LIC Jeevan Amar Plan 855 Calculator
- Entry Age: 18–65 Years
- Maximum Maturity Age: 80 Years
- Minimum Sum Assured: ₹25,00,000
- Policy Term: 10–40 Years
- Level or Increasing Sum Assured Options
- No Maturity Benefit
Estimated Results
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LIC Jeevan Amar Plan 855 – Overview
LIC Jeevan Amar Plan 855 is a non-linked, non-participating term insurance plan that focuses solely on providing financial protection to the policyholder’s family. As a pure risk cover plan, it offers a substantial death benefit during the policy term without any maturity or survival benefits.
What is LIC Jeevan Amar Plan 855?
LIC Jeevan Amar Plan 855 is a pure term insurance policy designed to provide financial support to the nominee if the life assured passes away during the policy term. The plan offers flexibility through multiple premium payment options and death benefit choices, allowing individuals to select coverage according to their financial requirements.
The plan is available for individuals between 18 and 65 years of age, with policy terms ranging from 10 to 40 years. The minimum sum assured starts at ₹25 lakh, while there is no specified upper limit, subject to underwriting guidelines.
Key Features of LIC Jeevan Amar Plan 855
Choice of Death Benefit Options
Policyholders can choose between:
- Level Sum Assured: The death benefit remains unchanged throughout the policy term.
- Increasing Sum Assured: The death benefit increases over a specified period during the policy term.
Flexible Premium Payment Options
The plan offers multiple premium payment choices:
- Regular Premium
- Limited Premium
- Single Premium
This flexibility allows policyholders to select a payment structure that suits their financial planning.
Special Premium Rates for Women
Female policyholders are eligible for lower premium rates compared to standard premium rates.
Separate Rates for Smokers and Non-Smokers
Premiums are determined based on smoking status, with non-smokers generally receiving more favorable rates. Classification is based on underwriting requirements, including urinary cotinine test results where applicable.
Optional Accidental Death Benefit Rider
An additional accidental death benefit rider can be attached to the policy by paying an extra premium, enhancing the overall protection.
High Sum Assured Rebates
The plan offers premium rebates for higher coverage amounts, making large sum assured policies more cost-effective.
Flexible Death Benefit Payout
Nominees can receive the death benefit as:
- A lump-sum payment, or
- Installments spread over 5, 10, or 15 years, depending on the option selected.
Pure Protection Plan
LIC Jeevan Amar Plan 855 does not provide any maturity or survival benefit. The policy pays benefits only if the insured person dies during the policy term while the policy remains in force.
Eligibility Highlights
| Parameter | Details |
|---|---|
| Minimum Entry Age | 18 Years |
| Maximum Entry Age | 65 Years |
| Policy Term | 10 to 40 Years |
| Minimum Sum Assured | ₹25,00,000 |
| Maximum Sum Assured | No Limit (Subject to Underwriting) |
| Plan Type | Pure Term Insurance |
| Maturity Benefit | Not Available |
| Death Benefit | Available During Policy Term |
LIC Jeevan Amar Plan 855 is suitable for individuals seeking high-value life insurance protection at relatively affordable premiums, with the flexibility to choose coverage and premium payment options according to their needs.
Eligibility Criteria of LIC Jeevan Amar Plan 855
Before purchasing the policy or using the LIC Jeevan Amar Plan 855 Calculator, it is important to understand the eligibility requirements.
| Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 Years (Last Birthday) | 65 Years (Last Birthday) |
| Maximum Maturity Age | — | 80 Years (Last Birthday) |
| Basic Sum Assured | ₹25,00,000 | No Limit |
| Policy Term | 10 Years | 40 Years |
Medical underwriting may be required, particularly for determining smoker and non-smoker premium categories according to LIC’s guidelines.
LIC Jeevan Amar Plan 855 Calculator
The LIC Jeevan Amar Plan 855 Calculator is a premium estimation tool that helps individuals calculate the cost of coverage based on factors such as age, sum assured, policy term, gender, smoking status, and premium payment option.
Benefits of Using the Calculator
Quick Premium Estimation
The calculator provides an instant estimate of the premium payable based on the information entered by the user.
Comparison of Benefit Options
It allows users to compare premiums under both available death benefit options and understand the impact of each choice.
Better Financial Planning
By displaying premium amounts in advance, the calculator helps users select a coverage amount and payment mode that fit their budget.
Transparency
Users can view estimated premiums without going through lengthy manual calculations or paperwork.
Information Required for Calculation
To generate premium estimates, the calculator generally requires the following details:
- Current Age
- Policy Term
- Desired Sum Assured
- Gender
- Smoking Status
- Premium Payment Frequency
- Death Benefit Option (Level or Increasing)
Based on these inputs, the calculator estimates the applicable premium and overall payment commitment under the selected policy option.
How to Use the LIC Jeevan Amar Plan 855 Calculator
Step 1: Enter Your Age
Provide your current age, ensuring it falls within the plan’s eligible entry age range.
Step 2: Select Policy Term
Choose a coverage period between 10 and 40 years according to your protection needs.
Step 3: Enter Sum Assured
Select the desired life cover amount, starting from the minimum sum assured of ₹25 lakh.
Step 4: Choose Gender and Smoking Status
Premium rates vary based on these factors, making accurate selection important.
Step 5: Select Premium Payment Mode
Choose your preferred payment frequency:
- Yearly
- Half-Yearly
- Quarterly
- Monthly
Step 6: Select Benefit Option
Choose either:
- Level Sum Assured
- Increasing Sum Assured
Step 7: Calculate Premium
Click the calculate option to view the estimated premium based on the selected details.
Step 8: Review and Compare
You can modify inputs such as policy term or sum assured to compare different scenarios and choose the most suitable option.
Many insurance portals also provide premium illustrations and detailed benefit breakdowns to help users understand the policy more clearly before making a decision.
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
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The plan boasts low premiums for non-smokers and women, coupled with attractive rebates for high-sum-assured policies, making it budget-friendly.
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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, semi-annually, 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.
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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:
Return calculator app
- 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 Carefully: 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 the 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 an 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.
Maturity value estimation
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.
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