LIC unveils new term insurance plan

Hyderabad: Life Insurance Corporation of India on Monday launched 'LIC's Jeevan Amar', a new term Insurance plan.

The non-linked, without profit, pure protection plan, available for sale offline was launched by LIC Chairman M R Kumar. The plan offers the flexibility to choose from two death benefit options viz: level sum assured and increasing sum assured.

The plan is available for ages 18 years (last birthday) to 65 years (last birthday) with the maximum age at maturity at 80 years (last birthday).

The plan offers a wide range of policy terms starting from 10 years to a maximum of 40 years. Under this plan, there are two categories of premium rates viz (1) non-smoker rates and (2) smoker rates.

The proposer/ life to be assured has an option to choose between non-smoker and smoker category. Also lower premium rates will be available for female proposers.

For eg: Yearly premium for non-smoker male proposer of age 30 years opting for coverage of 20 years for 1 Cr sum assured will be Rs 10,800 and for a female proposer it will be Rs 9,440 (GST extra).

The minimum sum sssured under the plan is Rs 25 lakh with no maximum limit. The policyholder has the option to choose from single, regular and limited premium payment option.

The plan also offers the flexibility to choose death benefit payment either as a lump sum payment or in installments.

The option to choose death benefit can be exercised by the Life Assured during his/her lifetime; for full or part of death benefits payable under the policy LIC's Jeevan Amar which also offers optional additional cover through accident benefit rider.