Jeevan Azad Plan was launched by LIC in January 2023, which has also received a very good response from the people. Know here the specialty of this plan.
Whenever people look for all the investment options, somewhere in the mind, the name of the country’s largest insurance company LIC is definitely there. Even today people have a lot of faith in LIC because in its policies, people are sure of guaranteed returns, as well as death benefits are also given to the family in the absence of the insured person.
Keeping in mind the needs of the customers, LIC keeps on launching many policies from time to time. Jeevan Azad Plan was launched by LIC in January 2023, which has also received a very good response from the people. LIC President MR Kumar himself has informed about this during the virtual press meeting. Know here the specialty of this plan.
LIC’s Jeevan Azad Plan is a non-participating, individual saving endowment plan. In this, the maturity and death claim received by the investor is already fixed. The premium has to be paid for a period of minus 8 years i.e. you will have to pay the premium for 8 years less than the number of years you have taken the policy.
Suppose you have taken this plan for 15 years, then after subtracting 8 years from 15, you will get 7 means you will have to pay premium for 7 years and if you buy a policy for 20 years, you will have to pay premium for 12 years. You are given the option of paying the premium monthly, quarterly, half yearly and annually.
Age limit 3 months to 50 years
In this policy, a lump sum amount is guaranteed to be paid on maturity. In this, the minimum sum assured is Rs 2 lakh and the maximum sum assured is Rs 5 lakh. This special plan of LIC can be purchased for a period of 15 to 20 years. The age limit varies from period to period.
Plans up to 18, 19 and 20 years can be purchased even for a child of three months and the maximum age limit for this is 50 years. At the same time, people from the age of 1 year to 50 years can buy a 17-year plan, people from the age of 2 years to 50 years can buy a 16-year plan, and people from the age of 3 years to 50 years can buy a 15-year plan. .
Death benefit and tax exemption
Talking about death benefit, it is given over and above the basic sum assured or up to 7 times of the annualized premium. This is a minimum of 105% of the total premiums paid till the date of death. Apart from this, tax benefits are also given in the plan.
The premium paid is exempt from income tax under 80C, apart from this the amount received on maturity is tax free under 10 (10D). After two years of paying the premium of the policy, it also provides the facility to surrender the policy and take a loan against it.