LIC New Jeevan Amar 955

LIC New Jeevan Amar 955: Eligibility, Features, Benefits, Maturity full details.

LIC New Jeevan Amar 955 – is a new term plan by LIC OF INDIA. LIC New Jeevan Amar Plan 955 is a non-linked, non-participating, term insurance plan. LIC of India has launched this scheme on 23 November 2022. This is a LIC offline term insurance plan. This plan can only be bought from LIC agent.

This scheme has been brought by making some changes in LIC’s old plan Jeevan Amar Plan 855 and LIC Jeevan Amar Plan 855 has now been discontinued. The UIN number of LIC Jeevan Amar Plan 955 means Unique Identification Number (UIN) is 512N350N01.

Key features of LIC New Jeevan Amar 955

Flexibility to choose from two benefit options: Level Sum Assured and
Increasing Sum Assured.

• Choose from Single Premium, Regular Premium and Limited Premium Payment Choose the Policy Term/Premium Paying Term
• Opt for payment of benefit in installments.
• Special rates for women.
• Benefit of attractive High Sum Assured Rebate.
• categories of premium rates namely
  • (1) Non-Smoker rates and
  • (2) Smoker rates.
• Option to choose accidental benefits by opting for Accident Benefit Rider on payment of additional premium for the rider benefit.

Benefits:

Benefits payable under an in-force policy shall be as under:

Death Benefit:

Death benefit payable on death of the Life Assured during the policy
term after the date of commencement of risk but before the date of
maturity

provided the policy is in force and claim is admissible shall
be “Sum Assured on Death”.
For Regular premium and Limited premium payment policy, “Sum
Assured on Death” is defined as the highest of:
• 7 times of Annualized Premium; or
• 105% of “Total Premiums Paid” up to the date of death; or
• Absolute amount assured to be paid on death.
For Single premium policy, “Sum Assured on Death” is defined as the higher of:
• 125% of Single Premium.
• Absolute amount assured to be paid on death. Where,
“Annualized Premium” shall be the premium payable in a year chosen by the
policyholder, excluding the taxes, rider premiums, underwriting extra premiums
and loading for modal premiums, if any, and
“Total Premiums Paid” means total of all the premiums received, excluding any
extra premium, any rider premium and taxes.
iii. Absolute amount assured to be paid on death shall depend on Death Benefit
Option chosen at the time of taking this policy and is as under:
Level Sum Assured
The absolute sum assured to be paid on death will be equal to the amount of the Basic Sum Assured, which is going to remain the same during the policy term.
Increasing Sum Assured
Under this option, the absolute sum assured to be paid on death will be equal to the Basic Sum Assured till the completion of fifth year. After that, the basic sum assured increases by 10% each year from the 6th year till the 15th year, till it gets double of the basic sum assured.

The increase in amount assured will continue till the end of the policy year or till the 15th year or till death, whichever is earlier. From the 16th policy year, the absolute sum assured will remain constant till the end of the policy term, i.e. Twice the Basic sum assured.

Also read this » LIC life time plan with maturity

Maturity Benefit

On survival of the life assured to the end of the policy term, no maturity
benefit is payable.

Eligibility Conditions and Other Restrictions:

Also read this » LIC best money back plan

Other Features of LIC New Jeevan Amar Policy

Tax Benefits – This plan will have benefits under Section 80C and Section 10 (10D). 
Surrender Value – No surrender value available under regular and limited pay option but you will get it in single pay and limited pay option.
Free look Period – if the policyholder is not convinced with the terms and conditions of the policy, s/he can cancel the policy within 15 days from the receipt of the policy document.

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