LIC Scheme: LIC Jeevan Azad policy has many benefits, know about them...
LIC Jeevan Azad: Life Insurance Corporation of India (LIC) is the country's largest government insurance company. LIC has now launched Jeevan Azad (Plan No. 868), a new plan aimed at individual savings and life insurance. According to LIC, this plan provides you with a great combination of safety and savings. There are many advantages of this scheme. Learn more about these benefits.
These are the objectives of the plan
LIC Jeevan Azad is a paid-up endowment plan for a limited period. In case of the unfortunate death of the life assured during its policy term, financial assistance is given to the family. Similarly, a loan facility is also available in the plan, through which you can manage liquidity.
What will be the benefits of maturity
Under this plan, if the life assured survives till maturity, he is also given a guaranteed lump sum amount. Talk about the minimum basic sum assured amount under the LIC Jeevan Azad plan, which is Rs 2 lakh and the maximum sum assured is Rs 5 lakh. You can take this policy for a period of 15 to 20 years.
For how many years the premium will have to be paid
In this policy, the number of years you will have to pay the premium will be calculated under a formula. Payout years are calculated by subtracting 8 years from your policy term. Suppose you choose a 20-year policy, the premium paying term will be 12 years, as 8 years will be subtracted from 20 years.
Age limit and premium payment rules
The minimum age for entry into this plan is 90 days. That is, this policy can be taken even for a 90-day-old child. The maximum age for taking the plan is 50 years. You can pay the premium at yearly, half-yearly, quarterly, and monthly intervals.
You will get the death benefit
Now let's talk about the death benefit of the policy. Under this plan, the death benefit is paid on the death of the life assured during the entire policy term after the date of commencement of risk but before the date of maturity. Death Benefit shall be "Sum Assured on Death" where "Sum Assured on Death" is defined as 'Sum Assured' or 7 times of Annualized Premium. LIC stated that the death benefit shall not be less than 105% of the 'Total Premiums Paid' till the date of death. Please tell me that LIC also has a simple pension plan. This is a non-linked and non-participating upfront single premium plan. As per this plan, the subscriber has the option of receiving the payments monthly, quarterly, half-yearly, or annually, as long as they are alive. In this policy, if an investor wants an annual pension of Rs 50,250, then he will have to pay a single premium of Rs 10 lakh.