Life can be unpredictable, but your loved ones don't have to worry about their financial stability. New Jeevan Amar, Saral Jeevan bima are LIC term insurance schemes that provide low-cost and effective coverage for your absence.
Why buy LIC term insurance?
If your family experiences a catastrophic loss during the policy term, you can claim death benefits from LIC term plans as either lump-sum or installments, with no market risk involved and only guaranteed support.
Which plan?
- Level sum assurance and increase in sum insurance are available at the new Jeevan Amar, along with payment options for single, limited, and regular premiums, women's rebates or accident benefits. Payment for benefits can be made in installments.
- A budget-friendly and effortless method of obtaining Saral Jeevan Bima. Sum assured ranges from Rs. 5 Choose from single, limited or regular premium options. Unless there is a maturity benefit, the death benefits are not applicable. However, if someone dies during the 45-day waiting period, their premiums may be returned.
Key benefits summarized:
- Optimal: Convert to term length, premium mode (optional), sum assured and riders.
- Section 80C enables premium deductions, while Section 10(10D) does not count towards the death proceeds.
- Several plans offer rebates for higher coverage, female lives, or those who do not smoke.
- The absence of maturity gimmicks in providing peace of mind is precisely what families require.
How to purchase:
- Visit the website or visit a LIC branch for New Jeevan Amar or Saral Jejevan Bima (both online and offline).
- Select the tier of service, opt for premium membership, pledged benefits, duration.
- Provide details such as name, address (such as Aadhaar), income, and health.
- Pay the premium. Take advantage of a 30-day free period to view online before paying, and you can cancel it if you are not satisfied.
- Following the release of your policy, ensure that your beneficiaries have access to these documents for claim collection.
What takes place after the term is over?
If you are still alive, term plans do not carry over and there is no payout. During your policy tenure, they are only intended to provide financial security for your family.
The New Jeevan Amar and Saral jeechanny bima from LIC are sturdy, affordable alternatives for time-protection. To make a purchase, all you need to do is pick your sum assured and term, submit basic documents, pay, and relax.