LIC Jeevan Amar Plan 855 Calculator
Non-Linked, Non-Participating Term Assurance Plan (UIN: 512N332V01)
Calculation Results
Important Information:
- This is a pure term assurance plan with no maturity benefit
- Death benefit is paid only if death occurs during the policy term
- Special premium rates available for women policyholders
- Non-smokers get lower premium rates (Urinary Cotinine test required)
- Entry Age: 18-65 years | Maximum Maturity Age: 80 years
- Minimum Sum Assured: ₹25,00,000 | Maximum: No Limit
- Grace Period: 30 days for premium payment
- Suicide exclusion: No death benefit if suicide within first year
- Note: This calculator provides estimated premiums. Actual premiums may vary based on medical underwriting
Life is unpredictable, and securing your family’s future is one of the most important responsibilities you carry. The LIC Jeevan Amar Plan 855 is a pure protection plan designed to ensure financial security for your loved ones in your absence.
What is LIC Jeevan Amar Plan 855?
The LIC Jeevan Amar Plan 855 is a non-linked, non-participating, pure risk premium life insurance plan offered by the Life Insurance Corporation of India (LIC). This plan provides financial protection to the insured’s family in case of unfortunate demise during the policy tenure.
This plan is known for its flexibility and features that cater to diverse needs, such as:
- Choice between Two Benefit Options: Level Sum Assured or Increasing Sum Assured.
- Multiple premium payment modes: Regular, Limited, and Single Premium.
- Special lower premium rates for women.
- Separate premium rates for smokers and non-smokers based on urinary cotinine test results.
The plan is suitable for individuals aged 18 to 65 years, with the policy term ranging from 10 to 40 years. The minimum sum assured starts at ₹25 lakhs, with no upper limit, making it ideal for high-value coverage needs.
Key Features of LIC Jeevan Amar Plan 855
Let’s explore the important features that make LIC Jeevan Amar Plan 855 a preferred choice for term insurance buyers:
- Two Benefit Options: Choose either Level Sum Assured (fixed death benefit throughout the policy) or Increasing Sum Assured (death benefit increases over time).
- Flexible Premium Payment Terms: Premium can be paid regularly over the term, limited premium payment (a shorter period than the policy term), or as a single lump sum.
- Special Rates for Women: Women policyholders enjoy comparatively lower premium rates.
- Non-Smoker & Smoker Categories: Premium rates differ, with non-smokers benefiting from lower rates after a urinary cotinine test.
- Accidental Death Benefit Rider: Optional rider to enhance coverage in case of accidental death, payable as an additional sum assured.
- High Sum Assured Rebates: Attractive rebates for high sum assured policies to reduce the premium burden.
- Flexible Benefit Payment: Option to receive death benefit either as a lump sum or in multiple installments (5, 10, or 15 years).
- No Maturity Benefit: Pure protection plan without any survival benefit, meaning the policy pays only on death within the term.
Eligibility Criteria of LIC Jeevan Amar Plan 855
Before opting for the plan and using the calculator, check if you meet the eligibility criteria:
| Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 years (last birthday) | 65 years (last birthday) |
| Maximum Age at Maturity | – | 80 years (last birthday) |
| Basic Sum Assured | ₹25,00,000 | No limit |
| Policy Term | 10 years | 40 years |
Policyholders must undergo medical checkups for premium rate categorization, especially for non-smoker/non-smoker classification.
Understanding LIC Jeevan Amar Plan 855 Calculator
The LIC Jeevan Amar Plan 855 Calculator is an online or offline tool that helps you estimate your premium for the desired coverage and policy term under this plan.
Why Use the Calculator?
- Instant Premium Estimates: It quickly calculates premium amounts based on your inputs like age, term, sum assured, gender, and smoker status.
- Compare Benefit Options: You can see how premiums vary between Level Sum Assured and Increasing Sum Assured options.
- Plan Better: Helps you choose the most cost-effective premium payment mode (regular, limited, or single premium).
- Budget Planning: Allows you to plan your finances by knowing the exact premium payable annually, half-yearly, quarterly, or monthly.
- Transparency: Avoids confusion by providing accurate premium figures upfront without lengthy paperwork.
How the Calculator Works?
To use the LIC Jeevan Amar Plan 855 Calculator, you typically provide the following details:
- Age: Your current age (should be between 18 to 65 years).
- Policy Term: Duration for which you want coverage (10 to 40 years).
- Sum Assured: The amount your nominee will receive on your demise.
- Gender: Male or Female (Premium rates differ).
- Smoker/Non-Smoker: Based on your smoking habits.
- Premium Payment Mode: Annual, half-yearly, quarterly, or monthly.
- Benefit Option: Level or Increasing Sum Assured.
Once these are fed, the calculator computes your premium, applicable rebates, and total payable premium over the policy term.
How to Use LIC Jeevan Amar Plan 855 Calculator: Step-by-Step Guide
Using the calculator is simple and user-friendly; here is a stepwise explanation:
- Visit a Trusted LIC Calculator Portal or LIC Agent:
Either use LIC’s official website or trusted insurance portals providing the LIC Jeevan Amar calculator. - Enter Your Age:
This must be accurate as premium rates depend heavily on the age at entry. - Select the Policy Term:
Choose from a minimum of 10 years to a maximum of 40 years. - Choose the Sum Assured:
Start from ₹25 lakhs to any higher amount suitable to your family needs. - Select Gender and Smoker Status:
These factors influence your premium. - Pick the Premium Payment Frequency:
Annual, half-yearly, quarterly, or monthly. - Choose Benefit Option:
Level Sum Assured or Increasing Sum Assured. - Click ‘Calculate’:
The calculator instantly shows your premium amount. - Evaluate and Decide:
Compare premiums for different terms or sum assured and opt for the best fit.
Many insurance websites also provide detailed breakup and premium charts for better clarity.
Benefits of LIC Jeevan Amar Plan 855
This plan offers many advantages to policyholders, making it a popular term insurance choice.
Financial Security
The primary benefit of LIC Jeevan Amar is complete financial protection to your nominee in case of your untimely death during the policy term.
Flexibility
It offers choices for Sum Assured options, benefit payment modes, and premium payment terms that fit individual needs.
Affordable Premium
The plan boasts low premiums for non-smokers and women, coupled with attractive rebates for high sum assured policies, making it budget-friendly.
Additional Coverage
The option to add an Accidental Death Benefit Rider enhances financial security for accidental death cases.
Simple and Transparent
With no maturity benefits or bonuses, it offers transparency—what you see is what you get.
Tax Benefits
Premiums paid under this plan qualify for tax deductions under Section 80C of the Income Tax Act, and the death benefits are tax-free under Section 10(10D), subject to conditions.
Premium Payment Options Explained
LIC Jeevan Amar Plan 855 provides these premium modes for paying policy premiums:
- Regular Premium:
Pay premiums yearly, half-yearly, quarterly, or monthly regularly for the entire policy term. - Limited Premium Payment:
Pay premiums for a shorter duration than the policy term (e.g., pay for 15 years for a 20-year policy). - Single Premium:
A lump sum premium payment upfront (usually not available for this plan).
Each premium payment mode impacts the total premium outgo and flexibility, and the calculator helps analyze the costs side-by-side.
Sum Assured Options: Level vs Increasing
You can choose from two options for death benefit payout:
- Level Sum Assured: The death benefit remains constant for the entire term.
- Increasing Sum Assured: The death benefit increases each year by a certain percentage (usually 10%) to combat inflation.
Choosing the right option depends on your financial goals and inflation protection needs.
Why Is Using the LIC Jeevan Amar Plan Calculator Important?
Without a calculator, understanding premium costs and benefits for various options becomes cumbersome. The calculator empowers you to:
- Make informed decisions by comparing premium options.
- Eliminate guesswork regarding premium affordability.
- Plan your insurance as per your budget and coverage.
- Save time by automating complex calculations.
- Understand rebate benefits for higher sum assured policies.
Important Tips Before Buying LIC Jeevan Amar Plan 855
- Check Eligibility: Ensure your age and health status qualify.
- Choose Sum Assured Carefuly: Match it with your family’s financial needs.
- Select Payment Mode Wisely: Premium payment frequency affects affordability.
- Confirm Smoker/Non-Smoker Status: It significantly impacts premiums.
- Review Riders: Opt for Accidental Death Benefit Rider if needed.
- Keep Documents Ready: For applying through agents or online.
- Use Official Calculator: Always calculate premiums with LIC’s or trusted authorized tools.
Frequently Asked Questions
What is LIC Jeevan Amar Plan 855?
LIC Jeevan Amar Plan 855 is a non-linked, non-participating, pure protection term insurance plan by LIC, offering financial security to the nominee in case of the policyholder’s demise during the policy term. It provides two death benefit options: Level Sum Assured and Increasing Sum Assured.
Is there any premium rebate for higher sum assured?
Yes, LIC offers attractive high sum assured rebates ranging from 4% to 20% depending on the age and sum assured slab. This makes the plan more affordable for large coverage amounts.
Is it possible to add riders to LIC Jeevan Amar Plan?
Yes, an Accidental Death Benefit Rider is available as an optional add-on, which provides additional coverage in case of accidental death upon payment of extra premium.
Does LIC Jeevan Amar Plan offer any maturity benefit?
No, this is a pure protection plan. There is no maturity or survival benefit; the sum assured is paid only in case of death during the policy term.
Are premiums paid under LIC Jeevan Amar eligible for tax benefits?
Yes, the premiums paid are eligible for tax deduction under Section 80C of the Income Tax Act. Additionally, the death benefit is tax-free under Section 10(10D), subject to conditions.
Conclusion
In simple terms, LIC Jeevan Amar is a dependable term insurance plan that offers financial protection combined with flexibility and affordable premiums. The LIC Jeevan Amar Plan 855 Calculator is an essential tool that helps prospective buyers estimate premiums quickly and choose the best options suited for their needs.