LIC's new policy 'Jeevan Amar' launched | You Must Know About This New Policy

He common complaint of the general public is that LIC offers expensive plans. To change this trend, the Insurance Corporation of India (LIC) has launched a cheap, traditional and pure protection term insurance plan, 'Jeevan Amar'. According to a statement from LIC, under the Life Immortal Plan, you can choose one of the two death benefit options, which include Level Sum Assured and Increasing Sum Assured.

The term plan of LIC is cheaper than the already available term plan. LIC has taken back the invaluable life term plan. LIC's life is not only cheaper than immortal, but it has some offers that make it superb.

Policy term of 10 years to 40 years

The LIC Life Immortal Policy is made available to people aged 16-65. Maxim as maturity under this is 80 years. The policy term under Life Amar is from 10 years to 40 years.

2. There will be options to pay the premium

LIC's Life Immortal Plan offers three premium payment options. Single-Premium, Regular Premium and Limited Premium, Two Premium Premium Paying Term (PPT) under Limited Premium, the policy term is less than 5 years and the second policy term is less than 10 years. However, the maximum age for premiums will be 70 years. Under the regular and limited premium option, the minimum premium will be Rs 3000. While the minimum premium under single premium option has been kept at Rs 30,000.

3. Women have to spend less money

No surrender value will be available under the regular premium option but this will be available at a single premium. There will be some terms and conditions added to the Limited Premium option. The premium amount will vary for men and women.

4. Lower premiums for non-smokers

There will also be a premium gap for smokers and non-smokers. The male premium will be higher than that of a woman. Similarly, smokers have to pay a higher premium than non-smokers.

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