• LIC Jeevan Amrit Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Jeevan Amrit Plan from Life Insurance Corporation of India (LIC) is a “with-profit”, limited premium payment, life insurance policy. This policy provides a range of benefits including a death/maturity benefit with the inclusion of bonuses. Policyholders can also avail a loan against this policy, in case they are in need of sudden funds, during the policy tenure. Policyholders can avail tax benefits as per the prevailing laws of Section 80C and Section 10(10D) of the Income Tax Act, 1961.

    Eligibility - Who is the LIC Jeevan Amrit Plan for?

    Insurers usually set an eligibility criteria which customers who intend to purchase the policy need to meet in order to be eligible to avail the protection provided by the policy.

    Parameters Criteria for eligibility
    Minimum age at entry 12 years
    Maximum age at entry 60 years
    Maximum age at maturity 70 years

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured

    The sum assured is a certain amount of money that the insurer guarantees to pay to the policyholder/nominee at maturity of the policy or in the event of the policyholder’s death, as per the policy terms and conditions. The sum assured is the minimum amount of money that one is eligible to receive.

    Minimum Sum Assured Rs.1 lakh
    Maximum Sum Assured No limit


    The premium is a certain sum of money that the life assured pays to the insurer in order to avail the coverage and benefits accorded by the policy. The exact premium rates for the Jeevan Amrit Plan will vary based on the individual’s age at entry, sum assured, policy term, etc. Also, the premium for the first policy year will be higher when compared to the premiums that will have to be paid in the following years.

    Minimum term of the policy 10 years
    Maximum term of the policy 30 years
    Premium Payment Term (PPT) 3 to 5 years
    Premium Payment Mode
    • Yearly
    • Half-Yearly

    *Premiums vary based on age, location, plan term, GST, and other factors.

    Plan Coverage - What the LIC Jeevan Amrit Plan covers?

    Death Benefit If the policyholder passes away during the policy tenure, the nominee will be paid the guaranteed sum assured, the Final Additional Bonus, and the vested Simple Reversionary Bonus.
    Maturity Benefit If the life assured survives till the end of the policy tenure, he/she will be paid the sum assured along with the Reversionary Bonus and the Final Additional Bonus.

    Exclusions - What the LIC Jeevan Amrit Plan doesn’t cover?

    The Jeevan Amrit Plan comes with a suicide exclusion during the first policy year. No other exclusions are applicable for this policy.

    Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.

    Grace Period The insurer provides a 30-day grace period to policyholders. Premiums have to be paid within the end of the grace period to keep the policy from lapsing.
    Paid-Up Value If the policyholder has paid a minimum of 1 year’s premiums but has missed the following premium payment, the policy will be converted into a paid-up policy. The benefits payable will also change accordingly.
    Revival If your policy has lapsed due to non-payment of premiums, the policy can be revived within 5 years by paying all due premiums with interest.
    • Policyholders who pay their premiums via the yearly mode of premium payment will be eligible to receive a rebate.
    • Likewise, policyholders who opt for a sum assured over Rs.2 lakh will be eligible to receive a rebate on the sum assured amount.
    Loan After the policy has acquired a surrender value, the policyholder will be eligible to avail a loan within the policy’s surrender value amount.
    Nomination Nomination facility is provided under Section 39 of the Insurance Act, 1938.
    Free-Look Period The free-look period for this policy is 15 days. The policyholder can return the policy within the free-look period, if he/she is dissatisfied with it.
    Surrender Value The policy can be surrendered if it has been in force for at least 1 year. The insurer will pay the higher of the Guaranteed Surrender Value or the Special Surrender Value.

    Tax Benefits – How you can save with the LIC Jeevan Amrit Plan

    Policyholders can avail tax benefits under Section 80C of the Income Tax Act, 1961 for premiums that they pay for the policy. Similarly, tax benefits can also be availed under Section 10(10D) of the same act if one receives any payouts by way of the policy. Make sure to consult a tax advisor since the governing laws can change without notice.

    Other Benefits – How you can save with the LIC Jeevan Amrit Plan?

    A few other facilities that you are entitled to avail as a customer of LIC include:

    • Customer Service: The insurer has dedicated contact numbers for different cities. You can also choose to contact the insurer’s Customer Service Team via email or the SMS-based helpline channel. You can also choose to visit the insurer’s branch or meet an LIC agent by using the Branch Locator or Agent Locator feature on the LIC website.
    • Online Applications: If you find a policy that you are interested in buying, you can start the application process online. An LIC representative will contact you for more details.
    • Premium Calculator: Requesting for premium quotes is an important step in finding the right insurance policy. To calculate your premium, visit the insurer’s website, select the correct policy name, and enter your details on the webpage. You will then be able to view the estimated premium amount.
    • Plan NAV: You can view and track the NAV or Net Asset Value of various investment funds on LIC’s website.

    Why you should buy the Jeevan Amrit Plan from Life Insurance Corporation of India (LIC)?

    The Jeevan Amrit Plan from LIC is a limited premium payment plan that will enable policyholders to avail the benefits of the policy long after they have finished paying their premiums. This policy will enable you to provide financial security to your near and dear ones.

    The insurer, Life Insurance Corporation of India (LIC), is one of the leading insurance companies in India. Having been nationalised in the year 1956, the insurer has decades of experience and superior management skills. The company has also consistently reported a high claims settlement ratio and grievances resolved ratio. For FY15-16, the insurer’s claim settlement ratio was 98.33% and the grievances resolved ratio was 100%.

    Note: This policy has been withdrawn by LIC.

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