Features

Product summary:
Some people, particularly the younger ones, want to have high cover at a low cost. Further, many of them do not want commitment to pay premiums for a longer duration. LIC's Jeevan Amrit is most suitable for such persons. Under this plan premium payment is limited to 3 or 4 or 5 years and the premium payable during the first year is higher than the premiums payable in subsequent years.

Options:
You may choose Sum Assured (S.A.), Premium Paying Term, Policy Term and Mode of premium payment.

Payment of Premiums :
You may pay premiums yearly or half-yearly during the premium paying term of 3 or 4 or 5 years.

Benefits

Death Benefit :

An amount equal to Sum Assured along with vested Simple Reversionary Bonuses and Final (Additional) Bonus (if any) is payable in lump sum immediately on death of the Life Assured during the term of the policy.

Maturity Benefit :
Payment of total amount of premiums (excluding extra premiums, if any) paid along with vested Reversionary Bonuses and Final (Additional) Bonus, if any, in case of Life Assured surviving to the end of the term.

Surrender Value :
You may surrender the policy for cash after completion of at least one policy year provided premiums for one full year have been paid.

Higher of the following two will be payable in that case:

  • Guaranteed Surrender Value being 30% of the total amount of premiums paid, excluding extra premium, if any, and 
  • Special Surrender value being the discounted value of Paid-up Sum Assured.

Cash value of any existing vested bonuses will be paid in addition.

Loan :
You may avail loan within the surrender value at the rate and terms determined from time to time by the Corporation. Presently the rate of interest is 9% p.a. payable half-yearly.

Nomination :
You may nominate a person to receive policy money on death as per Section 39 of Insurance Act 1938.

Cooling-off period :
If you are not satisfied with the "Terms and Conditions" of the policy you may return the policy to us within 15 days.

Exclusions :
Suicide is excluded for first year. No other exclusions.