LIC has announced a new plan Jeevan Azad policy. Under this policy, you can avail savings and life insurance.
Life Insurance Corporation of India has announced the launch of a new scheme named Jeevan Azad. The objective of this plan is personal savings and life insurance. LIC Jeevan Azad 868 Plan (LIC Jeevan Azad 868 Plan) offers many attractive combinations of protection and savings to its customers.
Features of LIC Jeevan Azad Plan:
LIC Jeevan Azad is a non-participating, non-linked, individual, savings life insurance plan and limited premium endowment plan.
- There is a limited premium paying option where the premium paying term policy is less than 8 years.
- This plan provides financial assistance to the family in case of untimely death of the life assured during the policy period.
The proposal uses a borrowing facility to address liquidity issues. Additionally, it offers a guaranteed lump sum payment on the maturity date to the surviving life assured.
- Accidental Death and Disability Benefit riders are available.
- Assures non-medical insurance policies up to 3 lakhs.
LIC Jeevan Azad Sum Assured:
Under LIC Jeevan Azad Plan, the minimum basic sum assured is Rs 2 lakh. While the highest Basic Sum Assured is added for 15 to 20 years.
Age for LIC Jeevan Azad
This policy can be taken for a child of at least 90 days and for a maximum of 50 years.
The premium can be paid regularly at yearly, half-yearly, quarterly or monthly intervals. The policy can be surrendered after 2 years and at least 2 full payment of premiums. Loan facility is also available under the scheme after full 2 years premium payment.
For example, a policyholder will have to pay a premium of Rs 25,120 in the first year and Rs 24,578 in the second year every year after the completion of the policy term for 12 years. 2,95,478 on the total premium to be paid. The maturity amount will be around 5,000,000.
