Annual Premium (Excluding GST)
Yearly Premium (Including GST)
Half-Yearly Premium
Monthly Premium
Death Benefit Coverage
High SA Rebate
โข Based on LIC brochure sample premium table
โข Gender-based premium differentiation
โข Smoker / Non-smoker premium categories
โข High Sum Assured rebates applied
โข Increasing SA doubles after 15th year
โข GST: 4.5% applied
โข Limited PPT loading logic included
When planning for your familyโs financial security, choosing a dependable life insurance policy is very important. The LIC New Jeevan Amar Plan 955 is a well-known term insurance policy from Life Insurance Corporation of India that offers pure life cover with affordable premiums and flexible policy options for policyholders.
What Is LIC New Jeevan Amar Plan 955?
LIC New Jeevan Amar Plan 955 is a non-linked, non-participating pure term life insurance policy offered by Life Insurance Corporation of India. The plan is designed to provide financial security to the policyholderโs family if the insured person passes away during the policy tenure. Since it is a pure protection plan, it does not provide maturity benefits or investment returns. Its main objective is to offer life coverage against the risk of death during the policy term.
Key Features of LIC New Jeevan Amar Plan 955
- Pure Term Insurance Plan:
This is a pure protection policy where only the death benefit is payable. There are no maturity or survival benefits under the plan. - Two Death Benefit Choices:
- Level Sum Assured: The basic sum assured stays unchanged throughout the entire policy duration.
- Increasing Sum Assured: The sum assured increases by 10% every year from the 6th to the 15th policy year and becomes twice the original sum assured from the 16th policy year onward.
- Flexible Premium Payment Options:
Policyholders can select from single premium, regular premium, or limited premium payment modes based on their convenience. - Flexible Policy Tenure:
The policy term can be selected from 10 years up to 40 years according to individual financial goals and protection needs. - Optional Rider Benefit:
An Accident Benefit Rider can be added by paying an additional premium to increase protection against accidental death. - Special Premium Rates for Women:
Female policyholders enjoy lower premium rates compared to male policyholders. - Settlement Benefit in Installments:
Nominees have the option to receive the death claim amount in monthly, quarterly, half-yearly, or annual installments instead of a one-time lump sum payment. - Available Rebates and Discounts:
Premium rebates are offered for higher sum assured amounts and for selecting specific premium payment frequencies.
Eligibility Criteria for LIC New Jeevan Amar Plan 955
Before purchasing this policy, applicants must meet the eligibility conditions specified by Life Insurance Corporation of India.
Eligibility Details of LIC New Jeevan Amar Plan 955
| Eligibility Parameter | Details |
|---|---|
| Entry Age | 18 years to 65 years |
| Maximum Maturity Age | Up to 80 years |
| Minimum Sum Assured | โน25,00,000 (25 Lakhs) |
| Maximum Sum Assured | No maximum limit |
| Policy Term | 10 years to 40 years |
| Premium Payment Term | Regular Premium (equal to policy term), Limited Premium (policy term minus 5 or 10 years depending on the selected term), or Single Premium |
These flexible eligibility conditions make the plan suitable for a wide range of individuals, including young earners as well as senior applicants looking for long-term life coverage.
Benefits of LIC New Jeevan Amar Plan 955
1. Death Benefit
One of the most important features of this plan is the financial protection provided to the nominee if the policyholder passes away during the policy period. The death benefit amount depends on the selected death benefit option and premium payment mode.
On death, the policy pays the highest of the following amounts:
- 7 times the annualised premium (excluding taxes)
- 105% of the total premiums paid till the date of death (excluding taxes)
- Absolute Sum Assured on Death based on the chosen benefit option
For single premium policies, the higher of the following is payable:
- 125% of the single premium paid, or
- The applicable sum assured
This benefit ensures that the insured family members receive adequate financial support during difficult times.
2. Two Death Benefit Options
- Level Sum Assured:
The sum assured remains unchanged throughout the entire policy tenure. - Increasing Sum Assured:
The life cover stays constant for the first 5 policy years. From the 6th to the 15th year, the sum assured increases by 10% every year. From the 16th policy year onward, the coverage amount becomes twice the original basic sum assured.
3. Optional Rider Benefits
- Accidental Death Benefit Rider:
By paying an additional premium, policyholders can add an extra lump sum benefit payable in case of accidental death. - Death Benefit in Installments:
Nominees can also choose to receive the claim amount in periodic installments instead of a single lump sum payment, helping with better long-term financial management.
How to Use LIC New Jeevan Amar Plan 955 Calculator?
The LIC New Jeevan Amar Plan 955 calculator is a useful online tool that helps estimate the premium amount based on factors such as age, sum assured, policy duration, premium payment option, and smoking habits. Since the plan comes with multiple coverage and payment choices, the calculator makes premium estimation quicker, easier, and more accurate.
Details Required in the Calculator
- Age of the Insured Person:
The applicantโs age should be between 18 and 65 years. - Basic Sum Assured:
The minimum sum assured starts from โน25 Lakhs, while higher coverage can be selected according to financial requirements. - Policy Term:
The coverage period can be chosen between 10 years and 40 years. - Premium Payment Option:
Applicants can select Regular Premium, Limited Premium, or Single Premium payment mode. - Benefit Option:
Choose between the Level Sum Assured option or the Increasing Sum Assured option. - Smoker or Non-Smoker Status:
Premium rates differ based on smoking habits, with smokers generally paying higher premiums. - Gender:
Female policyholders are eligible for comparatively lower premium rates.
What Does the Calculator Show?
- Estimated premium amount payable annually or according to the selected premium mode
- Helps in planning premium payments according to budget and affordability
- Makes it easier to compare premiums across different policy terms and coverage options
- Some calculators also display estimated death benefits and rider-related premium details for better understanding of the plan
Where to Find LIC New Jeevan Amar Plan 955 Calculator?
Although Life Insurance Corporation of India does not currently provide an official online premium calculator for LIC New Jeevan Amar Plan 955 on its website, several insurance advisory and comparison platforms offer free premium calculators for this plan. Some popular websites include:
These calculators allow users to estimate premiums quickly before consulting an LIC agent or visiting a branch office to purchase the policy.
Premium Example: Illustrative Premium Chart
The table below provides a sample premium estimate for a 30-year-old male non-smoker choosing a โน50 lakh sum assured with a 20-year policy term.
| Benefit Option | Premium Payment Mode | Approx. Annual Premium (โน) |
|---|---|---|
| Level Sum Assured | Regular Premium | 7,830 |
| Level Sum Assured | Limited Premium (Policy Term minus 5 years) | 9,091 |
| Increasing Sum Assured | Regular Premium | 11,125 |
| Increasing Sum Assured | Limited Premium (Policy Term minus 5 years) | 12,994 |
Note: The above premium figures are only illustrative examples. Actual premiums may vary depending on age, health condition, smoking habits, sum assured, and other underwriting factors.
Advantages of Choosing LIC New Jeevan Amar Plan 955
Financial Protection for Family
This pure term insurance plan is designed to provide high life coverage at affordable premium rates, helping secure the financial future of your loved ones.
Flexible Premium Payment Options
The availability of regular, limited, and single premium payment modes allows policyholders to choose a payment structure that matches their income and financial planning.
Installment-Based Death Benefit
Nominees can receive the claim amount in installments instead of a lump sum, making it easier to manage household expenses and long-term financial needs.
Lower Premium Rates for Women
Female policyholders are eligible for concessional premium rates, making the plan more affordable for women.
Rebate on Higher Sum Assured
Policyholders opting for a higher sum assured can avail premium rebates, which help reduce the overall insurance cost.
Important Terms and Conditions
- This is a pure term insurance policy and does not offer any maturity benefit.
- The selected death benefit option cannot be changed after policy issuance.
- The plan is available only through offline channels such as LIC agents and branch offices.
- Correct disclosure of smoking status is mandatory for accurate premium calculation.
- The Accident Benefit Rider is optional and available at an additional premium.
How to Buy LIC New Jeevan Amar Plan 955?
Visit an LIC Agent or Branch
Since the policy is currently available offline, applicants need to contact an LIC advisor or visit the nearest LIC branch.
Compare Premiums Using the Calculator
Before purchasing, it is advisable to estimate premiums using an online calculator to understand affordability and coverage options.
Complete the Proposal Form
Applicants need to provide personal details, financial information, and medical history while filling out the proposal form.
Submit Documents and Medical Reports
Required identity proofs, income documents, and medical examination reports must be submitted as per LIC guidelines.
Pay the Premium
Choose the preferred premium payment mode and complete the payment process.
Receive Policy Documents
After approval, the policy documents are issued and should be kept safely for future reference and claim purposes.
Frequently Asked Questions (FAQs)
What is LIC New Jeevan Amar Plan 955?
LIC New Jeevan Amar Plan 955 is a pure term life insurance policy that provides financial support to the nominee if the insured person passes away during the policy term. The plan does not include maturity benefits or bonuses.
What is the minimum and maximum entry age under this plan?
The minimum entry age is 18 years, while the maximum entry age is 65 years. The maximum maturity age can go up to 80 years.
Is LIC New Jeevan Amar Plan 955 available online?
No, this plan is currently available only through offline channels such as LIC branches and licensed agents.
Are rider benefits available with this plan?
Yes, policyholders can add the Accidental Death Benefit Rider by paying an extra premium for enhanced protection.
Does LIC provide rebates on higher sum assured amounts?
Yes, premium rebates are available for higher sum assured selections, helping reduce the premium burden.
Will I receive any maturity amount after surviving the policy term?
No, since this is a pure term insurance policy, no maturity benefit is payable if the insured survives the entire policy term.
Final Words
LIC New Jeevan Amar Plan 955 is a suitable option for individuals looking for affordable and comprehensive life insurance protection for their family. With features such as flexible premium payment options, level or increasing sum assured choices, and installment-based claim settlement, the plan supports long-term financial security planning.
Before purchasing the policy, it is recommended to use an LIC New Jeevan Amar Plan 955 premium calculator available on trusted insurance websites. This can help you select the right sum assured and policy term according to your financial goals and budget.
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