LIC Jeevan Azad

LIC Jeevan Azad Plan (UIN: 512N348V01)

A Non-Linked, Non-Participating, Individual Savings Life Insurance plan

This limited premium payment endowment plan offers a combination of protection and savings. It provides financial support for the family in the unfortunate event of the policyholder’s death during the policy term and also ensures liquidity through loan facilities. A guaranteed lump sum amount is paid to the surviving policyholder on maturity.

Key Benefits:

  1. Death Benefit:
    • If the policyholder passes away during the policy term after the risk commencement but before maturity, the “Sum Assured on Death” will be paid, which is higher of:
      • Basic Sum Assured.
      • 7 times the annualized premium.
    • The minimum death benefit is 105% of the total premiums paid up to the date of death.
    • If the policyholder is a minor under 8 years, the death benefit before risk commencement is the return of premiums paid without interest, excluding taxes and extra premiums.
  2. Maturity Benefit:
    • On surviving the policy term, the policyholder receives the “Sum Assured on Maturity,” which equals the Basic Sum Assured.

Eligibility Conditions and Restrictions:

  • Minimum Age at Entry: 90 days (completed).
  • Maximum Age at Entry: 50 years.
  • Minimum Age at Maturity: 18 years.
  • Maximum Age at Maturity: 70 years.
  • Policy Term: 15 to 20 years.
  • Premium Paying Term: Policy Term minus 8 years.
  • Minimum Basic Sum Assured: Rs. 2,00,000.
  • Maximum Basic Sum Assured: Rs. 5,00,000.

Commencement of Risk:

  • For policyholders below 8 years at entry, risk starts either 2 years from policy commencement or from the policy anniversary after they turn 8, whichever is earlier.
  • For those aged 8 years or more at entry, risk starts immediately from the date of policy issuance.

Additional Options:

  1. Optional Riders:
    • LIC’s Accidental Death and Disability Benefit Rider
    • LIC’s Accident Benefit Rider
    • LIC’s Premium Waiver Benefit Rider
    • Riders can be added at any time during the premium paying term of the base plan, subject to conditions.
  2. Settlement Option (for Maturity Benefit):
    • Maturity Benefit can be received in installments over 5 years instead of a lump sum.
    • Installment options include yearly, half-yearly, quarterly, or monthly intervals.
  3. Option to take Death Benefit in Installments:
    • Death Benefit can be received in installments over 5 years instead of a lump sum.

Purchase Options:

  • Available offline through licensed agents, corporate agents, brokers, insurance marketing firms, POSP-LI / CPSC-SPV, and online through LIC’s website.

LIC’s Jeevan Azad is a versatile plan designed to provide financial security and savings. With options for riders and flexible settlement options, it caters to diverse needs and ensures long-term benefits for policyholders and their families.

For more information or to purchase this plan, visit LIC’s official website or contact the nearest LIC branch office.