When it comes to securing the financial future of your loved ones, life insurance is an essential tool. Among many options available in India, LIC’s New Jeevan Amar Plan 955 stands out as a popular and reliable term insurance plan. This article will provide a simple and comprehensive guide on LIC New Jeevan Amar Plan 955, focusing on the calculator that helps you determine your premium and benefits. Whether you are a first-time insurance buyer or looking to switch, this article will clear your doubts with easy-to-understand language.

What is LIC New Jeevan Amar Plan 955?

LIC New Jeevan Amar Plan 955 is a non-linked, non-participating, individual term insurance plan that provides financial protection to families in case of the unfortunate demise of the insured during the policy term. It is a revised version of the older Jeevan Amar Plan 855 with enhanced features and benefits.

This plan is exclusively available through offline modes like LIC agents and brokers and is designed to offer benefits for a fixed period, maintaining simplicity and affordability.

Key Features of LIC New Jeevan Amar Plan 955

• Policy Term: 10 to 40 years, giving flexibility to choose how long you want coverage.
• Age Eligibility: Entry age from 18 to 65 years; maximum maturity age is 80 years.
• Sum Assured: Minimum Rs. 25 lakh with no upper limit.
• Premium Modes: Available in Regular, Limited, and Single premium payments.
• Two Death Benefit Options: Level Sum Assured and Increasing Sum Assured.
• Special Rates: Available for women and non-smokers.
• Optional Riders: Accidental Death Benefit Rider for additional protection.
• Payment of Death Benefit: Option to receive death benefit in a lump sum or installments over 5 years.

This plan’s flexibility allows the insured to customize based on their financial situation and coverage needs.

Understanding the Death Benefit Options

LIC New Jeevan Amar Plan 955 lets you choose between two death benefit options at the outset, which cannot be changed later:

Option 1: Level Sum Assured

This option pays the basic sum assured amount to the nominee in case of the policyholder’s death during the policy term. The sum assured remains constant throughout the policy.

Option 2: Increasing Sum Assured

The death benefit increases over time after the completion of the 5th policy year at a rate of 10% of the basic sum assured per year until it doubles the original sum assured. After that, it remains fixed.

This option is suitable for those who expect rising financial responsibilities over the years.

What is an LIC New Jeevan Amar Plan 955 Calculator?

An LIC New Jeevan Amar Plan 955 Calculator is an online or offline tool that helps you estimate the premiums payable based on your age, sum assured, policy term, and benefit options. This calculator simplifies the complex manual calculation by instantly providing the premium amount you need to pay.

Since this insurance product is offline, LIC does not provide an official online calculator on their website, but several third-party websites offer premium calculators which are helpful to get an approximate idea of your premium liability.

How to Use the LIC New Jeevan Amar Plan 955 Calculator?

Using the LIC New Jeevan Amar Plan 955 Calculator is simple and requires entering a few details:

1. Age of the insured: Input your current age.
2. Sum Assured: The amount of insurance coverage you want.
3. Policy Term: How many years you want the insurance coverage.
4. Premium Payment Term: Choose regular, limited, or single payment options.
5. Benefit Option: Choose between level sum assured or increasing sum assured.
6. Additional Riders: Opt for accidental death benefit rider if desired.

Once these inputs are filled, the calculator will provide the annual or premium payment details for your policy allowing you to plan your finances accordingly.

Benefits of Using the LIC New Jeevan Amar Plan 955 Calculator

• Quick Estimate: It helps you get a near accurate premium amount instantly.
• Financial Planning: Enables you to choose the right sum assured based on your budget.
• Compare Options: Try different policy terms and benefit options to see what suits you best.
• Better Understanding: Helps users understand how the premium varies based on age, term, and sum assured.

Premium Payment Options Explained

LIC New Jeevan Amar Plan 955 offers three premium payment modes:

Regular Premium

You pay the premium every year throughout the policy term.

Limited Premium

You pay premiums for a limited period, which is less than the full policy term. For example, if the policy term is 20 years, you may pay premiums for 15 years.

Single Premium

A one-time premium payment for the entire policy term (this option may not be available for this particular plan as per LIC terms).

Each premium option has an impact on the total premiums and benefits, which the calculator can help project easily.

How LIC New Jeevan Amar Plan 955 Premiums are Calculated?

Premiums are calculated based on:

• Your age at entry
• Policy term chosen
• Sum assured amount
• Benefit option (level or increasing sum assured)
• Whether you are a smoker or non-smoker
• Gender (special rates for women)
• Premium payment mode (regular, limited, single)

In general, younger insured persons pay lower premiums than older individuals. The increasing sum assured option has higher premiums than the level sum assured option due to increasing risk over time.

Example Premiums from LIC New Jeevan Amar Plan 955

Here are some sample premiums per annum for a sum assured of Rs. 50 lakh, for a non-smoker male:

Age	Policy Term (Years)	Level Sum Assured (Regular Premium)	Increasing Sum Assured (Regular Premium)
25	20	Rs. 7,830	Rs. 11,125
35	20	Rs. 14,500	Rs. 22,000
45	20	Rs. 28,000	Rs. 40,000

(These figures are indicative and approximate; exact premiums vary).

Optional Benefits and Riders in LIC New Jeevan Amar Plan 955

Accidental Death Benefit Rider

This rider provides additional sum assured in case of accidental death during the policy term. It requires an additional premium and increases the coverage for accidental death.

Instalment Payment Option

Instead of a lump sum payment to nominees on death, the plan allows installments over a maximum of 5 years. This allows better gradual financial support for the family.

Important Terms and Conditions to Know

• No loan facility is available against this policy.
• Once the death benefit option is chosen at inception, it cannot be changed.
• The policy must be purchased offline through LIC agents.
• The plan provides no maturity benefit if the policyholder survives the term.
• Grace period for premium payment is 30 days (15 days for monthly premiums).

This plan purely focuses on risk coverage and not savings, making it affordable and suitable for those who want high coverage at low cost.

How to Buy LIC New Jeevan Amar Plan 955?

The plan is available only through LIC agents. You can visit your nearest LIC branch or get in touch with an LIC agent to understand the plan in detail, calculate your premiums using calculators, and complete the application process offline.

You may also request to use premium calculators available on trusted third-party sites to plan beforehand.

FAQs About LIC New Jeevan Amar Plan 955 Calculator

Summary

LIC New Jeevan Amar Plan 955 is a straightforward and flexible term insurance plan that provides financial security to your family in case of your demise. Using an LIC New Jeevan Amar Plan 955 Calculator helps you:

• Decide the right premium amount
• Choose policy options wisely
• Plan your finances efficiently
  This tool simplifies your decision-making while helping you understand insurance better.