LIC is the largest insurance company in the country. Everyone thinks it is safe to invest in LIC. In January 2023, LIC launched a scheme. You will get guaranteed returns by investing in this scheme. Let’s know about this policy.
Life Insurance Corporation of India (LIC), the country’s largest government insurance company, has schemes for people of all ages. Investment in LIC is generally considered safe. That’s why a large number of people have invested in all its schemes. In January 2023, LIC launched a scheme, which sold 50,000 in just 15 days. LIC Chairman MR Kumar himself had informed about this. The name of this scheme is Jeevan Azad Policy. This is a non participating insurance scheme.
Will get lump sum money on maturity
The premium paying term in Jeevan Azad scheme is minus 8 years. Suppose an investor opts for a policy term of 18 years, then the person has to pay the premium for 10 years (18-8) only. The policy guarantees to pay a lump sum amount on maturity. The minimum sum assured in this policy is Rs 2 lakh and the maximum sum assured is Rs 5 lakh. This policy can be taken for 15 to 20 years.
Who can invest?
Suppose a 30 years old person takes Jeevan Azad scheme for 18 years. He will deposit Rs 12,038 for the sum assured of Rs 2 lakh only for 10 years. A person in the age group of 90 days to 50 years can invest in this scheme. The policyholder taking this scheme of LIC can pay the premium on yearly, half-yearly, quarterly and monthly basis. Policy holders get guaranteed returns on completion of maturity.
In case of death of a policyholder, the ‘Basic Sum Assured’ or 7 times of the annualized premium chosen at the time of taking the policy will be paid to the nominee. However, the condition for this is that the total premiums paid till the date of death should not be less than 105 percent.
December quarter results
LIC has registered a huge increase of Rs 6,334 crore in profit in the December quarter. While it was Rs 235 crore in the year-ago period. 6,334 crore in Q3FY22, registering a huge growth of Rs. At the same time, it was Rs 235 crore in the year-ago period. LIC’s net premium income has also increased to Rs 1.1 lakh crore in Q3FY23 as compared to Rs 97,620 crore in Q3FY22.
