The Life insurance Corporation of India has announced the launch of a new plan named Jeevan Azad which aims at individual savings and life insurance. LIC Jeevan Azad 868 plan offers a variety of attractive combinations of protection and savings to its customers.
LIC Jeevan Azad plan features:
- LIC Jeevan Azad is a non-participating, non-linked, individual, savings life insurance plan and limited premium endowment plan.
- It has a limited premium payment option where the premium paying term is 8 years less than the policy term.
- The plan provides financial support to the family in case of uncertain death of the life assured during the policy term.
- The proposal uses a borrowing facility to address liquidity issues. Additionally, it offers the surviving life assured a guaranteed lump sum payment on the maturity date.
- Accidental death and disability benefit rider are available.
- Non-medical insurance policy up to 3 lakhs assured.
LIC Jeevan Azad Sum assured:
Under the LIC Jeevan Azad Plan, the lowest basic sum assured is Rs. 2 lakhs, while the highest basic sum assured is Rs. 15 to 20 years can be added to the policy’s term.
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LIC Jeevan Azad age restriction:
The minimum admission age is 90 days, while the maximum entry age is 50 years.
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 payments of premiums. A loan facility is available under the plan after 2 full years of premium paid.
For instance, a policyholder needs to pay the premium of Rs 25,120 in 1st year and Rs 24,578 2nd year onward every year for 12 years and after the completion of the Policy term. The total premium will be paid at 2,95,478. The maturity amount will be approx. 5,000,000.
