LIC Jeevan Amrit Plan Details

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.

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.

Premium Rates :
The total premium rates per Rs. 1000/- S.A. for some of the ages/ terms are as under:

Premium Paying Term = 3 years

AgePolicy Term
10 years20 years30 years
1st Yr.Subsequent
Yr.
1st Yr.Subsequent
Yr.
1st Yr.Subsequent
Yr.
1556.2028.1040.1520.1036.9018.45
2561.1030.5546.7023.3548.0524.05
3576.0538.0569.2534.6578.2539.15
45127.0063.50125.6562.85
55220.40110.20
60279.75139.90

Premium Paying Term = 4 years

AgePolicy Term
10 years20 years30 years
1st Yr.Subsequent
Yr.
1st Yr.Subsequent
Yr.
1st Yr.Subsequent
Yr.
1562.8019.3543.6013.4539.7512.25
2568.1020.9550.6015.6051.5015.85
3584.1525.9074.5022.9583.3525.65
45138.8542.75134.2041.30
55238.7573.50
60301.9092.90
602222223333334444445555566666677777

Premium Paying Term = 5 years

AgePolicy Term
10 years20 years30 years
1st Yr.Subsequent
Yr.
1st Yr.Subsequent
Yr.
1st Yr.Subsequent
Yr.
1588.8022.2050.0512.5543.4510.90
2595.7523.9557.8514.5056.0014.00
35116.3529.1084.1521.0589.8522.50
45183.6045.90148.9037.25
55296.5574.15
60361.4590.40

Mode and High S.A. Rebates :

Mode Rebate:
Yearly mode–  2% of Tabular Premium
Half-yearly mode–  NIL

Sum Assured Rebate:

Rebate per Rs. 1000 Sum assured ( Rs.)
PPT 3 yrsPPT 4 yrsPPT 5 yrs
F.YSubsequent
Yr.
F.YSubsequent
Yr.
F.YSubsequent
Yr.
Less than Rs 2 lacsNilNilNilNilNilNil
Rs 2 lacs and above but less than Rs 3 lacs7.503.757.502.507.501.85
Rs 3 lacs and above but less than Rs 5 lacs10.005.0010.003.3010.002.50
Rs 5 lacs and above but less than Rs 10 lacs12.506.2512.504.1512.503.10
Above Rs 10 lacs15.007.5015.005.0015.003.75

Eligibility Conditions and Other Restrictions :

Minimum Entry Age:  12 years (last birthday)
Maximum Entry Age:  60 years (nearest birthday)
Maximum Maturity Age:  70 years (nearest birthday)
Minimum Sum Assured:  Rs. 1,00,000
Maximum Sum Assured:  No limit
Premium Paying term:  3 to 5 years
Policy term:  10 to 30 years

Grace Period :
A grace period of one calendar month but not less than 30 days will be allowed for payment of premiums.

Participation in the Profits of the Corporation :
This is a with-profit plan and your policy shall participate in the profits of the Corporation at the end of each financial year. Simple Reversionary Bonuses shall be declared at the rate of per thousand total amount of premiums (excluding any extra premium) paid. Reduced paid-up policies shall also participate in the profits. Final (Additional) Bonus may also be declared provided all premiums have been paid and policy has run for certain minimum term.

Paid-up Value :
If at least one full year’s premiums have been paid and any subsequent premium be not duly paid, the Policy shall not be wholly void, but the Sum Assured shall be reduced to such a sum, called the Paid-up Sum Assured, and will be equal to the total amount of premiums paid (excluding any extra premium). The policy so reduced shall thereafter be free from all liabilities for payment of the within mentioned premium, but shall participate in the future profits of the Corporation declared in the form of simple reversionary bonuses payable at the rate of per thousand total amount of premiums paid (excluding any extra premium). The existing vested reversionary bonuses, if any, shall also remain attached to the reduced paid-up policy.

In the event of death of Life Assured during the policy term, the reduced Paid-up Sum Assured as defined above, along with vested reversionary bonuses, if any, shall be payable. Provided the Life Assured is then alive, the vested bonuses and the reduced Paid-up Sum Assured as defined above shall be payable at the end of the policy term.

If after at least one full year’s premiums have been paid in respect of this policy any subsequent premium be not duly paid, in the event of death of the Life Assured within six months from the due date of first unpaid premium, the benefits will be paid as if the Policy had remained in full force after deduction of (a) the premium or premiums unpaid with interest thereon until the date of death, and (b) the unpaid premiums falling due before the next Policy anniversary.

Revival :
If the policy has lapsed, you can revive it by paying arrears of premium together with interest (rate fixed from time to time) within a period of five years, subject to the production of satisfactory evidence of continued insurability.



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.

Benefit Illustration

Statutory Warning:
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.”

Illustration 1:
Age at entry: 35 years
Policy Term: 25 years
Sum Assured: Rs.1,00,000/-
Premium paying term: 3 years
Mode of premium payment: Yearly
First year premium : Rs.7,149 /-
Annual premium for subsequent years: Rs.3, 577/-

End Of YearTotal Premiums Paid Till End Of YearBenefit Payable On Death during the year
GuaranteedVariableTotal
Scenario 1Scenario 2Scenario 1Scenario 2
17,149100000157894100157100894
210,7261000003932234100393102234
314,3031000007084022100708104022
414,30310000010235810101023105810
514,30310000013377598101337107598
614,30310000016529386101652109386
714,303100000196711174101967111174
814,303100000228112962102281112962
914,303100000259614750102596114750
1014,303100000291116538102911116538
1514,303100000512828481105128128481
2014,303100000691538421106915138421
2514,303100000870348362108703148362
End Of YearTotal Premiums Paid Till End Of YearBenefit Payable On Death during the year
GuaranteedVariableTotal
Scenario 1Scenario 2Scenario 1Scenario 2
2514,30314,3038703483622300662665

Illustration 2:
Age at entry: 35 years
Policy Term: 25 years
Sum Assured: Rs.1,00,000/-
Premium paying term: 5 years
Mode of premium payment: Yearly
First year premium : Rs.8,389 /-
Annual premium for subsequent years: Rs.2,097/-

End Of YearTotal Premiums Paid Till End Of YearBenefit Payable On Death during the year
GuaranteedVariableTotal
Scenario 1Scenario 2Scenario 1Scenario 2
18389100000185965100165100965
2104861000004152171100415102171
3125831000006923618100692103618
41468010000010155306101015105306
51677810000013847235101384107235
61677810000017539165101753109165
716778100000212211094102122111094
816778100000249113024102491113024
916778100000286114953102861114953
1016778100000323016882103230116882
1516778100000583029801105830129801
2016778100000792740539107927140539
25167781000001002551277110025151277
End Of YearTotal Premiums Paid Till End Of YearBenefit Payable On Death during the year
GuaranteedVariableTotal
Scenario 1Scenario 2Scenario 1Scenario 2
25167781677810025512772680268054

Notes :
i) This illustration is applicable to a standard (from medical, life style and occupation point of view) life.
ii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 6% p.a.(Scenario 1) and 10% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 6% p.a. or 10% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.
iii) The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.

EXTRACT from Section 41 of the Insurance Act :
No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer : provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bonafide insurance agent employed by the insurer.

Any person making default in complying with the provisions of this Section shall be punishable with a fine which may extend to Rs.500 / –

Note :

“Conditions apply” for which please refer to the Policy document or contact our nearest Branch Office.

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