The financial stability of your family deserves a plan you can rely on, not just assurances. A pure protection (term) solution that combines affordability, flexibility, and legacy trust is LIC New Jeevan Amar. Regardless of your age, this plan helps make sure that your loved ones’ financial objectives are met even if you are not around.
Selecting a trustworthy, stable insurer with solid financials and a solid claim settlement record is more important than ever in an insurance market expected to grow by about 10.5% annually over the next ten years (compared to about 5% globally).
With a market share of over 68.58% in the first year of business (FY 2024–25) and a dominant share of about 57.05% in the first year of business (FY 25), LIC is the market leader in India for life insurance. A 5% YoY increase in profit, an enhanced margin profile, and a solvency ratio of 2.17 in Q1 2025 all serve to further support its credibility.
To help you make an informed decision, use this page to obtain detailed information on eligibility, features, benefits, sample illustrations, and frequently asked questions.
LIC New Jeevan Amar Plan 955
Plan No. 955 (UIN: 512N350V02) – A Non-linked, Non-participating, Individual, Pure Risk Premium Life Insurance Plan
Why LIC New Jeevan Amar — Key Highlights
| Feature | What It Means for You |
|---|---|
| Choice of Death Benefit Option | Level Sum Assured or Increasing Sum Assured are your options. Under the increasing option, the absolute death benefit doubles by the fifteenth year after increasing by 10% of the basic sum assured annually after the sixth policy year. |
| High Minimum Cover | ₹25,000,000 is the minimum basic sum guaranteed. Subject to underwriting, there is no upper cap. |
| Flexible Policy Term | Select a policy term between 10 and 40 years, with a maturity date of 80 years. |
| Premium Payment Options | You may pay premiums: • Regular (for full policy term) • Limited (policy term minus 5 years) • Premium frequency: annual, half-yearly, quarterly, monthly |
| Optional Accident Benefit Rider | If you still have at least five years of premium-paying term left, you can increase your coverage with LIC’s Accident Benefit Rider (subject to terms). |
| No Maturity Benefit | If the policyholder lives out the term, there is no payout because this is a pure protection (term) plan. Only the death benefit is due. |
| Exclusions & Suicide Clause | Only 80% of premiums paid are reimbursed if the death occurs by suicide within a year (or within a year of revival). Typical exclusions apply to the rider as well (self-harm, illegal acts, war, etc.). |
Eligibility Snapshot
- Entry age: 18 to 65 years (last birthday)
- Maturity max age: 80 years
- Sum assured in multiples of ₹1,00,000 / ₹10,00,000 depending on range
Sample Illustrations & Real-World Data
Example: ₹ 1 Crore Cover for a 30-year term
Suppose a 35-year-old non-smoker buys Jeevan Amar with:
- Sum Assured ₹1,00,00,000
- Term: 30 years
- Premium Paying Term: 30 years (regular)
- Death Benefit: Level option
Because of LIC’s size and subsidised interior pricing, premiums for such a high coverage may be substantially less than those of market comparators. (The exact premium varies depending on smoking habits, gender, and health status; you should use LIC’s calculator or speak with an agent.)
If you had opted for the increasing sum assured option, the death benefit would have doubled to ₹2 crores (double the basic sum assured) by year 15 and would have stayed there ever since.
Market & Industry Trends Supporting Term Plans
- The Indian life insurance market is projected to grow at a compound annual growth rate (CAGR) of approximately 8.7% from its 2024 valuation of USD 110.60 billion to USD 248.37 billion by 2033.
- According to a report, India’s life insurance market is expected to grow at a rate of 10.5% annually, which is higher than the global average of about 5%.
- First-year premium share for individual life insurance in FY25: LIC 57.05%, private sector ~42.95%
- In just two years, NRI interest in Indian term plans has doubled, particularly for long durations (35–40 years) and for payouts in rupees back home.
These patterns support the growing demand for term plans across all demographic groups, which makes New Jeevan Amar a product that is both relevant and timely.
Expert Insights & Opinion
“In India, term insurance remains the most cost-efficient way to transfer mortality risk. The challenge is selecting the right insurer — one with solvency, claim paying track record, and transparency.” — Senior actuary (anonymous)
Financial analysts point out that LIC’s improved product mix, higher-margin policies, and increased share of non-participating policies helped to boost profitability and margins in Q1 2025; the company’s Value of New Business (VNB) increased by about 20.8%, and its VNB margin increased to 15.4%. This suggests a move towards more sustainable, leaner product structures, which are crucial for stability over the long run.
Frequently Asked Questions (FAQ)
No, at this time, this plan is only available offline through LIC branches or agents.
No, the option to choose the death benefit is fixed at the time of policy issuance and cannot be changed in the middle of the policy’s term.
This is a death-only plan, so you will not gain anything from it. There is no reward for surviving the term.
Indeed, Section 80C of the Income Tax Act allows for the deduction of premiums, and Section 10(10D) exempts death benefits from taxes (subject to applicable tax laws).
Medical tests may be required by LIC, contingent on health declarations, age, and sum assured. The same underwriting guidelines are applicable.
Among the most important ones are suicide within a year (or within a year of resuscitation), self-harm, criminal activity, war crimes, etc. There are further limitations under Accident Benefit Rider.
Yes, LIC provides monthly, quarterly, half-yearly, or annual premium frequencies.
Entry age: 18 years; Maximum age at maturity: up to 80 years.