When it comes to pure financial protection, term insurance remains the most practical and cost-effective solution. LIC New Jeevan Amar Plan 955 is designed for individuals who want high life cover at affordable premiums without mixing insurance with investment. It is a non-linked, non-participating pure term assurance plan that focuses only on death risk coverage.
LIC's New Jeevan Amar Plan 955 Calculator
Plan No. 955 (UIN: 512N350V02) - A Non-linked, Non-participating, Individual, Pure Risk Premium Life Insurance Plan
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Term Assurance Plans
The LIC New Jeevan Amar Plan 955 Calculator helps you estimate your premium based on age, sum assured, policy term, premium paying option, gender, and smoking status. Since this plan offers multiple configurations, using a calculator ensures clarity before purchasing the policy.
What Is LIC New Jeevan Amar Plan 955
LIC New Jeevan Amar Plan 955 is a pure protection term insurance policy offered by LIC. Unlike traditional savings plans, it does not provide maturity benefits, bonuses, or survival payouts. The sole purpose of this plan is to provide financial security to your family in case of your unfortunate death during the policy term.
Because there is no savings component, premiums remain relatively low compared to endowment or money-back policies. This makes the plan suitable for individuals who want maximum coverage at minimal cost.
Why LIC New Jeevan Amar Plan 955 Calculator Is Important
Premium calculation in term insurance depends on multiple factors. Even a small change in age or policy term can significantly affect the premium. The lic calculator helps you compare different scenarios instantly.
Instead of relying only on agent quotations, you can independently estimate your premium and adjust coverage according to your budget. This ensures transparency and better financial planning.
Benefits of Using the Calculator
Using the LIC New Jeevan Amar Plan 955 calculator offers several practical advantages:
- Instant premium estimation
- Easy comparison between Level and Increasing Sum Assured
- Helps choose suitable premium payment term
- Budget planning before meeting an agent
- Clear understanding of affordability
This tool reduces confusion and supports informed decision-making.
Key Features of LIC New Jeevan Amar Plan 955
This plan is structured with flexibility and protection in mind. It offers various options to suit different income groups and life stages.
- Pure term assurance plan
- Two death benefit options
- Policy term from 10 to 40 years
- Regular, Limited, or Single premium options
- Instalment option for death benefit payout
- Special lower premium rates for women
- Rebates on higher sum assured
These features make it a versatile term plan for individuals with different financial goals.
Two Death Benefit Options Explained
One of the unique aspects of LIC New Jeevan Amar Plan 955 is the choice between Level and Increasing Sum Assured.
Level Sum Assured
Under this option, the sum assured remains constant throughout the policy term. If you select ₹50 lakh coverage, the nominee receives ₹50 lakh (subject to policy conditions) whenever death occurs during the term.
This option is suitable for individuals who want fixed protection aligned with current liabilities like home loans or education expenses.
Increasing Sum Assured
In this option, the sum assured increases annually by 10 percent from the 6th to the 15th policy year. From the 16th year onwards, it becomes twice the original basic sum assured.
This structure helps combat inflation and rising financial responsibilities. It is ideal for young professionals expecting income growth and increasing family needs.
Eligibility Criteria and Policy Parameters
Before using the calculator, you must know whether you qualify for the plan. The following table outlines key eligibility details.
| Parameter | Details |
|---|---|
| Minimum Entry Age | 18 Years |
| Maximum Entry Age | 65 Years |
| Maximum Age at Maturity | 80 Years |
| Minimum Sum Assured | ₹25,00,000 |
| Maximum Sum Assured | No Upper Limit |
| Policy Term | 10 to 40 Years |
| Premium Payment Term | Regular, Limited, or Single |
These broad eligibility conditions make the plan accessible to both young earners and individuals in mid-career stages.
Death Benefit Structure
The death benefit payable under this plan is designed to ensure meaningful financial support to the nominee. The amount paid on death is the highest of:
- 7 times the annualized premium
- 105 percent of total premiums paid
- Absolute sum assured on death
For single premium policies, the death benefit is the higher of 125 percent of the single premium or the sum assured. This structured formula ensures adequate compensation to beneficiaries.
Premium Payment Options
Flexibility in premium payment makes the plan adaptable to various financial situations.
Regular Premium
Premium is paid throughout the policy term. This option keeps annual premiums relatively lower compared to limited payment mode.
Limited Premium
Premium is paid for a shorter duration than the policy term, usually policy term minus 5 or 10 years. This option reduces long-term payment commitment.
Single Premium
Entire premium is paid at inception. No further payments are required. Suitable for individuals with surplus funds.
The calculator allows you to compare premiums across all three options.
Inputs Required in LIC New Jeevan Amar Plan 955 Calculator
To generate an accurate premium estimate, you must provide correct details. Typical inputs include:
- Age of the life assured
- Gender
- Smoker or non-smoker status
- Basic sum assured
- Policy term
- Premium payment option
- Death benefit option selection
Entering accurate smoking status is critical, as smoker premiums are higher.
What the Calculator Shows
After entering required information, the calculator generates an estimated premium figure. It may display:
- Annual premium amount
- Monthly or quarterly premium if selected
- Comparison between Level and Increasing options
- Approximate rider premium, if chosen
These outputs help in budgeting and comparing coverage scenarios effectively.
Instalment Option for Death Benefit
A distinctive feature of this plan is the option to receive death benefit in instalments rather than lump sum. The nominee can choose monthly, quarterly, half-yearly, or yearly payouts.
This option is beneficial when beneficiaries may not be comfortable managing a large lump sum amount. It ensures steady financial support over time.
Rider Option for Enhanced Protection
Policyholders can strengthen coverage by adding the Accidental Death Benefit Rider. If death occurs due to an accident, an additional sum assured is paid.
Although riders increase premium slightly, they provide broader protection at a relatively low cost. The calculator may estimate total premium including rider selection.
Premium Rebates and Special Rates
LIC offers premium rebates for higher sum assured brackets. This reduces effective cost for individuals opting for larger coverage amounts.
Women policyholders generally enjoy lower premium rates compared to male counterparts. This gender-based pricing makes the plan more affordable for women seeking financial protection.
Who Should Consider LIC New Jeevan Amar Plan 955
This plan is ideal for:
- Young professionals starting their careers
- Individuals with home loans or financial liabilities
- Sole earning members of families
- Business owners seeking high coverage at low cost
It may not suit individuals looking for maturity benefits or investment returns, as it is purely protection-oriented.
How to Use LIC New Jeevan Amar Plan 955 Calculator Step by Step
Using the calculator is simple and efficient:
- Enter your current age correctly.
- Select gender and smoking status.
- Choose desired sum assured.
- Select policy term between 10 and 40 years.
- Choose premium payment option.
- Compare Level and Increasing death benefit.
- Review premium estimate.
Testing multiple combinations helps you find the most suitable coverage within your budget.
Important Points to Remember
Before purchasing the plan, keep these considerations in mind:
- No maturity benefit is payable.
- Death benefit option chosen at inception cannot be changed later.
- Accurate health disclosure is mandatory.
- Premium rates depend on underwriting assessment.
Reading official policy documents ensures complete clarity.
Conclusion
LIC New Jeevan Amar Plan 955 is a strong pure term insurance solution for individuals seeking maximum financial protection at affordable cost. With flexible premium payment options and two distinct death benefit structures, it caters to diverse financial needs. The LIC New Jeevan Amar Plan 955 Calculator simplifies premium estimation and enables better planning before purchase.
For anyone serious about safeguarding their family’s financial future, using the calculator is the first practical step toward selecting appropriate life cover.
FAQ’s
Q.1: Is LIC New Jeevan Amar Plan 955 a savings plan?
No, it is a pure term insurance plan and does not provide maturity or survival benefits.
Q.2: What is the minimum sum assured under this plan?
The minimum sum assured is ₹25,00,000, and there is no fixed upper limit.
Q.3: Can the death benefit increase over time?
Yes, if you choose the Increasing Sum Assured option, coverage increases annually from the 6th policy year onwards.
Q.4: Can nominees receive death benefit in instalments?
Yes, the nominee can opt for monthly, quarterly, half-yearly, or yearly instalments instead of a lump sum payout.
