Below is a clear and concise summary of LIC’s popular pure term insurance plans— New Jeevan Amar and Yuva Term Plan. These plans focus solely on providing strong financial protection for families at affordable premiums.
Type: Non-Linked, Pure Term Life Insurance Plan
Objective: To offer financial security to the family in case of the policyholder's untimely demise.
Key Features:
• Death Benefit: Full sum assured is paid to the nominee if the insured passes away during the policy term.
• No Maturity Benefit: Since this is a pure risk plan, no payout is made on survival.
• Flexible Policy Term: Multiple term options to choose from based on financial planning needs.
• Premium Payment: Yearly, half-yearly, quarterly, or monthly modes available.
• Tax Benefits: Premiums eligible under Section 80C; death benefit tax-free under Section 10(10D).
Type: Non-Linked, Pure Term Insurance Plan
Objective: Designed for young adults seeking high life coverage at affordable premiums early in their career.
Key Features:
• Death Benefit: Nominee receives the full sum assured if the life assured passes away during the policy term.
• No Maturity Benefit: As with all term plans, no survival benefit is payable.
• Flexible Policy Term: Choose from multiple durations and premium payment frequencies.
• Young Entry Age: Tailored for early starters, providing large coverage at lower premiums.
• Tax Benefits: Eligible for deductions under Section 80C and tax-exempt death benefits under Section 10(10D).
• These plans are designed exclusively for risk protection and not for investment or savings.
• Ideal for individuals who want large life cover at an affordable cost.
• Important to assess current financial responsibilities, dependents, and future liabilities before selecting coverage.
• Consulting an LIC advisor is recommended for personalized guidance on sum assured, term selection, and premium calculations.