New Delhi: When it comes to purchasing insurance plans, the Life Insurance Corporation of India, or LIC, is one of the most popular choices among Indians. As a result, the LIC has selected specialised strategies for a specific group of people. The government-backed organisation offers a wide range of insurance options for people of different ages and backgrounds. LIC policies are popular among Indians who like to invest in risk-free assets, and they are a favourite among them after bank FDs and post office savings plans due to their comparatively high returns.
The Jeevan Amar plan from LIC is a pure protection plan that is non-linked and profitless. The plan gives you the choice of choosing between two death benefit options: Level Sum Assured or Increasing Sum Assured. According to the policy, it provides more benefits at lesser premiums. The LIC Jeevan Amar plan protects the insured's family financially in the event of his or her untimely death during the policy period. This is LIC's first term plan with the option of adding an Accidental Death Benefit rider.
If you are 30 years old and wish to invest in the LIC Jeevan Amar plan, you will have to pay a monthly premium of Rs 3,000 in order to receive the minimum payout assured of Rs 2.5 lakh in ten years.
The policyholder can pay for their premiums in three ways: single, regular, or limited. The plan also gives you the option of receiving your death benefit in a lump sum or in monthly installments. "LIC's Jeevan Amar, as a pure protection plan, provides life insurance to the policyholder at a very inexpensive price and promises financial support for the policyholder's family in the event of the policyholder's unfortunate death during the policy term," according to the company's website.
If a policyholder is unhappy with their Jeevan Amar coverage, they can return it under specific circumstances. According to information, if you are unhappy with the policy's terms, you can return it to the firm within 15 days of receiving the policy bond, after which the LIC would cancel the policy and refund the deposited premium amount after deducting any fees.
However, if the Life Assured survives the stipulated Date of Maturity, no Maturity Benefit will be paid, and there would be no surrender value.
People between the ages of 18 and 65 can purchase a LIC Jeevan Amar policy. This policy's maximum maturity age is 80 years. This insurance will last anywhere from 10 to 40 years. It's also worth noting that the premiums for men and women will be different.
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