Jeevan Amar

Policy Type: Term Insurance Plan

Policy Information:

Policy Highlights:

• Under this plan, there are two categories of premium rates viz. (1) Non-Smoker rates and (2) Smoker rates.

• In order to choose Non-Smoker category (for which the premium rates are lower than Smoker category), Life to be assured will have to undergo an additional medical test- Urinary Cotinine test.

• Based on the findings of the Urinary Cotinine test, Non-Smoker/Smoker premium rates shall be applicable. In case Life to be assured does not undergo Urinary Cotinine test, Smoker rates shall be applicable.

• 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:

• Option I: Level Sum Assured: “Absolute amount assured to be paid on death” shall be an amount equal to Basic Sum Assured, which shall remain the same throughout the policy term.

• Option II: Increasing Sum Assured: “Absolute amount assured to be paid on death” shall remain equal to Basic Sum Assured till completion of the fifth policy year. Thereafter, it increases by 10% of Basic Sum Assured each year from the sixth policy year till fifteenth policy year till it becomes twice the Basic Sum Assured. From sixteenth policy year and onwards, the “Absolute amount assured to be paid on death” remains constant i.e. twice the Basic Sum Assured, till the policy term ends.

Death Benefit:

Death benefit, payable in case of admissible death claim, before the stipulated Date of Maturity, provided the policy is inforce, 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 annualised premium; or

• 105% of all the premiums paid as on 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.

Maturity Benefit:

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

Optional rider benefits – LIC’s Accident Benefit Rider:

LIC’s Accident Benefit Rider shall be available under Regular and Limited Premium Payment policies as an optional rider by payment of additional premium. This rider shall not be available under Single Premium policies.

Eligibility Conditions and Restrictions for Base Plan:

Minimum Age at entry:	18 years (Last Birthday)
Maximum Age at entry:	65 years (Last Birthday)
Maximum age at Maturity	80 years (Last Birthday)
Minimum Basic Sum Assured	Rs. 25,00,000/-.
Maximum Basic Sum Assured	No Limit

Basic Sum Assured should be in multiples of amounts specified below:

Sum Assured Range	Sum Assured Multiple
Rs. 25,00,000/- to Rs. 40,00,000/-	Rs. 1,00,000/-
Above Rs 40,00,000/-	Rs. 10,00,000/-

a)	Policy Term	10 to 40 years
b)	Premium Paying Term
	Regular Premium	Same as policy term
	Limited Premium	[Policy Term minus 5] years for Policy Term 10 to 40 years
		[Policy Term minus 10] years for Policy Term 15 to 40 years
	Single Premium	NA
c)	Minimum Premium	The minimum instalment premium will be Rs. 3,000/- for Regular/ Limited premium policiesand Rs. 30,000/- for Single premium policies.
d)	Mode of Premium Payment	Premiums can be paid either under Regular Premium, Limited Premium or Single Premium payment options. In case of Regular and Limited Premium payment, the premium can be paid regularly during the Premium Paying Term with modes of premium payment yearly or half-yearly.

Loan on Policy:

• Loan Facility is available under this plan, after payment of premiums for at least 2 full years.

Income Tax Benefits:

• Maturity under this plan is free under sec 10(10D)