LIC Jeevan Amar

How To Buy the LIC Jeevan Amar Plan?

To buy the LIC Jeevan Amar Plan online, you have to go through the given steps:

• Step 1:

  Go to the official LIC website (www.licindia.in).

  Step 2:

  On the homepage, go to Buy Policies Online or select the plan category (like LIC Term Assurance Plans).

  Step 3:

  Choose the specific plan you want to buy.

  Step 4:

  Click on Learn More to open the application page.

  Step 5:

  Fill in the form and upload the required documents.

  Step 6:

  Submit the form and make the payment online.

Terms And Conditions Of The LIC Jeevan Amar Plan

Here are some of the terms and conditions that you should know before applying for the LIC Jeevan Amar Plan:

• Premium Payment Options

  You can pay premiums using one of these methods:Single Premium: Pay once at the beginning.Minimum premium: Rs. 30,000Regular Premium: Pay every year or half-yearly during the full policy term.Limited Premium: Pay for a shorter time than the full policy term.Minimum premium: Rs. 3,000The premium payment is affected by the following factors:Your ageGenderSmoking statusSum Assured optionPolicy term & premium paying term

• Grace Period

  If you are paying Regular or Limited premiums, LIC gives you a grace period of 30 days (from the due date) to make the payment. Grace period works on the following rules: During this time, the policy remains active with full coverage.If the premium is not paid within the grace period, the policy lapses, and no benefits will be paid.This grace period also applies to any riders added to the base policy.

• Rebates and Loadings in LIC's New Jeevan Amar

  LIC offers discounts (rebates) on premiums for higher sum assured amounts and applies extra charges (loadings) based on the premium payment frequency. Here's how they work:You get a discount on your premium if you choose a higher sum assured. The rebate depends on your age and the Sum Assured option selected (Level or Increasing).

  1 High Sum Assured Rebate

  A. For Option I - Level Sum Assured

  Age Group	❮ Rs. 50 Lakhs	Rs. 50L to ❮ Rs. 1 Cr	Rs. 1 Cr & Above
  Up to 30 years	Nil	13%	25%
  31 to 50 years	Nil	11%	21%

  B. For Option II - Increasing Sum Assured

  Age Group	❮ Rs. 50 Lakhs	Rs. 50L to ❮ Rs. 1 Cr	Rs. 1 Cr & Above
  Up to 30 years	Nil	13%	25%
  31 to 50 years	Nil	11%	21%
  51 years & above	Nil	6%	11%

  Note: Rebate is applied as a percentage of your annual or single premium, based on the plan and age at the time of entry.

  2 Modal Loading

  If you are paying premiums in installments (i.e., not annually), a small extra charge (loading) applies.

  Mode of Premium Payment	Loading Applied
  Yearly	Nil (No extra charge)
  Half-Yearly	2% of the annual premium

  Note: Modal loading applies only to Regular and Limited Premium modes. There is no loading for Single Premium as it is paid once.

• Revival

  You can add this rider if:If a premium is not paid by the end of the grace period, the policy lapses.You have up to 5 consecutive years from the first missed premium to revive the policy.To revive:Pay all missed premiums plus interest compounded every half-year.Submit health info and any additional documents LIC may require.LIC canAccept the revival under the original terms,Accept with modified terms,Or decline the revival.Revival is effective only after the LIC approves it and issues a revival receipt.Interest rate for revival is based on either:10-year G-Sec rate + 3%, compounded semi-annually, orYield from LIC's Non-Linked Non-Participating Fund + 1% (whichever is higher).For the period from May 1, 2024, to April 30, 2025, the applicable rate is 9.50% p.a., compounded half‑yearly.

• Surrender Value

  There is no fixed surrender value, but you may get a refund for any unused risk cover.Regular Premium policies You get nothing on surrender.Single Premium policies You can receive the unexpired risk premium anytime during the policy term.Limited Premium policiesYou get the refund only if you have paid full premiums for:2 consecutive years, if the premium-paying term is less than 10 years3 consecutive years, if the premium-paying term is 10 years or moreLapsed policies If you surrender during the revival period or after it ends, you will receive any unexpired risk premium. If the insured dies during the revival period, the same applies.

• Taxes

  Any government taxes on this insurance are based on current tax laws. You pay these taxes extra on top of your regular premiums (for the main plan and any riders).Taxes you pay do not add to or count toward your policy benefits.For details on income tax benefits or rules, check with a tax advisor.

• Free Look Period

  You have 30 days from receiving your policy documents (paper or digital) to review.If you are not happy with the terms, return the policy within this period and tell LIC why.LIC will cancel the policy and refund your premium, after deducting:The cost of coverage usedAny medical exam feesStamp duty chargesLapsed policies If you surrender during the revival period or after it ends, you will receive any unexpired risk premium. If the insured dies during the revival period, the same applies.

• Grievance Redressal

  To get the best resolution for your query, you can contact any of the following contact details:Phone No : +91-22-6827 6827 (24x7 general helpline)Email ID co_complaints@licindia.comIRDA toll-free number : 155255IRDA email : complaints@irda.gov.in