LIC New Jeevan Amar Plan 955 Calculator

When it comes to securing the financial future of your loved ones, a reliable life insurance plan is essential. The LIC New Jeevan Amar Plan 955 is a popular term insurance plan offered by Life Insurance Corporation of India (LIC), designed to provide pure protection to policyholders with flexibility and affordability.

What Is LIC New Jeevan Amar Plan 955?

LIC New Jeevan Amar Plan 955 is a non-linked, non-participating, pure risk life insurance plan. This plan is specifically structured to offer financial protection to the insured’s family in case of the policyholder’s unfortunate demise during the policy term. This means that it is a term insurance plan without any maturity or investment-related benefits—its primary purpose is coverage for death risk.

Key Features of LIC New Jeevan Amar Plan 955

• Pure Term Assurance Plan: Only the death benefit is paid. No maturity or survival benefit.
• Two Death Benefit Options:
  • Level Sum Assured: The sum assured remains fixed throughout the policy term.
  • Increasing Sum Assured: The sum assured increases annually by 10% from the 6th to 15th policy year, then doubles from the 16th year onwards.
• Flexible Premium Payment Modes: Choose from single, regular, or limited premium payment options.
• Policy Term: Choose between 10 to 40 years depending on your financial requirements.
• Additional Rider: Option to include Accident Benefit Rider for enhanced coverage against accidental death.
• Gender-based Premium Rates: Women get special lower premium rates.
• Death Benefit in Instalments: Nominees can receive the death benefit in monthly, quarterly, half-yearly, or yearly installments instead of a lump sum.
• Rebates: Discounts available on high sums assured and on different premium payment frequencies.

Eligibility Criteria for LIC New Jeevan Amar Plan 955

Before applying for this LIC plan, make sure you qualify under the following criteria:

This eligibility ensures the plan is available to a broad range of individuals, from young adults to seniors looking for long-term coverage.

LIC New Jeevan Amar Plan 955 Benefits

1. Death Benefit

The biggest highlight of this plan is the death benefit paid to the nominee on the policyholder’s death during the policy term. The amount payable depends on the death benefit option chosen and premium payment mode. The plan pays the highest of the following on death:

• 7 times the annualised premium (excluding taxes)
• 105% of all premiums paid till date (excluding taxes)
• Absolute sum assured on death (based on the benefit option)

For single premium policies, the higher of 125% of the single premium paid or the sum assured is paid.

This ensures the family receives sufficient financial support when they need it the most.

2. Two Death Benefit Options

• Level Sum Assured: The sum assured remains constant throughout the policy term.
• Increasing Sum Assured: For the first 5 years, the sum assured is constant. Starting from the 6th year to the 15th year, the sum assured increases by 10% annually. From the 16th year onwards, the sum assured is twice the original amount.

3. Optional Riders

• Accidental Death Benefit Rider: An additional lump sum is paid in case of accidental death, apart from the basic death benefit.
• Death Benefit Instalments: The nominee can choose to receive death benefits in instalments spread over time for better financial management.

How to Use LIC New Jeevan Amar Plan 955 Calculator?

The LIC New Jeevan Amar Plan 955 calculator is an essential tool to estimate the annual premium you need to pay based on your age, sum assured, policy term, premium payment term, and smoker status. Since the plan offers various options, using the calculator saves time, effort, and confusion when deciding your premium.

Inputs Required for Calculator

1. Age of the Life Insured: Must be between 18 and 65 years.
2. Basic Sum Assured: Minimum ₹25 Lakhs; you can choose higher amounts based on financial needs.
3. Policy Term: Choose between 10 to 40 years.
4. Premium Paying Term: Choose Regular, Limited, or Single premium.
5. Benefit Option: Level Sum Assured or Increasing Sum Assured.
6. Smoker/Non-Smoker Status: Smoker rates are higher; non-smokers get lower premiums.
7. Gender: Women pay lower premiums.

What The Calculator Provides?

• Estimated annual or premium mode premium amount to be paid.
• Helps you budge your premium payment according to your financial capacity.
• Assists in comparing premiums for different policy terms and benefit options.
• Some calculators also provide illustrations of death benefits and rider premiums.

Where to Find LIC New Jeevan Amar Plan 955 Calculator?

While LIC India’s official website currently does not offer an online premium calculator for this plan, several insurance advisory and aggregator websites provide free LIC New Jeevan Amar Plan 955 calculators for your convenience. These include:

• LICCalculators.net
• PolicyBazaar.com
• RenewBuy.com
• PolicyX.com

Using these calculators helps you get a quick idea of the premium before you approach an LIC agent or branch for purchasing the plan.

Premium Example: Illustrative Premium Chart

To give an idea of the premium amount, here is a brief chart for a male non-smoker aged 30 years opting for a ₹50 Lakhs sum assured with a 20-year policy term.

This is only an example. Exact premiums vary with age, sum assured, and other factors.

Benefits of Choosing LIC New Jeevan Amar Plan 955

Financial Security for Family

This plan offers pure term insurance, which is best suited to those who want maximum life cover at affordable premiums to secure the family’s financial future.

Flexible Payment Options

The choice between regular, limited, and single premium payments helps customers tailor the plan according to cash flow.

Death Benefit Installments Option

This option can help beneficiaries receive monthly or periodic income instead of a lump sum, which is useful for managing family expenses steadily.

Special Premium Rates for Women

Women get discounted premium rates that make the plan more attractive and affordable.

High Sum Assured Rebate

If you opt for a high sum assured, LIC offers premium rebates, reducing the overall cost.

Important Terms and Conditions to Remember

• This is a pure risk plan, so there is no maturity benefit.
• The death benefit option chosen at inception is irrevocable.
• The plan is available offline only, from LIC agents or branches.
• The policyholder must disclose true smoking status to get correct smoker/non-smoker premiums.
• The Accident Benefit Rider comes with an additional premium, and terms apply.

How to Buy LIC New Jeevan Amar Plan 955?

1. Consult an LIC Agent or Branch: Since it’s an offline policy, visit the nearest LIC branch or an LIC agent.
2. Compare Premiums Using the Calculator: Have your estimated premium ready to negotiate or confirm.
3. Fill the Proposal Form: Share personal and medical details.
4. Medical Examination & Documents: Submit required documents and undergo medical tests if needed.
5. Pay the Premium: Depending on the payment mode selected.
6. Receive Policy Documents: Keep them safe for future claims and reference.

Frequently Asked Questions (FAQs)

Final Words

LIC New Jeevan Amar Plan 955 is an excellent pure term insurance plan for those seeking affordable, flexible, and comprehensive life cover for their family. With options like Level and Increasing Sum Assured, flexible payment modes, and installment benefits, this plan fits well for people planning for long-term financial security.

Before purchasing, use the LIC New Jeevan Amar Plan 955 calculator available on trusted insurance websites to estimate your premium. It will help you decide the optimal sum assured and term according to your budget and requirements.