provided all premiums have been paid as per schedule. On survival to the end of policy term, nothing is payable.

This makes it an ideal choice for those who are looking for a life cover that does not have any investment component and offers guaranteed returns. The key features and benefits of LIC Jeevan Amar plan are as follows:

Whole life insurance cover: The policy provides for a life insurance cover till the end of policy term, provided all premiums are paid as per schedule.

Death benefit: In case of death of the policyholder during the policy term, the entire sum assured is payable to the nominee/beneficiary. No maturity benefit is payable under this plan.

Policy loan facility: The policyholders can avail of loan against their LIC Jeevan Amar policies after completion of 3 years from date of commencement of risk cover under the policy. However, availing loan will reduce the sum assured payable on death and also affect the guaranteed cash value buildup under the policy.

Surrender value: The LIC Jeevan Amar plan offers a surrender value which is equal to 70% of total premiums paid (excluding taxes, extra premium and rider premium) if surrendered after 3 years from date of commencement of risk cover under the policy. However

Benefits of the LIC Jeevan Amar Plan

LIC Jeevan Amar is a unit-linked insurance plan that offers a number of benefits to policyholders. Some of the main benefits of this plan include:

1. Death Benefit: In case of the unfortunate death of the policyholder during the policy term, the nominee will receive the sum assured along with accrued bonuses. If the policyholder dies after the policy term is over, then the nominee will receive only the sum assured.

2. Maturity Benefit: On completion of the policy term, the policyholder will receive the sum assured along with accrued bonuses.

3. Tax Benefits: LIC Jeevan Amar offers tax benefits under Section 80C and 10(10D) of the Income Tax Act 1961.

4. Flexibility: This plan offers great flexibility in terms of premium payment and investment options. Policyholders can choose from a wide range of investment options to suit their needs and goals. Premiums can be paid on a yearly, half-yearly or quarterly basis as per convenience.

5. Surrender Value: The surrender value is available under this plan if premiums have been paid for at least 3 years. The surrendered value will be equal to 75% of total premiums paid after deducting any charges levied by LIC.

How to Calculate the Premium for the LIC Jeevan Amar Plan?

To calculate the premium for the LIC Jeevan Amar Plan, you will need to know the following information:

– The sum assured

– The policy term

– The age of the life assured

– The premium paying term

Once you have this information, you can use the LIC Jeevan Amar Plan premium calculator available on our website. Simply enter in the required information and the calculator will give you an estimate of the annual premium.

Examples of the LIC Jeevan Amar Plan

LIC Jeevan Amar Plan is a non-participating, single premium annuity plan which offers guaranteed income for life. The income can be either in the form of lump sum or in the form of monthly payments. This plan can be bought by anyone between the ages of 18 and 60 years.

Some examples of LIC Jeevan Amar Plan are as follows:

If you are looking for a lump sum income, you can choose to receive 1% of the sum assured every year for 20 years. After the 20 years, you will continue to receive a regular income for life at the rate of 5% of the sum assured.

If you are looking for a monthly income, you can choose to receive 10% of the sum assured every month for 20 years. After the 20 years, you will continue to receive a regular income for life at the rate of 5% of the sum assured.

Pros and Cons of the LIC Jeevan Amar Plan

Assuming you are asking for a blog article discussing the pros and cons of LIC Jeevan Amar plan:

LIC Jeevan Amar is a whole life insurance plan that offers guaranteed lifelong protection. It also provides for financial security to the policyholder’s family in case of his/her untimely demise. The premiums paid towards this policy are eligible for tax benefits as per Section 80C of the Income Tax Act, 1961.

Now let’s take a look at some of the pros and cons of LIC Jeevan Amar plan:

Pros:

1) Offers lifelong protection: The biggest advantage of LIC Jeevan Amar is that it offers lifelong protection to the policyholder. As long as the premiums are paid regularly, the policy will remain in force and continue to provide coverage.

2) Builds cash value: This is a participating whole life insurance plan, which means that it builds up cash value over time. This cash value can be used by the policyholder for various purposes, such as meeting financial emergencies or supplementing retirement income.

3) Provides financial security to loved ones: In case of the policyholder’s untimely demise, his/her family will receive a death benefit that can help them maintain their standard of living and meet their financial obligations.

4) Tax-efficient: Premiums paid towards this policy are eligible for tax benefits under Section 80C

What are the Alternatives to the LIC Jeevan Amar Plan?

LIC Jeevan Amar is a whole life insurance plan that offers guaranteed lifelong protection. It also provides for the payment of a lump sum benefit on the death of the policyholder. While this plan does have its advantages, there are also some drawbacks to consider. Here are some alternatives to the LIC Jeevan Amar Plan:

1) Unit Linked Insurance Plans (ULIPs):

 ULIPs are similar to whole life insurance plans in that they offer lifelong protection and allow for the payment of a lump sum benefit on the death of the policyholder. However, ULIPs have some key differences that make them a more attractive option for many people. One key difference is that with a ULIP, your premium payments are invested in a portfolio of stocks and bonds, which can provide you with the potential for higher returns than a traditional whole life insurance policy. Additionally, ULIPs typically have lower fees and charges than whole life insurance plans.

2) Term Life Insurance:

 Term life insurance is another popular alternative to whole life insurance. With term life insurance, you are only insured for a specific period of time (typically 10-30 years), after which your coverage expires. This makes term life insurance much less expensive than whole life insurance. However, it is important to note that if you die during the term of your policy, your beneficiaries will not receive any benefits. As such, it is important to make sure that you have sufficient coverage in place if you

Reviews of The Lic Jeevan Amar Plan

If you’re looking for a life insurance policy that will give you and your family financial security, the LIC Jeevan Amar Plan is a great option to consider. This policy offers a death benefit of Rs. 1 crore, as well as a host of other features and benefits that make it an attractive choice for many people.

In this article, we’ll take a look at some of the key features of the LIC Jeevan Amar Plan, as well as what others are saying about it. We’ll also provide some helpful information on how to get started with this policy.

The LIC Jeevan Amar Plan is a term life insurance policy that offers a death benefit of Rs. 1 crore. The policy also provides for additional benefits in the form of maturity benefits and Survival Benefits. Under the maturity benefit, the policyholder will receive 10% of the sum assured on survival till the end of the policy term, even if no claims are made during the policy term. The Survival Benefit is payable on diagnosis of any one of the specified critical illnesses during the policy term, provided that the insured survives for 30 days after diagnosis.

The premiums for this policy are very affordable, starting at just Rs. 500 per month. And because it’s a term life insurance policy, there is no need to worry about renewing it every year – it will automatically renew itself until you reach age 70.

One reviewer on PolicyBazaar says that they “felt secure” after taking

Conclusion

LIC Jeevan Amar Plan is a great way to secure your and your family’s financial future. The plan offers several benefits like higher returns on premium payments, tax exemptions, death benefit coverage etc., which makes it an attractive investment option for those looking to optimize their savings and investments. With its long-term maturity period of 25 years, this plan allows you to save up for the future while enjoying peace of mind through risk protection. We hope this article has helped you understand everything you need to know about LIC Jeevan Amar Plan so that you can make an informed decision when choosing a life insurance policy.