LIC New Jeevan Amar (Plan No. 955, UIN 512N350V02) is a non‑linked, non‑participating, pure term insurance plan that provides high life cover at an affordable premium. It is designed purely for protection, with no maturity or surrender value in standard configurations, and aims to secure your family’s finances in case of your untimely demise during the policy term.
Key features
- Pure protection term plan with no savings or investment component; benefits are payable only on death during the policy term, subject to policy conditions.
- Two death benefit options at inception: Level Sum Assured (fixed cover throughout term) or Increasing Sum Assured (cover increases over time as per plan rules).
- Flexible policy term and premium payment term, with choices of regular premium and limited premium options to suit different cash‑flow preferences.
- High minimum sum assured (typically from ₹25 lakh) with no upper limit, subject to underwriting, allowing substantial cover for breadwinners.
- Lower premium rates for non‑smokers and female lives, encouraging healthy lifestyles and making cover more cost‑effective for eligible customers.
- Option to receive death benefit as a lump sum or in instalments (monthly/quarterly/half‑yearly/yearly) for a chosen period, as per policy terms.
- Optional riders like LIC’s Accident Benefit Rider may be available for additional protection, subject to eligibility and prevailing rider rules.
Eligibility and basic parameters
The exact limits can vary based on the latest LIC brochure; typical parameters are along these lines.
- Entry age: 18 to around 65 years (last birthday).
- Maximum maturity age: up to around 75–80 years (last birthday), as defined in current brochure.
- Policy term: about 10 to 40 years, allowing short‑to‑long protection windows.
- Minimum Basic Sum Assured: ₹25,00,000, in defined multiples (for example ₹1,00,000 or ₹10,00,000 steps depending on band).
- Maximum Basic Sum Assured: No fixed upper limit; subject to underwriting and income profile.
- Premium payment term:
- Premium payment modes: Yearly, half‑yearly, quarterly and monthly (via NACH/auto‑debit), as permitted by LIC.
You can fine‑tune age/term bands directly from the latest LIC brochure when you implement the page.
Death benefit and options
Death benefit
If the life assured dies during the policy term and all due premiums have been paid, the nominee will receive the Sum Assured on Death as per the option chosen (Level or Increasing), subject to policy conditions.
The Sum Assured on Death is typically at least 105% of total premiums paid (excluding taxes, extra premiums and rider premiums, if any) up to the date of death.
Level vs Increasing Sum Assured
- Level Sum Assured: Death benefit remains constant through the policy term; suitable if you want steady protection matching a fixed liability like a loan or a defined income‑replacement need.
- Increasing Sum Assured: Death benefit increases over time at a pre‑defined rate after a certain duration, helping to counter inflation and rising financial responsibilities.
Benefit payout options
At inception, the policyholder can opt for death benefit to be paid:
- As a full lump sum to the nominee.
- As instalments (monthly, quarterly, half‑yearly or yearly) for a chosen period, which can function as a structured family income.
Who should consider LIC New Jeevan Amar?
- Primary earners looking for a large, cost‑effective life cover to protect dependents against loss of income due to premature death.
- Young professionals with long working years ahead who want high coverage now at lower premiums, locking in insurability early.
- Families with loans (home, business, education) who need a dedicated protection plan to ensure liabilities are cleared if something happens to the borrower.
- Individuals who already have traditional/savings policies and want to top up pure risk cover without adding investment components.
Example use‑case: A 32‑year‑old IT professional with a home loan and young children may choose a 30‑year New Jeevan Amar with Increasing Sum Assured and limited‑pay premium, aligning cover with long‑term income and family responsibilities.
Important points and disclaimers
- LIC New Jeevan Amar is a pure term plan; there is no maturity benefit if the life assured survives the policy term and no surrender value under standard conditions (except where specifically provided).
- Premiums, eligibility and benefits depend on age, smoking status, medical profile, sum assured, term and rider choices, and may change with LIC’s underwriting and product updates.
- Policyholders should always read the latest official LIC New Jeevan Amar sales brochure, customer information sheet and policy document for complete terms, conditions, exclusions and definitions.
- Tax benefits on premiums and payouts are subject to provisions of the Income‑tax Act and may change; clients should consult their tax advisor for personalised advice.