LIC recently launched a new plan called Jeevan Azad. It is a limited period premium payment plan which has become very popular within a few days of its launch.
LIC Jeevan Azad Policy: Life Insurance Corporation of India (LIC) plans offer various benefits to the customers. Economical and guaranteed returns are the specialty of these schemes. If you also want to take such benefits, then we have brought information about such a policy of LIC for you, in which customers get a chance to increase their money in less investment.
Benefits of LIC Jeevan Azad Policy
Jeevan Azad policy of the country’s largest insurance company Life Insurance Corporation of India is a non-participating insurance scheme. LIC launched it in January 2023. This scheme has received a great response from the customers. Within days of its launch, 50,000 customers joined the Jeevan Azad policy.
In this plan, in case of sudden death of the policyholder, the family members get financial help. If the policyholder survives till maturity, he/she gets the entire money back along with the Guaranteed Sum Assured. Policyholders can opt for yearly, half-yearly, quarterly and monthly premiums.
What are the features of this plan
Jeevan Azad Plan is a non-linked non-participating premium endowment plan. According to the policy documents available on the LIC website, the minimum basic sum assured under LIC Jeevan Azad has been kept at Rs 2 lakh, while the maximum basic sum assured has been fixed at Rs 5 lakh.
The premium paying term is minus 8 years. This means that if you buy this policy for 18 years, premiums will have to be paid for 10 years (18-8) only. The minimum sum assured in the policy is Rs 2 lakh and the maximum sum assured is Rs 5 lakh.
Jeevan Azad policy can be bought for a child of 3 months to a person of 50 years. The investment tenure in LIC Jeevan Azad plan is minimum 15 and maximum 20 years.
Will get 7 times payment
If a policyholder dies during the term of the policy, Basic Sum Assured or 7 times of the annualized premium taken at the time of purchase of the policy will be paid to the nominee. Provided that the total premiums paid till the date of death of the policyholder shall not be less than 105%.
