LIC Jeevan Amrit Plan

LIC “Jeevan ke saath bhi, Jeevan ke baad bhi” has been a tagline heard and recited by one and all. Life Insurance Corporation of India is a state-owned insurance group that has been insuring people’s life since 1956. LIC always comes up with various plans to make it easy for a person to understand the plans according to their needs. One such plan is LIC Jeevan Amrit.

LIC Jeevan Amrit Plan

This is the plan for all those who wish to have high cover at low cost and do not wish to pay premium for a longer duration. This is one limited payment endowment policy with bonus facilities. One just needs to pay the premium for a maximum of 5 years and continue the cover for the rest of the policy. The premium payable is higher in the first year than the subsequent years. This is the plan which offers enhanced protection at economical rates.

Eligibility Criteria for LIC Jeevan Amrit Plan

This is the basic criteria that needs to be kept in mind while purchasing this policy are-

Minimum entry age- 12 years

Maximum entry age- 60 years

Maximum age at maturity- 70 years

Some Key Features of LIC Jeevan Amrit Plan

  1. This is endowment scheme with guaranteed returns.
  2. Premium needs to be paid only for 3 to 5 years.
  3. The policy is for a term of 10 to 30 years.
  4. Nomination facility is available.
  5. The policy covers maturity benefit and death benefit.
  6. The premium can be paid half yearly or yearly.
  7. The sum assured limit is minimum Rs. 1 lac
  • On maturity of this policy, the sum of all premiums invested and bonus accrued will be paid.

Benefits of LIC Jeevan Amrit Plan

Some of the key benefits of LIC Jeevan Amrit Plan are listed below-

  1. On the basis of certain criteria, one can avail loan under this policy.
  2. In the case of demise of policy holder, his/her nominee will be entitled to the sum assured and the bonus accrued.
  3. One can opt for surrender benefits, if after a period of 1 year; they choose to surrender their policy.
  4. Policyholder can easily choose the policy term and premium payment term according to their needs.
  5. Policyholders with high sum assured are eligible for rebates on their premium amount.
  6. An individual can attain maturity benefits equal to the sum of the premiums paid and the bonuses accrued during the policy term.

Ways to Make Premium Payment for LIC Jeevan Amrit

  • When it comes to paying premium, this policy allows one to have flexible options.
  • An individual can pay the premium either yearly or half yearly for a term of 3, 4 or 5 years.
  • The premium depends in the sum assured and the policy terms.
  • If an individual opts for high sum assured, he/she is eligible for rebates on their premium.

*To understand LIC Jeevan Amrit plan bonus rates, it is necessary to first understand the meaning of bonus for LIC policies.

Bonus for LIC policies- meaning

The returns from a traditional profit products form LIC, mainly depends on the rate of bonus. LIC declares their bonus rates on yearly basis and it is important to keep a track as one may find some drastic changes in the bonus rates.

The below shows the Revisionary Bonus Rates for LIC Jeevan Amrit Plan-

Financial Year
(in which policy was active)
Premium Paying Term Reversionary Bonus Rate
(per 1000 Sum Assured)
2007-2008 10 to 15 30
16 to 20 30
>=21 30
2008-2009 10 to 15 30
16 to 20 30
>=21 30
2009-2010 10 to 15 30
16 to 20 30
>=21 30
2010-2011 10 to 15 30
16 to 20 30
>=21 30
2011-2012 10 to 15 30
16 to 20 30
>=21 30
2012-2013 10 to 15 30
16 to 20 30
>=21 30
2013-2014 10 to 15 30
16 to 20 30
>=21 30
2014-2015 10 to 15 30
16 to 20 30
>=21 30
2015-2016 10 to 15 32
16 to 20 32
>=21 32

The table above will help to know the total amount of money due.

LIC Jeevan Amrit Plan Bonus Rate for 2017-2018

Plan Term Reversionary Bonus Rate
%o Sum Assured (**)
Interim Bonus Rate
% Sum Assured (**)
(*)
Jeevan Amrit (Plan 186) 10 – 15 32 32
16 – 20 32 32
> 20 32 32

Conclusion

Jeevan Amrit Plan is the most economical and pocket friendly plan as it assures protection at economical rates. It is the perfect choice for young generation as it allows flexible implementation and cover for the entire policy. With the surrender benefit, maturity benefit and death benefit, it gives the best value for your hard earned money. The interim bonus rate for the year 2017-2018 is 32 % sum assured.

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