LIC Jeevan Amar Plan No. 955

Complete Guide to LIC's New Jeevan Amar Plan No. 955

If you have been searching for a reliable way to create a massive financial safety net, understanding your pure protection options is the first step. Today, we are taking a deep dive into one of the most powerful protection tools available in the market: the LIC's New Jeevan Amar Plan No. 955. Read on to understand how this pure protection policy works, the unique death benefit options it offers, and why securing this coverage is the most important financial decision you can make for your loved ones. You can also review our other protection plans on our LIC term plans page.

What is LIC Jeevan Amar Plan 955?

LIC's New Jeevan Amar (UIN: 512N350V02) is a Non-linked, Non-participating, Individual, Pure Risk Premium Life Insurance Plan.

To break this down into simple English: "Non-linked" means your money is not invested in the volatile stock market. "Non-participating" means this policy does not share in the corporation's yearly profits or bonuses. "Pure Risk" means this policy is designed for one specific purpose—to provide a guaranteed financial payout to your family in the event of your unfortunate death during the policy term.

Key Features of the Plan

This term plan is packed with modern features designed to offer maximum protection at affordable premium rates:

• Dual Benefit Options: You have the absolute flexibility to choose between two coverage structures: Level Sum Assured and Increasing Sum Assured.
• Premium Payment Flexibility: You can choose to pay your premiums as a Single Premium, Regular Premium, or Limited Premium Payment.
• Term Customization: You can select a Policy Term and Premium Paying Term that perfectly aligns with your working years.
• Instalment Payouts: You can opt for the death benefit to be paid to your family in steady instalments rather than a single, overwhelming lump sum.
• Special Rates for Women: The plan encourages female breadwinners by offering special, lower premium rates for women.
• High Sum Assured Rebates: There is a benefit of an attractive High Sum Assured Rebate, making larger coverage amounts highly cost-effective.
• Health-Based Pricing: There are two distinct categories of premium rates: Non-Smoker rates and Smoker rates. The application of the cheaper Non-Smoker rates shall be based strictly on the findings of a Urinary Cotinine test. In all other cases, Smoker rates will be applicable.

Death Benefit Explained

The core of the LIC Jeevan Amar Plan 955 is the Death Benefit. If the Life Assured passes away during the policy term (after the date of commencement of risk but before the date of maturity), the policy pays out the "Sum Assured on Death" to the nominee.

The exact calculation of this amount depends on the premium payment option you selected:

For Regular Premium and Limited Premium Payment Policies:

The "Sum Assured on Death" is defined as the highest of the following three amounts:

1. 7 times your Annualised Premium (excluding taxes and rider premiums).
2. 105% of the "Total Premiums Paid" up to the date of death.
3. The Absolute amount assured to be paid on death.

For Single Premium Policies:

The "Sum Assured on Death" is defined as the higher of:

1. 125% of your Single Premium.
2. The Absolute amount assured to be paid on death.

Level vs Increasing Sum Assured

When purchasing this policy, you must choose how your "Absolute amount assured" behaves. Note that the Death Benefit Option once chosen cannot be changed later.

Option I: Level Sum Assured
Under this straightforward option, the Absolute amount assured to be paid on death shall be an amount equal to the Basic Sum Assured you chose at the start. This amount shall remain exactly the same throughout the entire policy term.

Option II: Increasing Sum Assured
This option is a powerful tool against inflation. Under this choice, the Absolute amount assured to be paid on death shall remain equal to the Basic Sum Assured until the completion of the fifth policy year.

Thereafter, it automatically increases by 10% of the Basic Sum Assured each year from the sixth policy year until the fifteenth policy year, until it becomes twice (2X) the Basic Sum Assured. This increase will continue under an in-force policy till the end of the policy term, the Date of Death, or the fifteenth policy year, whichever is earlier. From the sixteenth policy year onwards, the Absolute amount assured to be paid on death remains constant at twice the Basic Sum Assured until the policy term ends.

Example: If you purchase a Basic Sum Assured of ₹50 Lakhs under Option II, the cover remains ₹50 Lakhs for the first 5 years. In the 6th year, it becomes ₹55 Lakhs. In the 7th year, it becomes ₹60 Lakhs, increasing by ₹5 Lakhs every year until it hits ₹1 Crore (2X) in the 15th year. From the 16th year onward, your family is protected for a massive ₹1 Crore.

Eligibility Conditions

To apply for this comprehensive term plan, individuals must meet the following strict criteria:

• 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: ₹25,00,000 (Twenty-Five Lakhs). This is the absolute minimum coverage available under this plan.
• Maximum Basic Sum Assured: There is no upper limit, but it is subject to underwriting decisions based on your income and health.
• Policy Term: The minimum policy term is 10 years, and the maximum can go up to 40 years, subject to the maximum maturity age of 80.

The Basic Sum Assured must be in multiples of ₹1,00,000 if the cover is between ₹25 Lakhs to ₹40 Lakhs. For amounts above ₹40 Lakhs, it must be in multiples of ₹10,00,000.

Premium Options

You can structure your premium payments based on your financial comfort:

1. Regular Premium: You pay premiums every year for the entire duration of your policy term.
2. Limited Premium Payment: You finish paying premiums early. If your policy term is between 10 to 40 years, you can choose a premium paying term of (Policy Term minus 5) years. If your policy term is between 15 to 40 years, you can choose a premium paying term of (Policy Term minus 10) years.
3. Single Premium: You pay the entire premium in one single lump sum at the beginning of the policy.

Optional Rider (Accident Benefit)

You can enhance your family's protection by adding a rider. The policyholder has the option of availing LIC's Accident Benefit Rider under Regular Premium and Limited Premium payment modes by paying an additional premium.

If this rider is opted for, in case of an accidental death, the Accident Benefit Rider Sum Assured will be payable as an additional lump sum along with the main death benefit of the base plan. The Accidental Benefit Sum Assured cannot exceed three times the Basic Sum Assured of the base policy, and the premium for this rider cannot exceed 30% of the base premium.

Instalment Option for Claimants

Managing a payout of ₹25 Lakhs or more can be overwhelming for a grieving family. LIC offers an option to receive Death Benefits in instalments over a chosen period of 5, 10, or 15 years instead of a lump sum amount.

This option can be exercised by the Life Assured during their lifetime. The instalments shall be paid in advance at yearly, half-yearly, quarterly, or monthly intervals. The minimum instalment amounts are ₹5,000 for monthly, ₹15,000 for quarterly, ₹25,000 for half-yearly, and ₹50,000 for yearly payouts. Once chosen by the policyholder, no alteration whatsoever shall be allowed to be made by the nominee.

Grace Period, Revival, Surrender, and Loan Rules

• Grace Period: A grace period of 30 days shall be allowed for the payment of yearly or half-yearly premiums. If the premium is not paid before the expiry of the days of grace, the policy lapses.
• Revival: A lapsed policy can be revived within a period of 5 consecutive complete years from the date of the First Unpaid Premium, subject to continued insurability and the payment of all arrears with interest.
• Surrender: No standard surrender value is available under this plan. However, under specific conditions for Single Premium and Limited Premium policies, an "Unexpired Risk Premium Value" may be refunded if the policy is surrendered. Nothing is payable upon the surrender of a Regular Premium policy.
• Policy Loan: Absolutely no loan will be available under this plan.

Who Should Buy This Plan?

The LIC Jeevan Amar Plan 955 is specifically designed for:

1. Primary breadwinners in Bhadra who want to secure a large ₹25 Lakh+ safety net for a very low premium.
2. Businessmen and shop owners who have taken commercial or home loans and need to ensure their debts do not fall on their spouses.
3. Young professionals looking to combat inflation by choosing the Increasing Sum Assured option.

Local Service Section

While our primary office is located in Bhadra, Ashuram Insurance Expert proudly extends its trusted advisory services across the entire Nohar and Hanumangarh district. If you are reviewing your LIC policy in areas such as Dobi or Karanpura, we provide dedicated door-to-door services available in Ajitpura, Bhojasar, and other surrounding villages. We understand the specific financial challenges faced by agricultural and business families in our local area. Whether you are seeking to protect your family farm from debt recovery or secure your children's higher education, we travel the extra mile to provide personalized, localized support. To discover more about how we can assist you, explore our comprehensive LIC services in Bhadra.

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