LIC chairman, MR Kumar launched LIC’s Jeevan Amar, a new term insurance plan. It is a non-linked, without profit and pure protection plan, available for sale offline. It offers the flexibility to choose from two death benefit options — Level Sum Assured and Increasing Sum Assured.

The plan is available between the age of 18 years (last birthday) to 65 years (last birthday), offering a wide range of policy terms starting from 10 years to a maximum of 40 years.

There are two categories of premium rates — Non-Smoker and Smoker. The proposer/life to be assured has an option to choose from the above mentioned category. Also lower premium rates will be available for female proposers. For example, yearly premium for non-smoker male of age 30 years opting for coverage of 20 years for one crore sum assured will be Rs 10,800 and for a female proposer it will be Rs 9440 (GST extra).

The minimum sum assured under the plan is 25 lakh with no maximum limit. The policy holder has the option to choose from Single, Regular and Limited Premium payment option. The plan also offers the flexibility to choose death benefit payment either as a lump-sum payment or in installments. The option to choose death benefit can be exercised by the life assured during his/her life time; for full or part of death benefits payable under the policy. LIC’s Jeevan Amar also offers optional additional cover through Accident Benefit Rider.

It ensures financial support for the family in case of unfortunate death of the policyholder during the policy term. The plan offers tax benefits as per prevailing tax laws.