The Life Insurance Corporation (LIC) of India has launched Jeevan Azad (Plan No. 868), which is a new plan aimed at individual savings and life insurance. As per LIC, the plan offers an attractive combination of protection and savings.
LIC Jeevan Azad is a limited-period payment endowment plan that provides financial support for the family in case of unfortunate death of the life assured during the policy term. The plan also takes care of the liquidity need through a loan facility. It also provides a guaranteed lump sum amount to the surviving life assured on the date of maturity.
The minimum basic sum assured under LIC Jeevan Azad Plan is Rs 2 lakh and the maximum basic sum assured is Rs 5 lakh. The policy can be taken for term of 15 to 20 years.
Premium Payment Term Calculation
The premium paying term is calculated as the policy term minus 8 years. So if you opt for a 20-year policy term, then the premium paying term would be 12 years (20-8).
The minimum age of entry is 90 days completed and the maximum age at entry is 50 years.
Premium can be paid regularly at yearly, half-yearly, quarterly or monthly intervals.
The death benefit is payable on the death of the life assured during the policy term after the date of commencement of risk but before the date of maturity. The death benefit shall be “Sum Assured on Death” where “Sum assured on Death” is defined as higher of ‘Basic Sum Assured’ or 7 times of Annualized Premium’. The Death Benefit shall not be less than 105% of ’Total Premiums Paid’ up to the date of death,” LIC said.