Introduction
The Jeevan Amar Term Plan is a pure risk, protection-first life cover designed to secure a family’s financial goals in case of the life assured’s unfortunate demise during the policy term. It focuses every rupee on high life cover, flexible benefit options, and practical payout choices tailored for different life stages and budgets.
What is LIC Jeevan Amar?
Jeevan Amar is a non-linked, non-participating term assurance plan that prioritizes maximum cover at affordable premiums without maturity value if the policyholder survives the term. It is crafted for earners seeking dependable income replacement, liability protection, and peace of mind through sizable, customizable sum assured.
Key features
- Two benefit options: Level Sum Assured and Increasing Sum Assured for adaptable protection over time.
- Premium payment flexibility: Regular and Limited premium options; in some versions, Single Premium may be available as per current brochure.
- Premium categories: Smoker and Non-Smoker (non-smoker typically requires nicotine test as per underwriting).
- Special rates for women and high sum assured rebates, enhancing affordability for larger covers.
- Payout options: lump sum or structured instalments to match family cash flow needs.
- Optional rider: Accident Benefit (subject to terms and underwriting).
Death benefit options explained
- Level Sum Assured: The sum assured remains constant throughout the policy term, ideal for fixed obligations or those close to retirement.
- Increasing Sum Assured: The cover increases over time, helping offset inflation and growing responsibilities; suitable for younger earners with rising liabilities.
Eligibility overview
- Entry age: Adult applicants (typical minimum 18 years).
- Policy term: Long-term protection choices (commonly 10 to 40 years in modern term plans).
- Maximum maturity age: Aligned with long horizon needs (often around late 70s to 80).
- Minimum basic sum assured: Designed for meaningful protection (commonly starts in the mid-to-high lakh range).
Note: Exact limits depend on the current official brochure and underwriting.
Premium payment options
- Regular Premium: Pay for the entire policy term; stable cash flow planning.
- Limited Premium: Pay for a shorter fixed period while enjoying full-term cover; helpful for front-loading costs.
Single Premium: Where available, one-time payment for lifetime convenience (refer to current brochure/version).
Who should consider Jeevan Amar
- Salary earners seeking income replacement for dependents.
- Parents with long-term education goals for children.
- Home loan borrowers and business owners wanting liability protection.
Individuals preferring inflation-aware coverage via Increasing Sum Assured
Benefits at a glance (comparison)
| Feature | Level Sum Assured | Increasing Sum Assured |
| Cover progression | Constant throughout | Rises over time (as per plan rules) |
| Best for | Fixed debts, near-term goals | Inflation hedge, growing obligations |
| Premium | Generally lower | Generally higher due to increasing cover |
| Simplicity | Very simple | More dynamic protection |
Payout choices
- Lump sum: Immediate large corpus for loans, education, or estate settlement.
- Instalments: Structured payouts ease cash flow management for families and reduce risk of rapid depletion.
Riders
- Accident Benefit Rider: Enhances financial protection in case of accidental death as per rider terms and limits.
Tip: Align rider sum with major liabilities and earning profile.
High sum assured rebates and women’s rates
Jeevan Amar commonly includes attractive rebates for higher cover bands and concessional rates for women, improving affordability for substantial protection needs. These advantages often make larger, more realistic income-replacement covers feasible.
Tax treatment
- Premiums may be eligible under Section 80C, subject to limits and prevailing tax law.
- Death benefits are generally tax-exempt under Section 10(10D), subject to conditions.
Disclaimer: Tax laws change; claim depends on individual assessment and current regulations.
Required documents
- Identity and address proof (KYC).
- Age proof and recent photographs.
- Income proof for higher sum assured.
- Medical tests as per underwriting norms.
- Proposal form and nominee details.
Claims process (overview)
- Notify insurer with policy details and date of death.
- Submit claim form, death certificate, KYC of nominee, and medical/hospital records if required.
- Cooperate for verifications; on approval, benefit is paid as per chosen payout mode.
Common exclusions
- Suicide clause: Typically, death due to suicide within a specified initial period is handled as per policy conditions.
- Non-disclosure: Suppression of material facts can void claims; complete and truthful disclosure is essential.
FAQs
Term plans are pure risk covers; typically no maturity value is payable.
Yes, instalment options are generally available and can be selected at purchase or claim.
Level suits fixed liabilities; Increasing better addresses inflation and evolving responsibilities.
High covers and non-smoker classification usually require medicals including nicotine testing as per insurer norms.
Jeevan Amar is commonly available through authorised offline channels such as agents and brokers.
