LIC Jeevan Azad: For 20 Years Policy, Pay Premium Only For 12 Years, Know Key Details Here

Life Insurance Corporation of India had launched LIC Jeevan Azad Policy in January 2023. Within 10-15 days the coverage has made super development within the non-participating insurance coverage sector and has offered 50,000 insurance policies in lower than a month.

Now you is perhaps questioning what made the Jeevan Azad Policy engaging. Read additional to know extra.

What Is LIC’s Jeevan Azad Policy?

LIC’s Jeevan Azad is a non-linked, non-participating, particular person, financial savings life insurance coverage plan. This is a Limited Premium Endowment plan underneath which the Premium Payment Term (PPT) is the same as Policy Term minus 8 years. It means if the coverage is taken for 20 years, then the premium will likely be paid just for 12 years. Similarly, an individual pays premium for 10 years for a coverage time period of 18 years. It gives a assured base sum-assured quantity on the date of maturity for the surviving life assured.

This plan shall solely be accessible for traditional wholesome lives with none medical examination upto a restrict of Rs 3 Lakh and most upto Rs 5 Lakhs primarily based on medical examination report.

For a 30-year-old paying Rs 12,083 for 10 years, the coverage’s maturity worth will likely be Rs 2 lakh after 18 years, yielding a web rate of interest of 4-5 %. If the annualised premium falls under 105 % of all premiums paid, the loss of life profit would be the lesser of the fundamental sum assured or seven instances the annualised premium.

A assured lump sum fee to policyholders of the savings-based life insurance coverage plan Jeevan Azad upon maturity is what makes it distinctive. An individual selecting 18-year insurance coverage will solely be required to make premium funds for 10 years as a result of the coverage’s fee interval is the same as the coverage time period minus 8 years. The coverage’s phrases vary from 15 to 20 years, and the bottom and most sums insured are Rs 2 lakh and Rs 5 lakh, respectively.

Maturity Benefit

On the life assured surviving to the date of maturity, “Sum Assured on Maturity” which is the same as Basic Sum Assured shall be payable.

Death Benefit

• Death Benefit payable on loss of life of the Life Assured in the course of the coverage time period after the date of graduation of threat however earlier than the stipulated date of maturity shall be “Sum Assured on Death”; Where
• The “Sum Assured on Death” is outlined as increased of Basic Sum Assured or 7 instances of Annualised Premium.
• This loss of life profit shall not be lower than 105% of “Total Premiums Paid” upto the date of loss of life.
• Where, Total Premiums Paid means the whole of all premiums acquired, excluding any additional premium, any rider premium(s) and taxes, if any.
• In case LIC’s Premium Waiver Benefit Rider is opted for, within the occasion of loss of life of Proposer, any subsequent Premiums that are waived shall be deemed to have been acquired and be included within the Total Premiums Paid.
• However, on loss of life of the minor Life Assured (whose age at entry is under 8 years) earlier than the graduation of Risk (as laid out in ‘features’ tab), the loss of life profit payable shall be refund of premium(s) paid [excluding taxes, any extra premium and rider premium(s), if any], with out curiosity.

Eligibility Conditions And Restrictions For Base Plan

• Minimum Basic Sum Assured – Rs 200,000
• Maximum Sum Assured – Rs 5,00,000 (per life)
• Basic Sum Assured shall be in multiples of Rs 25,000/-
• Minimum age at entry 90 days (accomplished) (However for on-line plans, minor life just isn’t allowed. You should buy offline from any nearest department.
• Maximum age at entry 50 Years (nearer birthday)
• Minimum Maturity age 18 years (Completed)
• Maximum Maturity age 70 years (nearer birthday)

Policy Term and Premium Payment Term

Age at entry of the life assured is to be taken because the age nearer birthday aside from minimal age at entry which shall be taken as proven under:

How can you purchase LIC Jeevan Azad coverage on-line?

• Login to LIC’s web site https://www.licindia.in/ and click on “BUY POLICY ONLINE”
• Select “LIC’s Jeevan Azad” and click on on “CLICK TO BUY ONLINE”
• Fill contact particulars i.e. Name, Date of delivery, cellular no, electronic mail ID and nearest City to create entry id and OTP.
• Enter captcha and submit. You will obtain a 9 digit entry id and OTP in your cellular no and electronic mail.
• Enter OTP and proceed additional.

The above info is for common consciousness use. Readers are suggested to learn the whole particulars in regards to the coverage on the official web site of LIC (https://licindia.in/).

Read all of the Latest Business News, Tax News and Stock Market Updates right here