LIC New Jeevan Amar Plan 955 | Features, Benefits & Eligibility
Discover all about the LIC New Jeevan Amar Plan 955. Explore features, eligibility, premium rates, tax benefits, and learn how this term policy secures your family.
INSURANCE
Sundhari S Mahila Career Adviser – LIC Tindivanam
8/25/20267 min read
LIC New Jeevan Amar – Plan 955
Introduction
Life is unpredictable, and as the primary earner for your family, your top priority is ensuring your loved ones remain financially secure, even when you are not around. To address that need, term life insurance serves as a fundamental financial safety net. If you are looking for a reliable, affordable, and comprehensive term plan, the LIC New Jeevan Amar Plan 955 is one of the most trusted choices available for Indian middle-class families, young professionals, and business owners.
This guide explores everything you need to know about this policy, from its core benefits to eligibility criteria and premium calculations, so that you can make a confident, informed decision for your family's future.
What is LIC New Jeevan Amar Plan 955?
The LIC New Jeevan Amar Plan 955 is a pure protection, non-linked, non-participating term assurance plan. In simple terms, it is a traditional term life insurance policy designed solely to provide financial protection to the policyholder's family in the unfortunate event of the policyholder's passing during the policy term.
Purpose of the policy: To provide a substantial financial payout to your dependents in your absence, replacing your income and clearing any outstanding debts.
Type of plan: Pure Term Insurance Plan (Offline).
Main features: High life cover at nominal premiums, flexibility in premium payments, and special rates for women and non-smokers.
Who it is designed for: Breadwinners, salaried employees, the self-employed, and parents seeking long-term financial security for their dependents.
Key Features
To better understand the LIC New Jeevan Amar features, it helps to see what makes this pure term plan stand out.
Life Cover: Offers substantial financial coverage (Sum Assured) starting from ₹25 Lakhs, with no upper limit (subject to underwriting).
Death Benefit Options: You have the flexibility to choose between a "Level Sum Assured" and an "Increasing Sum Assured" at the inception of the policy.
Premium Payment Flexibility: Choose from Single Premium, Regular Premium, or Limited Premium payment terms based on your cash flow.
Special Premium Rates: Lower premium rates are offered for female lives. Additionally, non-smokers enjoy significantly lower premiums compared to smokers.
Riders Available: Enhance your base coverage with optional riders, such as the LIC Accident Benefit Rider, for comprehensive protection.
Savings Element, Maturity Benefit, and Bonus Eligibility: Because this is a pure term protection plan, it does not offer any survival benefits, maturity benefits, or bonuses. It is strictly for risk coverage.
Loan Facility: Loans are not available under this plan.
Surrender Value: Regular premium policies do not acquire any surrender value. However, Limited Premium and Single Premium policies may offer a refund under specific conditions if you choose to exit early.
Revival Options: A lapsed policy can be revived within a consecutive period of 5 years from the date of the first unpaid premium.
Benefits of the Policy
Complete Financial Security
One major benefit of LIC New Jeevan Amar is the substantial financial cushion it provides for your family. Whether it is paying for your children’s education, covering daily household expenses, or clearing home loans, the death benefit ensures your family's lifestyle is not compromised.
Highly Affordable
Since there is no investment or savings component attached, term insurance offers the highest life cover for the lowest possible premium. Buying early locks in low rates for the entire term.
Flexibility to Choose Your Coverage
With the Increasing Sum Assured option, your life cover grows over time to help the payout retain its value decades from now, helping combat inflation.
Death Benefit in Instalments
You can choose to have the death benefit paid to your nominee in instalments over 5, 10, or 15 years instead of a single lump sum. This creates a regular income stream for families who may find it difficult to manage a massive payout all at once.
Eligibility Criteria
Before you apply, it is essential to check the LIC New Jeevan Amar eligibility conditions so the plan aligns with your profile. The criteria below will help you quickly review the fit.
Premium Details
The LIC New Jeevan Amar premium varies based on your choices, and the following factors determine the final amount.
Premium payment options: You can choose a Regular Premium (pay every year until the term ends), Limited Premium (finish paying premiums early, such as 5 or 10 years before the policy ends), or a Single Premium (one-time lump sum payment), subject to eligibility.
Frequency: For Regular and Limited options, you can pay yearly or Half-Yearly.
Factors affecting premium: Your age, gender (women get lower rates), smoking habits (non-smokers get a rebate), the chosen policy term, and the amount of Sum Assured. Note: A medical test is typically required to verify health and smoking status for eligibility.
Premium Estimation Calculator
To give you a better idea of how affordable this plan can be, you can use the indicative calculator below.
Policy Benefits Explained
Because the LIC New Jeevan Amar coverage is focused solely on term protection, its benefit structure is straightforward. Here is how the benefits work:
Death Benefit: Payable to the nominee if the policyholder passes away during the policy term.
Option 1: Level Sum Assured: The death benefit remains constant throughout the entire term.
Option 2: Increasing Sum Assured: The death benefit remains the same for the first 5 years. From the 6th to the 15th year, it increases by 10% every year until it doubles, and then it remains constant for the remaining term.
Survival Benefit: Not applicable
Maturity Benefit: Not applicable. If the policyholder survives the policy term, the policy terminates, and no amount is payable.
Bonus & Guaranteed Additions: Not applicable. This is a non-participating plan without profit sharing.
Riders Available
To make your policy more robust, you have access to the LIC’s Accident Benefit Rider (UIN: 512B203V03).
By paying a slightly higher premium, you can attach this rider. If the policyholder passes away in an accident, the nominee receives an additional sum (the Accident Benefit Sum Assured) in addition to the base death benefit. This is highly recommended for frequent travellers and those working in high-risk environments.
Tax Benefits
Understanding the tax benefits of LIC New Jeevan Amar is crucial for smart financial planning, especially when you want to see how the policy fits into your overall strategy.
Premium Payments: Premiums paid towards this policy are eligible for tax deductions under Section 80C of the Income-tax Act, 1961 (up to ₹1.5 Lakhs per financial year).
Death Benefit Payout: The lump sum or instalment payout received by the nominee is generally completely tax-free under Section 10(10D) of the Income Tax Act.
(Note: Tax laws are subject to change. Always consult a tax advisor for the latest updates.)
How to Buy the Policy
You can purchase this plan efficiently by following the proper process. While buying LIC New Jeevan Amar online is not possible, since it is an offline plan and its online counterpart is Jeevan Tech Term, you can easily purchase it through an authorised LIC agent.
Buying through your LIC Advisor:
Consultation: Contact Sundhari S, Mahila Career Advisor at Nila Safe Life Solutions, to assess your specific cover requirements.
Form Filling: Fill out the proposal form and honestly declare your medical history.
Documents Required: Submit your Aadhaar card, PAN card, age proof, address proof, and income proof (like salary slips or ITR returns to justify the high Sum Assured).
Medical ExaminatMedical Examination: Depending on your age, sum assured, and medical history, LIC may require you to undergo a standard medical check-up (usually arranged by LIC) to confirm your eligibility.e: Once underwriting is complete, your policy bond will be issued.
Real-Life Example
To simplify the LIC New Jeevan Amar policy details, let's look at a practical scenario that shows how the plan works in real life.
Customer Profile: Rahul, a 30-year-old healthy, non-smoking IT professional.
Sum Assured: ₹1 Crore (Level Sum Assured).
Policy Term: 30 years (coverage up to age 60).
Premium: Rahul pays an approximate annual premium of ₹11,500 (excluding GST).
Likely Benefits:
If Rahul passes away at age 45 due to an illness, his family immediately receives the ₹1 Crore death benefit, allowing them to clear the home loan and fund his child's education.
If Rahul survives until age 60, the policy ends naturally. He receives no maturity amount, but he enjoys absolute peace of mind for 30 years at a minimal cost.
Advantages and Limitations
Making an informed decision means looking at both sides of the coin. Here is an honest comparison that helps you weigh the advantages and limitations together:
Who Should Buy This Policy?
Young Professionals: Buying term insurance in your 20s or early 30s means you lock in incredibly cheap premiums for the rest of your life.
Parents: If you have growing children, this plan ensures their higher-education and marriage dreams are never compromised.
Middle-Class Families: It provides maximum security on a tight budget without straining monthly finances.
Self-Employed Individuals: Business owners with loans or liabilities must have this to prevent the burden from falling on their spouses.
Women: LIC offers special, lowered premium rates for female policyholders, making it highly attractive for working mothers.
Important Points to Consider Before Buying
Always declare your health honestly: The LIC New Jeevan Amar claim process is incredibly smooth, provided you do not hide any pre-existing diseases or smoking habits at the time of purchase. Concealing facts can lead to a claim being rejected.
Calculate the right cover: A good rule of thumb is to choose a Sum Assured that is 10 to 15 times your current annual income.
Do not mix investment with term insurance: Remember, this is a pure protection plan. Buy it strictly to cover the risk of early death, and use other LIC savings plans for wealth creation.
Frequently Asked Questions
What is the minimum sum assured for LIC New Jeevan Amar?
The minimum basic sum assured under this plan is ₹25,00,000. There is no maximum limit, but it depends on your proof of income.
Will I get any money back when the policy matures?
No. This is a pure term insurance policy. There is no maturity benefit or survival benefit payable if you survive the policy term.
Can smokers buy this policy?
Yes, smokers can buy this policy. However, they will be charged a slightly higher premium compared to non-smokers due to the increased health risk.
Can I take a loan against LIC New Jeevan Amar?
No, because this policy does not have a cash value or maturity value; loan facilities are not available.
Is the claim process difficult?
LIC has one of the highest claim settlement ratios in the industry. As long as all health and habit declarations are truthful at the time of purchase, the claim settlement process is smooth and hassle-free.
Conclusion
The LIC New Jeevan Amar Plan 955 is an exceptional, no-nonsense life insurance policy that does exactly what insurance is supposed to do: protect your family financially against life's worst-case scenarios. With high coverage at affordable premiums, flexible payouts, and a trusted brand name backing it, it stands as a must-have foundation for every Indian family's financial portfolio.
Secure Your Family's Financial Future
Choosing the right life cover and term duration can be confusing, but you don't have to do it alone. Ensuring that your family is protected requires personalised planning based on your income, age, and liabilities.
Take the first step toward absolute peace of mind today. For expert LIC insurance guidance, customised financial planning, and seamless policy processing, reach out to Sundhari S, Mahila Career Advisor at Nila Safe Life Solutions.
Please call or WhatsApp 9865822106 to book your consultation.
Disclaimer: The content provided in this article is for educational and informational purposes only. Insurance is a subject matter of solicitation. Readers are advised to consult a certified financial advisor or an LIC agent and to read the policy document carefully before making any purchase or investment decisions.
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