LIC Jeevan Azad: Life Insurance Corporation of India (LIC) has launched Jeevan Azad (Plan No. 868) policy. This is a new savings and life insurance plan. Life Insurance Corporation of India is giving the benefit of security and savings to the people under Jeevan Azad.
Under this scheme, an insurance cover of up to Rs 5 lakh (Sum Assured) is given. Along with this, many more benefits are also given under LIC Jeevan Azad plan.
LIC Jeevan Azad is a limited term paying endowment plan, which provides financial support to the family in case of unfortunate death of the life assured during the policy term. The scheme takes care of the needs as well as the convenience of the loan. It gives a guaranteed lump sum amount to the life assured alive on the date of maturity. Let us know who can take advantage of this.
How much is assured
Under the LIC Jeevan Azad scheme, a minimum of Rs 2 lakh and a maximum of Rs 5 lakh is given. This policy can be taken for 15 to 20 years.
For how many years the premium will have to be paid
The term is calculated at minus 8 years under premium payment. This means that if you opt for 20 years premium then (20-8) i.e. for 12 years premium will have to be paid under LIC Jeevan Azad. Under this plan, you can pay the premium on yearly, half-yearly, quarterly or monthly basis.
What should be the age
If you want to avail benefits under LIC Azad plan, then your age should be from 90 days to maximum 50 years. That is, this policy can be taken even in the name of a 90-day-old child. Along with this, even if you are 50 years old, you can take advantage of this scheme.
Death benefit
If the person taking the insurance dies before maturity, then the benefit will be given under this scheme. The death benefit will be equal to the Basic Sum Assured or seven times the annualized premium. The death benefit shall not be less than 105% of the total premiums paid.
