Under LIC’s Jeevan Amrit 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.
Jeevan Amrit Options:
You may choose Sum Assured (S.A.), Premium Paying Term, Policy Term and Mode of premium payment.
Jeevan Amrit Payment of Premiums:
You may pay premiums yearly or half-yearly during the premium paying term of 3 or 4 or 5 years.
Jeevan Amrit 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.
Jeevan Amrit 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.
Eligibility Conditions and Other Restrictions for Jeevan Amrit :
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.
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