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LIC's New Jeevan Amar (Plan 955) is a non-linked, non-participating, individual pure risk term insurance plan from Life Insurance Corporation of India, sold offline through licensed agents, corporate agents, brokers and insurance marketing firms. If the life assured dies during the policy term, the nominee receives the sum assured on death, and nothing is paid if the policyholder survives the term. You can choose between two death benefit options: Level Sum Assured, where cover stays fixed, and Increasing Sum Assured, where cover stays level for the first five years and then rises by 10% of the basic sum assured every year until it doubles. Premium can be paid as a single premium, regular premium or limited premium, and rates differ for smokers and non-smokers, with special rates for women. Entry age is 18 to 65 years, policy terms run from 10 to 40 years with a maximum maturity age of 80, and the minimum basic sum assured is ₹25 lakh with no upper limit, subject to LIC underwriting. The death benefit can be taken in instalments, and an optional LIC Accident Benefit Rider can be added for an extra premium.
Offline pure term plan from LIC with a Level or Increasing Sum Assured option, entry up to age 65 and a minimum cover of ₹25 lakh.
New Jeevan Amar is the agent-sold counterpart of LIC's online New Tech-Term. It has the same two death benefit options but a lower minimum cover of ₹25 lakh, which makes it a better fit for buyers who need a small or mid-sized cover, or who want an intermediary to guide them through the form and medical process. LIC's own sample shows a ₹50 lakh Level cover for a 30-year-old non-smoking male costing ₹7,830 a year for 20 years, before taxes, and women get special rates. The Increasing Sum Assured option takes 15 years to reach double cover, so it makes little sense on shorter terms, and it costs 31% to 55% more than Level in LIC's sample, depending on age. The trade-offs are clear: cover ends by age 80, earlier than the age-100 cover offered by several private insurers, the brochure lists just one optional rider, so you may need a separate health or critical illness policy, and pricing differs from the online plan. Get a quote for the same cover and term from LIC online, LIC through an agent and two or three private insurers before buying.
LIC
Key Insights
Founded
1956
LIC was established 70 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
95.8% CSR, calculated as a 3-year average
LIC settles 95.8% of all claims it receives, demonstrating strong credibility.
Contact Details
022-6827 6827
Headquarters: Jeevan Bima Marg, Nariman Point, P.O. Box No. 19953, Mumbai, Maharashtra 400021, India
Cover stays level for the first five years and then rises by 10% of the basic sum assured every year from the sixth to the fifteenth policy year, until it reaches twice the original amount.
Costs more than Level; the option cannot be changed later.
The amount paid on death stays equal to the basic sum assured for the whole policy term.
The basic sum assured starts at ₹25 lakh, half of the online New Tech-Term minimum, and there is no upper limit, subject to LIC underwriting.
The maximum cover you get depends on your age, income and health.
The amount paid on death is the highest of 7 times the annualised premium, 105% of the total premiums paid, or the absolute amount assured.
For single premium policies, it is the higher of 125% of the single premium or the absolute amount assured.
The life assured can choose to have the death benefit paid to the nominee in instalments instead of a lump sum, for all or part of the amount.
Minimum instalment is ₹5,000 monthly, ₹15,000 quarterly, ₹25,000 half-yearly or ₹50,000 yearly; the choice must be made by the life assured during their lifetime.
If death is caused by an accident, the rider sum assured is paid as a lump sum in addition to the death benefit under the base plan.
Available on regular and limited premium policies with at least five years of premium paying term left; cover runs only during the premium paying term or up to age 70, whichever is earlier. The rider sum assured and premium are capped; check the rider brochure.
Conditions or treatments that the policy clearly says it will not cover.
Insurer
LIC plans and claim process
It is a pure risk term insurance plan from LIC (Plan 955), sold offline through licensed agents, corporate agents, brokers and insurance marketing firms. If the life assured dies during the policy term, the nominee receives the sum assured on death. You can pay the premium as single pay, regular pay or limited pay.
Under Level Sum Assured, cover stays fixed for the whole term. Under Increasing Sum Assured, cover stays level for the first five years and then rises by 10% of the basic sum assured every year from the sixth to the fifteenth year, until it doubles. The option you choose cannot be changed later, and Increasing costs more.
Entry age is 18 to 65 years (last birthday), and the maximum maturity age is 80 years. The policy term runs from 10 to 40 years. Under Increasing Sum Assured, the maximum term may depend on your age and sum assured.
Disclaimer: Premium amounts are indicative and may vary based on age, health, and plan selected. Claim settlement ratios are from IRDAI Annual Reports. Finzony is not an insurance broker or agent. Verify all details on the official LIC website before purchasing.
Official Website
licindia.in
Visit the official LIC website for plan brochures, premium quotes and policy services.
The aforementioned ratios have been averaged over three years (FY24-FY26)
The minimum basic sum assured is ₹25 lakh. There is no upper limit, but the final cover depends on LIC underwriting based on your age, income and health.
LIC's sample for a ₹50 lakh cover, non-smoking male, 20-year term and regular annual premium, before taxes, shows ₹5,959 at age 20, ₹7,830 at age 30 and ₹15,441 at age 40 under Level Sum Assured. Under Increasing Sum Assured, the same cases cost ₹7,832, ₹11,125 and ₹23,933. Your actual premium depends on age, smoking status, gender, term and cover, and women get special rates.
Both are LIC pure term plans with Level and Increasing Sum Assured options. New Tech-Term is sold online only and starts at ₹50 lakh, while New Jeevan Amar is sold offline through intermediaries and starts at ₹25 lakh. Pricing differs too, so compare quotes for the same cover and term.
For regular and limited premium policies, the nominee receives the highest of 7 times the annualised premium, 105% of the total premiums paid, or the absolute amount assured under your chosen option. For single premium policies, it is the higher of 125% of the single premium or the absolute amount assured.
Yes. The life assured can choose, during their lifetime, to have all or part of the death benefit paid to the nominee in instalments instead of a lump sum. Minimum instalments are ₹5,000 monthly, ₹15,000 quarterly, ₹25,000 half-yearly and ₹50,000 yearly; if the claim amount is smaller, it is paid as a lump sum.
No. New Jeevan Amar is a pure term plan with no maturity benefit and no return of premium option.
If death by suicide happens within 12 months of the policy start or revival, the sum assured is not paid. The nominee gets 80% of the premiums paid for regular and limited pay policies, and a refund of the single premium (80% to 90%, as per the policy document) for single pay policies, excluding taxes and rider premiums.
You can add LIC's Accident Benefit Rider on regular and limited premium policies for an extra premium, if at least five years of premium paying term remain. It pays the rider sum assured in addition to the death benefit if death is caused by an accident. Rider cover runs only during the premium paying term or up to age 70, whichever is earlier.