Both the LIC Jeevan Kiran vs LIC Jeevan Amar Policy are two different plans launched with the same objective. The main objective of these plans is to provide financial security to the holders and their families at the time of their emergency deaths. In today’s article, we will tell you about the major differences between the LIC Jeevan Kiran policy and LIC Jeevan Amar plan so that you can know which plan is better for you and your family.
LIC Jeevan Kiran vs LIC Jeevan Amar Comparison
Here we have compared both the plans of LIC, LIC Jeevan Kiran and LIC Jeevan Amar. Which of these two plans is best for you? You can choose it based on your requirements.
| Plan Name | LIC Jeevan Kiran | LIC Jeevan Amar |
|---|---|---|
| Table Number | 870 | 955 |
| Launch Date | 27 July 2023 | 23 November 2022 |
| Plan Type | Non-Linked, Non-Participating Saving Life Insurance Plan | Non-linked, Non-participating, Pure Risk Premium Life Insurance Plan |
| Minimum Entry Age | 18 Years | 18 Years |
| Maximum Entry Age | 65 Years | 65 Years |
| Minimum Maturity Age | 28 Years | 28 Years |
| Maximum Maturity Age | 80 Years | 80 Years |
| Policy Term | 10 To 40 Years | 10 To 40 Years |
| Premium Paying Term | Single Premium & Regular Premium | Single Premium, Limited Premium & Regular Premium |
| Single Premium | One Time | One Time |
| Limited Premium | No Available | 5 years less for policy term 10 to 40 years 10 years less for policy term 15 to 40 years |
| Regular Premium | Same as policy term | Same as policy term |
| Premium Paying Mode | Half-yearly and Yearly | Half-yearly and Yearly |
| Minimum Premium Amount | Single Premium Rs. 30,000/- Regular Premium Rs. 3,000/- | Single Premium Rs. 30,000/- Limited Premium Rs. 3,000/- Regular Premium Rs. 3,000/- |
| Maximum Premium Amount | No limits | No limits |
| Minimum Sum Assured | Rs. 15,00,000/- | Rs. 25,00,000/- |
| Maximum Sum Assured | No limit | No limit |
| Form Required | 300, 340 | 300, 340 |
| Assignment & Nomination | Available | Available |
| Maturity Benefits | Available | No Available |
| Death Benefit on a Regular Premium Policy | Basic Sum Assured, 7 Times of Annualized Premium, 105% of Total Premium Paid. | Absolute amount assured to be paid on death 7 Times of Annualized Premium, 105% of Total Premium Paid. |
| Death Benefit on Single Premium Policy | Basic Sum Assured, 125% of Single Premium | Absolute amount assured to be paid on death 125% of Single Premium, |
| Additional Riders Available (On Extra Premium) | 1. Accidental Benefit Rider 2. Accidental Death & Disability Benefit Rider | Accidental Benefit Rider |
| Loan | Available After 2 Years | Not Available |
| Surrender | Available After 2 Years | Available in Single Premium & Limited Premium Only |
| Revival Of Policy | Within 5 Years | Within 5 Years |
| Grace Period | 30 Days | 30 Days |
| Tax Benefits | Premium – Under Section 80C Death Claim – u/s 10(10D) | Premium – Under Section 80C Death Claim – u/s 10(10D) |
What is the difference between LIC Jeevan Kiran vs LIC Jeevan Amar Plan
LIC Jeevan Kiran is a term insurance plan designed to provide financial security to the policyholder’s family in case of unfortunate events. The special thing about this plan is that whatever premium is paid at the time of taking the policy, that amount is returned to the policyholder at the time of maturity. Hence, this insurance plan is said to be a combination of savings and insurance coverage. This plan can be a better option for those who want long-term financial security along with premium returns.
On the other hand, LIC Jeevan Amar is also a term insurance plan, but this plan focuses on providing whole life coverage without any maturity benefit. The highlight of this plan is that it offers high coverage at affordable premiums, making it an attractive option for individuals seeking pure protection.
Let us compare all the information mentioned above one by one and find out what are the differences between these two schemes.
Table Number: If we talk about the table numbers of both these plans, the table number of the LIC Jeevan Kiran plan has been kept at 870, while the table number of the LIC Jeevan Amar plan has been kept at 955.
Launch Date: Let’s talk about the launch dates of both of these plans. The LIC Jeevan Kiran plan has been launched on July 27, 2023. In contrast, the LIC Jeevan Amar Plan was launched on November 23, 2022. You can easily get both of these term insurance plans from the official website of LIC (www.licindia.in) or from your nearest LIC office or agent.
Plan Type: Talking about the type of both these plans, LIC Jeevan Kiran is a non-linked, non-participating saving life insurance plan, in which the policy holder gets the benefit of saving along with insurance cover; on the contrary, LIC Jeevan Amar is a non-linked, non-participating, pure risk premium life insurance plan, in which the benefit of high coverage is available at an affordable premium.
Minimum Entry Age: the minimum entry age means what age you should be for this plan, then the minimum entry age in both of these schemes has been kept at 18 years. That means if your age is 18, then you can take this plan.
Maximum Entry Age: Maximum entry age means people of what age can take this plan. So the maximum entry age in both of these schemes has been kept at 65 years. That is, if your age is 65, then you can take this plan, but no person older than this can take this plan.
Minimum Maturity Age: Minimum maturity age means the minimum age at which your policy will expire, so in both of these plans, the minimum maturity age is kept at 28 years. That is, if you take out this policy at the age of 18, then your policy will expire at the age of 28.
Maximum Maturity Age: Maximum maturity age means the maximum age at which your policy will expire, so in both of these plans, the maximum maturity age has been kept at 80 years. That is, after taking this policy, if your age becomes 80, then this policy will be terminated only then.
Policy Term: A policy term means that this plan can be taken for at least how many years and for how many years at most. So in both these plans, the minimum and maximum policy term have been kept from 10 to 40 years; that is, this policy can be taken for a minimum of 10 years and for a maximum of 40 years.
Premium Paying Term: When talking about premium paying term, it means how you want to pay premiums for taking this plan. If we talk about the LIC Jeevan Kiran plan, then two options have been given in it through which you can pay the premium.
- Single premium payment
- Regular Premium Payments
You can choose any of these two premium payment options.
On the contrary, talk about the LIC Jeevan Amar plan, and then three options are given to pay the premium.
- Single Premium Payment
- Limited Premium Payment
- Regular premium payment
From these, you can also choose any plan according to your convenience.
Single Premium: Talk about how the payment is made in the single premium option. Whatever amount of premium is made at the time of taking the plan, all the amounts will have to be paid through this option in one go.
Limited Premium: limited premium means how many years you can pay less premium during the policy term. You will see this option only in the LIC Jeevan Amar plan. In this option, if you take a plan for a policy term of 10 to 40 years, then you will have to pay a lower premium for 5 years.
Regular Premium: A regular premium means that you will have to pay the premium for the number of years you will have the policy. You will get this option in both the Lic Jeevan Kiran and Lic Jeevan Amar plans.
Premium Payment Mode: Premium Payment Mode means the number of times you can pay the premium in Regular and Limited Premium option. In LIC Jeevan Kiran and LIC Jeevan Amar plan, you get the option of half yearly and yearly, in which you have to pay the premium.
Minimum Premium Amount: The minimum premium amount is the minimum premium amount you have to pay to take out the policy. So it depends on your premium payment option which option you choose. The minimum premium amount in the single premium option has been kept at Rs 30,000. And the minimum premium amount has been kept at Rs 3,000 for limited premium and regular premium options.
Maximum Premium Amount: There is no limit for both plans; you can invest as much as you want.
Minimum Sum Assured: Minimum Sum Assured means that you can take minimum insurance cover in both these plans, then you will have to take an insurance cover of at least 15 lakhs in LIC Jeevan Kiran, and if we talk about LIC Jeevan Amar, then in this plan you will have to take a sum assured of at least 25 lakhs.
Maximum Sum Assured: There is no limit on the sum assured in either of these plans; you can take as much insurance cover as you want.
Form Required: Form numbers 300 and 340 can be used for application in both of these plans.
Assignment & Nomination: Talk about Assignment & Nomination in this; it is available in both these plans.
Maturity Benefits: If you talk about Maturity Benefits in both of these plans, then you will get to see these benefits only in the LIC Jeevan Kiran plan; on the contrary, these benefits are not available in the LIC Jeevan Amar plan.
Death Benefit on a Regular Premium Policy: Talk about death benefits in both of these plans, and if you have chosen the option of regular premium, you will get death benefits in this way in the LIC Jeevan Kiran plan.
- Basic Sum Assured,
- 7 Times the Annualized Premium,
- 105% of Total Premium Paid.
The amount that will be the highest in all three calculations will be given to you on the basis of death benefits.
If we talk about LIC Jeevan Amar Plan, then in this plan you will get the death benefit as follows:
- Absolute amount assured to be paid on death
- 7 times the annualized premium,
- 105% of the total premiums paid.
The amount which is the highest in these three calculations will be given to you.
Death Benefit on Single Premium Policy: If we talk about death benefits in the single premium option, then in the LIC Jeevan Kiran plan you will get a death benefit like this.
- Basic Sum Assured,
- 125% of the single premium
The maximum amount that comes out of both of these calculations will be given to you.
On the other hand, if we talk about the LIC Jeevan Amar Plan, then in this plan you will get a death benefit in the single premium option as follows:
- Absolute amount assured to be paid on death
- 125% of the single premium,
The higher of these two calculations will be given to you.
Additional Riders: Talk about Additional Riders in both of these plans, and then you get two types of riders in the Jeevan Kiran plan.
- Accidental Benefit Rider
- Accidental Death and Disability Benefit Rider
You can add both of these riders to your plan by paying an extra premium.
On the contrary, in the LIC Jeevan Amar plan, you get only one rider option.
- Accidental Benefit Rider
In this plan, you can add this rider by paying an extra premium.
Loan Facility: Talk about loan facilities in both of these schemes. The LIC Jeevan Kiran plan gives you the facility of taking a loan, but it is available after two years of the policy term. In contrast, there is no loan facility available in the LIC Jeevan Amar plan.
Surrender: Talk about the Surrender in both of these plans; in the Lic Jeevan Kiran plan, you can surrender the policy anytime after two years. On the contrary, in the LIC Jeevan Amar plan, you get this facility only in the single premium and limited premium options.
Revival: Talk about the revival period in both of these policies; it has been kept within 5 years in both plans.
Grace Period: Talking about the grace period, a grace period of 30 days has been given in both plans.
Tax Benefits: Talk about Tax Benefits in both these plans. In both plans, under Section 80C in Premium and under Section 10(10D) in Death Claim, tax benefits are available.
Conclusion
LIC Jeevan Kiran and LIC Jeevan Amar are both the best life insurance policies offered by LIC, but there are some differences between these two plans. Jeevan Kiran insurance offers a mix of savings, making it suitable for those seeking financial protection and wealth creation. On the other hand, Jeevan Amar is a pure term insurance plan that offers high coverage at affordable premiums, making it ideal for individuals seeking maximum protection.
Before making a decision, carefully evaluate your financial goals, risk appetite, and coverage requirements. Before taking out the policy, it is advised to consult a financial advisor to assess which plan better matches your individual needs.