LIC New Jeevan Amar (Plan 955) is a term insurance plan offered by the Life Insurance Corporation of India (LIC). Here are the key features and benefits of LIC New Jeevan Amar:
Pure Protection Coverage: New Jeevan Amar is a non-linked, without-profit, pure protection term insurance plan designed to provide financial security to the policyholder's family in case of the policyholder's demise during the policy term.
Death Benefit: In the unfortunate event of the demise of the life assured during the policy term, the nominee receives the death benefit, which is the sum assured chosen at the inception of the policy. This provides financial support to the policyholder's family to help them cope with the loss of income.
Affordable Premiums: The premiums for New Jeevan Amar are affordable and based on factors such as the age and sum assured chosen by the policyholder. This makes it accessible to a wide range of individuals seeking financial protection.
Flexible Premium Payment Term: Policyholders have the flexibility to choose the premium payment term based on their convenience and financial planning preferences. The premium payment term can range from 10 to 40 years.
Optional Riders: The plan offers additional coverage options through riders such as Accidental Death Benefit Rider and Accidental Disability Benefit Rider, which can be added to enhance the coverage of the policy.
No Maturity Benefit: New Jeevan Amar is a pure protection plan, and hence, there are no maturity or survival benefits payable under the policy. The plan focuses solely on providing financial security to the nominee in case of the policyholder's demise.
Tax Benefits: Premiums paid towards New Jeevan Amar are eligible for tax benefits under Section 80C of the Income Tax Act, 1961, up to a specified limit. Additionally, the death benefit received by the nominee is also tax-free under Section 10(10D) of the Income Tax Act, subject to the conditions specified therein.
Easy Application Process: The application process for New Jeevan Amar is straightforward, and minimal documentation is required, making it convenient for individuals to avail of the policy.
LIC New Jeevan Amar is designed to provide simple and affordable life insurance coverage to individuals seeking financial protection for their families. It offers peace of mind knowing that loved ones will be financially secure in the event of an untimely demise. However, it's essential to carefully review the policy documents and consult with an LIC agent or financial advisor to understand the plan's features, benefits, and suitability to your financial goals and requirements.
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