LIC launches new term insurance plan 'Jeevan Amar'







HIGHLIGHTS





The plan is available for ages 18-65 years with the maximum age maturity at 80 years offering policy terms from 10 years to a maximum of 40 years





The much awaited term plan offers lower premium rates for women and an additional accident benefit for rider





 





(LIC) of India has launched a new term insurance plan called 'Jeevan Amar'. It is a non-linked, non-participating, life term assurance plan and offers greater flexibility to policyholders in comparison to other insurance plans.




This means that the much awaited term insurance plan is not a market-linked plan. The policyholder cannot claim the amount on maturity. The nominee will receive the death claim in case of demise of the life assured during the term of the policy.


LIC launches new term insurance plan 'Jeevan Amar'


HIGHLIGHTS


The plan is available for ages 18-65 years with the maximum age maturity at 80 years offering policy terms from 10 years to a maximum of 40 years





The much awaited term plan offers lower premium rates for women and an additional accident benefit for rider







NEW DELHI: 


(LIC) of India has launched a new term insurance plan called 'Jeevan Amar'. It is a non-linked, non-participating, life term assurance plan and offers greater flexibility to policyholders in comparison to other insurance plans.


This means that the much awaited term insurance plan is not a market-linked plan. The policyholder cannot claim the amount on maturity. The nominee will receive the death claim in case of demise of the life assured during the term of the policy.

The 'Jeevan Amar' plan, available for sale offline, offers flexibility to choose from two death cover options like level sum assured and increasing sum assured, LIC said in a release. In level sum assured, death benefit remains the same throughout the term of the policy. While in case of increasing sum assured, death benefit remains at the same level in the first five years of the policy and increases by 10 per cent of basic sum assured every year for the next 15 years or end of policy term, whichever is earlier. It then maintains a constant level for the remaining term of the policy.


The plan is available for ages 18-65 years with the maximum age maturity at 80 years offering policy terms from 10 years to a maximum of 40 years. The insurance premium can either be paid only once, for a limited premium paying term or regularly or regularly throughout the policy term.


The policyholder also has the option to choose from smoker or non-smoker category. A person who opts for the non-smoker category will have to undergo an extra urine cotinine test. Premium for smokers will be more than that of non-smokers.




The much awaited term plan offers lower premium rates for women. It also makes available additional accident benefit for rider.




The policyholder has the flexibility to choose the death benefit payout, that is, he or she can choose whether the nominee receives the money in lump sum or in installments over a period of 5, 10 or 15 years.





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