Life Insurance Corporation of India (LIC) launched LIC Jeevan Azad Plan in January 2023, which got a very good response and sold 50,000 policies in less than a month. Now you must be thinking that what is so special about Jeevan Azad policy, so let us give you complete information about it.
What is LIC’s Jeevan Azad policy?
LIC’s Jeevan Azad is a non-linked, non-participating, individual, saving life insurance policy. In this, where the insured person gets the facility of life insurance till the maturity period, like an endowment plan, he also gets a fixed amount on maturity. This is a limited premium endowment plan under which the premium payment plan (PPT) is equal to the policy term minus 8 years.
That is, you will have to pay the premium for 8 years less than the number of years you have taken the policy. Suppose if the policy is taken for 20 years, then the premium will have to be paid only for 12 years. Similarly, for an 18-year policy, premiums have to be paid for 10 years. You get the option to pay the premium monthly, quarterly, half yearly and annually.
This plan for standard healthy life, without any medical examination Rs. 3 lakh and subject to a maximum of Rs.3 lakh based on the medical examination report. 5 lakhs will be available.
Know about the plan
For a 30-year-old individual paying Rs 12,083 for 10 years, the maturity amount of the policy after 18 years would be Rs 2 lakh, giving an interest rate of 4-5 per cent. This plan of LIC can be purchased for a period of 15 to 20 years. The age limit for taking the plan varies according to the period. Plans up to 18, 19 and 20 years can also be purchased for a child of three months i.e. 90 days and the maximum age limit for this is 50 years. At the same time, the 17-year plan can be taken for any person from the age of 1 year to 50 years. Individuals from the age of 2 years to 50 years can buy the 16-year plan and the 15-year plan from the age of 3 years to the age of 50 years.
Through this scheme, the guaranteed lump sum payment received by the policyholder on maturity makes this scheme special. The terms of the policy are applicable from 15 to 20 years, and the minimum sum assured is Rs 2 lakh and the maximum sum assured is Rs 5 lakh.
Maturity Benefit (LIC Jeevan Azad Maturity)
- The Life Assured who survives till the maturity date will get the full Sum Assured at the end which is equal to the Basic Sum Assured. Means minimum 2 lakh and maximum 5 lakh rupees.
Death Benefit (LIC Jeevan Azad Benefits)
Talking about the death benefit available on this plan, it is given more than the basic sum assured or up to 7 times the annual premium. It is a minimum of 105% of the total premiums paid till the date of death of the policy holder. Apart from this, the benefit of tax benefits is also available in this plan. The premium paid is exempt from income tax under 80C, apart from this, the amount received on maturity is tax free.
Plan Terms
- Minimum Basic Sum Assured – Rs 200,000
- Maximum Sum Assured – Rs.5,00,000
- Basic Sum Assured will be in multiples of Rs.25,000/-
- Minimum age for the plan 90 days (However minors are not allowed to buy plans through online plans. You can buy plans offline from any nearest branch.)
- Maximum age for taking the scheme is 50 years
- Minimum Maturity Age (Age) 18 Years
- Maximum Maturity Age (Age) 70 years
How to buy LIC Jeevan Azad policy?
- Log on to LIC’s website https://www.licindia.in/ and click on ‘Buy Policy Online’.
- Select LIC Jeevan Azad and click on Click to Buy Online.
- Fill the contact details i.e. name, date of birth, mobile number, email id and nearest city information to create access ID and OTP.
- Submit by entering captcha. You will receive 9 digit Access ID and OTP on your mobile number and email.
- Enter OTP and proceed.
- You can read every information related to the policy in detail by visiting the official website of LIC (https://licindia.in/) before taking this scheme.
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