LIC Jeevan Amar (Plan No. 855)


LIC recently introduced a brand new plan for the country. This is the new Jeevan Amar Plan. This may mean similar to Jeevan Amulya but it has some amazing additional benefits which are much more affordable to the people. Policyholders purchasing this plan will be given choices between policy year, the sum assured, and payment term.

The plan is non-linked and traditional. The lump sum amount will be paid to the assured only when there is a demise of the policyholder. You will be able to access the policy on social media platforms of LIC

Key Features of Jeevan Amar

Some of the key features of this fresh plan are listed below:

  • Surrender Value- Even though there is no surrender value under this plan, an amount will be refunded if you choose to surrender the following plans: Level Sum Assured and Increasing Sum Assured
  • Riders- Riders like Accidental Benefit Riders are available.
  • Grace Period- There is a grace period of 30 days from the date of the first unpaid premium.
  • High Sum Assured Rebate is applicable for all payment modes.
  • Revival – The policy can be revived within 5 increasing years from the date of the first unpaid premium or as per the policy rules.

Benefits on LIC Jeevan Amar

Here are a few of the many benefits that come in with LIC Jeevan Amar.

  • Offers to choose between two benefit options that are, Level Sum Assured and Increasing Sum Assured
  • Flexible premium paying modes: Single Premium Payment, Regular Premium Payment, and Limited Premium Payment
  • Special rates exclusively for women
  • High Sum Assured Rebate
  • Two tires of Premium rates: Non-smoker rates and smoker rates
  • You can add riders and compliment your cover

Eligibility Criteria

To opt for this policy, a person needs to meet the following criteria.

Minimum age of entry 18 years
Maximum age of Entry 65 years
Age of Maturity 80 years
Policy Term 10 years-40 years
Sum Assured Rs. 25,00,000 – no limit
Death Cover Options Level Sum Assured and Increasing Sum Assured
Premium paying term Yearly, half-yearly, quarterly, and monthly
Grace Period 30 days
Premium Paying Mode Single payment, Regular Payment, and Limited payment


Why should you purchase Jeevan Amar?

Here are 5 reasons to buy the Jeevan Amar Plan:

  1. Higher sum assured discount– The assured will be provided with lower premium rates after inclusive of discounts if he or she chooses Higher Sum Assured. The discount ratio however also depends upon the age of the assured.
  2. Death Benefits– There is a guarantee of coverage after the demise of the policyholder. There are two options available for the death benefit. Lumpsum or installments.
  3. Flexible-Premium Payment – Premiums can be paid through one of the three offered choices: Single Premium; Regular Premium and Limited Premium
  4. Discount for women- For women policyholders, we are offering a maximum of 10% to 20% discounts compared to the normal price.
  5. Health Benefits– LIC started a non-smoking initiative with this plan. A policyholder maintaining a healthy lifestyle abstaining from smoking will be awarded a discount under the Jeevan Amar Plan.

Sum Assured available

There are primarily two types of Sum Assured that are available:

  • Level Sum Assured – Under this option, the sum assured will remain the same throughout the policy reign
  • Increasing Sum Assured – On choosing this type of sum assured, the payable will remain constant for the first 5 years and then increase by 10% on the 6, with year. The amount will keep elevating for the next 5 years and then become constant for the rest of the policy term.

Rebate on choosing High Sum Assured

The rebate on High Sum Assured is explained with a detailed description below:

  1. Level Sum Assured

High Sum Assured rebate (%) of Tabular Annual/Single Premium

Range of Age Less than Rs. 50 lakh Rs. 50 lakh to Rs. 1 Cr 1 Cr and above
Upto 30 Nil 12% 20%
31-50 Nil 10% 15%
51 and above nil 5% 7%


  1. Increasing Sum Assured

High Sum Assured rebate (%) of Tabular Annual/Single Premium

Range of Age Less than Rs. 50 lakh Rs. 50 lakh to Rs. 1 Cr 1 Cr and above
Upto 30 Nil 10% 18%
31-50 Nil 8% 13%
51 and above nil 4% 6%


Modal Loading (For Regular and Limited Premium Payment

Mode Loading (%) of tabular annual Premium
Annually Nil
Semi-annually 2%


Accident Benefit Rider

Policyholders with Limited premium or regular Premium can add this rider to their original policy after two years of completion of premiums. The rider comes in with three major features:

  • Lumpsum payment of rider sum assured with the demise of the policyholder which will be added to the original sum assured
  • Maximum sum – 1 Cr
  • Accident rider sum is assured should the policyholder pass away due to an accident. This is will be issued within 180 days from the date of the accident.


The normal benefit that is provided by the rest of the plans wherein 80% of the premiums will be refunded is not available for this plan. However, it will be applicable if the premiums are in Single Payment mode from the beginning of the policy.


  1. Do we have a free-look offer under this plan?

Yes, there is a free-look mode available for 15 days if you are unsatisfied with the terms and conditions or have a change of mind. In that case you can checkout other LIC policies also.

  1. Does Section 80 (C) apply to this plan?

Statutory tax by the government or any other constitutional tax under the income tax act 1961 will be applied

  1. What kind of death benefit is offered?

The death benefit can either be a lump sum amount or in installments. That is a choice for the policyholder

  1. Is there any maturity benefit as per this plan?

Should the policyholder survive until the end of the policy term, there will be no maturity benefit paid.

  1. When can I apply for a loan?

There is no loan facility under this plan

  1. What kinds of discounts are offered?

Less than 50 lakh- no discount

50 lakh to 1 Cr – max 12% discount

Above 1 Cr- max 20% discount

  1. What documents do I need to avail this policy?

Identity proof- Aadhar card, Voter’s card Pan card or Passport

Address proof

Income proof

Medical records

  1. How can I buy this plan?

Currently, LIC is working on getting the plan offline. Until then, you can avail of this plan through LIC social media platforms

  1. Can I upgrade my absolute sum assured to Jeevan Amar?

No, since there is a risk of policy commences, it is ill-advised but you can opt for increasing sum assured

  1. Can I avail Jeevan Amar plan for a minor?

Yes, minors can enjoy this plan as a beneficiary to the policyholder

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