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Life is full of unexpected twists and turns. Although we strive to prepare for the future, unforeseen circumstances can have a profound effect on the financial security of our loved ones.
Life insurance plays a crucial role in providing financial security for our loved ones who rely on us.
The Importance of Life Insurance, Especially for Families:
Imagine a case when the principal breadwinner in a family passes away unexpectedly. Funeral fees, outstanding debts, and everyday living costs can place a large financial burden on surviving family members.
Life insurance helps ease this worry by giving a lump sum payout following the policyholder’s death.
This financial cushion can be utilized to meet emergency needs, pay off debts, or ensure dependents can retain their existing lifestyle.
Introducing the Jeevan Amrit Plan: A Dual Benefit Solution
Not all life insurance plans are made equal. Today, we’ll be examining the Jeevan Amrit plan, a unique option from a National life insurance company that provides comprehensive life protection while simultaneously boosting long-term savings.
This plan caters primarily to individuals wanting both financial security for their families and a potential return on their investment.
“Jeevan Amrit offers a comprehensive solution that addresses both your life protection needs and your long-term financial goals. It ensures your loved ones are taken care of if the unexpected happens, while also providing you with a lump sum at maturity to help you achieve your future aspirations.”
Understanding Jeevan Amrit (Endowment Cum Whole Life) Plan:
What does Jeevan Amrit Insurance cover? When you reveal your dual benefit shield life insurance, you can rest easy knowing that your family will be taken care of financially after you die.
But what if you also want to make sure you have money for the future? Here comes Jeevan Amrit Insurance, a one-of-a-kind plan that blends the good things about Endowment Assurance and Whole Life Insurance.
How to Understand the Duality of Jeevan Amrit:
Endowment Assurance: This part promises a payment if the policyholder dies during the insurance term. The payout is made up of the sum assured (the amount of money you are guaranteed when you buy the insurance) plus any bonuses that have been earned over the years.
Whole life insurance: This type of insurance covers you for your whole life. If you live through the insurance term, you’ll get the sum assured plus any bonuses that have been earned.
How Jeevan Amrit Works: A Real-Life ExampleLet’s show how Jeevan Amrit works with a real-life scenario. Imagine you take a Jeevan Amrit policy with a sum guaranteed of Rs. 1,000,000 and a policy term of 20 years. We’ll also assume a bonus rate of Rs. 65 per thousand sum assured per year
(Please note: Bonus rates are not fixed and can vary depending on the insurance company’s performance).
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Scenario 1: Maturity Benefit
If you survive the 20-year policy term, you’ll receive:
Sum Assured: Rs. 1,000,000
Bonus: (Rs. 65/thousand * Rs. 1,000,000 * 20 years) = Rs. 1,300,000
Total Payout: Rs. 1,000,000 (Sum Assured) + Rs. 1,300,000 (Bonus) = Rs. 2,300,000
This large sum can be used for various purposes, such as retirement planning, funding a child’s education, or fulfilling a long-held dream.
Scenario 2: Death Benefit
In the unfortunate event of your death during the insurance term, your beneficiaries will receive:
Sum Assured: Rs. 1,000,000
Bonus: (Rs. 65/thousand * Rs. 1,000,000 * Number of Years Paid) – This number will depend on how many years the premiums have been paid.
Total Payout to Beneficiaries: Rs. 1,000,000 (Sum Assured) + Accumulated Bonus
This payout provides vital financial support to your loved ones during a difficult time, helping them keep their standard of living and manage expenses.
Jeevan Amrit: A Powerful Combination for Your Future
By giving both life protection and a maturity benefit, Jeevan Amrit caters to a holistic financial security plan. Whether you prioritize protecting your loved ones or securing your own long-term financial goals, this plan offers a comprehensive answer.
Consider exploring Jeevan Amrit if you’re seeking a life insurance policy that provides a safety net for your family and a chance to build wealth for your future.
Why Should People Buy the Jeevan Amrit Policy Plan?
Trust and Reputation
The Jeevan Amrit policy plan is offered by a reputable insurance company with a long-standing history of providing reliable financial products.
The company (National Life Insurance) has a strong track record of claim settlement, ensuring that your loved ones will receive the benefits without any hassle.
This trust and reputation make the Jeevan Amrit policy plan a preferred choice among individuals looking for a reliable life insurance solution.
Flexibility and Customization
The Jeevan Amrit policy plan provides flexibility and customization options to suit your individual needs and financial goals.
You can choose the sum assured and policy term based on your requirements.
Additionally, the policy offers various riders such as accidental death benefits, critical illness cover, and disability cover, which can be added to enhance coverage and provide additional protection.
Tax Benefits
A significant advantage of the Jeevan Amrit policy plan is the tax benefits it offers.
The premiums paid towards the policy are eligible for tax deductions under Section 80C of the Income Tax Act.
This means that you can reduce your taxable income by the amount of premium paid, thereby lowering your overall tax liability.
Additionally, the maturity amount received under the policy is also tax-free, making it an attractive investment option from a tax perspective.
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Financial Discipline and Peace of Mind
By investing in the Jeevan Amrit policy plan, you are instilling financial discipline in your life.
The regular payment of premiums ensures that you are setting aside a portion of your income for the future.
This helps inculcate a habit of saving and planning for the long term.
Moreover, knowing that you have a comprehensive life insurance policy in place provides peace of mind, knowing that your loved ones will be taken care of financially in your absence.
Policy Duration
Another important factor to consider when purchasing life insurance is the duration of the policy.
The Jeevan Amrit policy plan offers flexible policy terms, ranging from 10 to 30 years.
This allows you to choose a duration that aligns with your specific needs and financial goals.
For example, if you have young children and want to ensure their financial security until they reach adulthood, you may opt for a longer policy term.
On the other hand, if you are nearing retirement and have fewer financial obligations, a shorter policy term may be more suitable.
The factors you should Understand when buying this policy
Occupation and Lifestyle
Your occupation and lifestyle can also impact your life insurance purchase.
Certain occupations, such as those involving high-risk activities or hazardous environments, may require higher premiums due to the increased likelihood of accidents or health issues.
Similarly, if you have a risky lifestyle, such as engaging in extreme sports or frequent international travel, it may affect the cost and availability of life insurance.
The Jeevan Amrit policy plan takes into account various occupations and lifestyles, ensuring that individuals from different backgrounds can obtain coverage tailored to their specific circumstances.
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Existing Insurance Coverage
If you already have existing life insurance coverage, it is essential to consider how it aligns with your current needs.
You may need to reassess your coverage to ensure that it is sufficient to meet your financial obligations and protect your loved ones.
The Jeevan Amrit policy plan offers the flexibility to adjust your coverage as your circumstances change, allowing you to add or reduce the sum assured as needed.
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Personal Preferences
Lastly, your personal preferences and priorities should also be taken into account when purchasing life insurance.
Some individuals may prioritize affordability and opt for a basic policy with lower premiums, while others may prioritize comprehensive coverage and choose a policy with additional benefits and riders.
The Jeevan Amrit policy plan offers various options to cater to different preferences, allowing you to customize your coverage to suit your needs.
By considering these factors and evaluating your specific circumstances, you can make an informed decision when purchasing life insurance.
The Jeevan Amrit policy plan provides a comprehensive solution that addresses these factors, ensuring that you have the right coverage to protect your loved ones and achieve your financial goals.
Utilizing the Benefits of the Jeevan Amrit Policy Plan
While the Jeevan Amrit policy plan offers financial protection in the event of death, it also provides several other benefits that policyholders can utilize during their lifetime:
Survival Benefits
Upon maturity of the policy, if the life assured survives the policy term, the sum assured plus any bonuses earned will be paid out.
This lump sum payment can be utilized for various purposes such as retirement planning, funding a child’s education, or starting a business.
It provides a financial cushion for the policyholder in their golden years.
Rider Benefits
The Jeevan Amrit policy plan offers additional rider benefits that can be added to the base policy for enhanced coverage.
One such rider benefit is the Accidental Death Benefit (ADB), which provides an additional payout in case of death due to an accident.
Another rider benefit is the Waiver of Premium (WOP), which waives future premiums in case of disability or critical illness, ensuring that the policy remains in force.
Other Benefits
The Jeevan Amrit policy plan also offers other benefits such as the option to avail of a loan against the policy.
This can be useful during times of financial need, providing access to funds without surrendering the policy.
Additionally, the policy provides tax exemption benefits as per the Income Tax Act of Nepal, 2058, allowing individuals to save on taxes.
Moreover, the Jeevan Amrit policy plan offers a flexible premium payment option, allowing policyholders to choose between regular, limited, or single premium payment modes based on their financial capabilities and preferences.
This flexibility ensures that individuals can customize their policies to suit their specific needs and budget.
Furthermore, the policy provides a guaranteed surrender value after the completion of three policy years. This means that if the policyholder decides to surrender the policy before maturity, they will receive a certain percentage of the premiums paid, ensuring that they do not lose their entire investment.
In addition to these benefits, the Jeevan Amrit policy plan also offers a grace period for premium payment.
If the policyholder fails to pay the premium on time, they are given a certain period to make the payment without any penalty.
This grace period provides individuals with some flexibility in managing their finances and ensures that their policy remains in force even if they miss a payment due to unforeseen circumstances.
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In conclusion, the Jeevan Amrit (Endowment cum Whole Life) Plan is a comprehensive life insurance policy that offers financial protection, investment opportunities, and a range of benefits.
By understanding the factors influencing life insurance purchases and highlighting the need for coverage, individuals can make an informed decision about investing in this policy.
The Jeevan Amrit policy plan provides peace of mind, ensuring that your loved ones are financially secure and your long-term goals are achieved.
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