LIC Jeevan Azad Policy 2023: LIC Jeevan Azad is a life insurance plan which has been launched by the Life Insurance Corporation Of India. This plan offers dual benefits which are life protection and investments. And apart from this it also offers other benefits like rider benefits, tax benefits, and many more. This plan seems to be a very lucrative plan. Insurances are very important to secure your future and those of you who see insurance as a very expensive deal need to focus on the different aspects provided by this policy and then they might just find the right way ahead. Keep reading to know more about LIC Jeevan Azad Policy Terms.
LIC Jeevan Azad Policy
The plan has been launched recently on 19TH January 2023 and it offers the combined benefits of life protection and savings. If the policyholder dies unfortunately, the nominee will get the death benefits as per plan and if he survives till the end of the policy tenure, he/she will get the maturity benefit.
LIC Jeevan Azad Policy Terms Overview
LIC Jeevan Azad Policy Terms Overview
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LIC Jeevan Azad Policy Terms – Benefits
The plan offers various benefits and they are provided as follows –
Death benefit – If the policyholder dies, then as per the plan the sum assured on death will be paid and it will be the highest of 7 times of annualized premium or Basic Sum assured. The death benefit will also will higher and it is not less than 105% of all premiums paid till death.
Maturity benefit – “Sum assured on maturity” will be paid to the beneficiary on the successful completion of the policy tenure.
Tax benefit – The best thing about this plan is that the premiums paid under this plan will be exempted from tax under Section 80C. And not only the premiums but the maturity and death benefits amount will also be exempted from tax and Section 10D (D) of the Income Tax Act, 1961 will apply. Apart from the above benefits the plan also offers some optional benefits and through that, the policyholder can enhance their coverage by paying a premium which is additional. The various optional benefits are as follows –
LIC Jeevan Azad Policy Terms – Optional riders
The plan offers three additional riders and they are as follows –
- LIC Accidental Death and Disability Benefit Rider – In case of an accident, the beneficiary will get the Accident Benefit Sum Assured in a lump sum. And if there is a disability that occurs due to an accident within 180 days from the date of the accident, then an amount equal to the Accident Benefit Sum Assured will be paid in installments in 10 years. The installments will be paid monthly and the future premiums will be waived.
- LIC Accident Benefit Rider – If there is an accidental death then the Accident Benefit Sum Assured will be paid in lump sump. And this amount will be paid along with the death benefit of the Base plan.
- LIC Premium Waiver Benefit Rider – If the Policyholder dies, then all the premiums of the base policy which are pending after the date of death till the expiry of the rider term will be waived.
LIC Jeevan Azad Policy Terms – Death Benefits in installments
Under the plan, one has been given the option that instead of receiving the death benefits in a lump sum they can receive it in installments over five years. The installments will be paid in advance and they can be at chosen intervals of annually, Half yearly, quarterly, or monthly.
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LIC Jeevan Azad Policy Terms and Details
Grace period – The grace period in the plan will be 15/30 days from the date of the first unpaid premium.
Policy renewal – The lapsed policy can be renewed within five consecutive years from the date of the first unpaid premium by paying all the arrears of the premiums with interest.
Loan Facility – Under the plan, the policyholder has been given the loan facility also.
Free Look Period – From the date, the policy commenced the policyholder will get a free-look period of 30 days and during this period he/she can cancel the policy.
Policy Surrender – Under the plan one can surrender the policy provided all the premiums are paid for two years consecutively and on surrounding the plan the LIC will pay a surrendered value or the guaranteed surrendered value, whichever of them is higher.
LIC Jeevan Azad Policy Terms FAQs
When was the LIC Jeevan Azad plan launched?
The LIC Jeevan Azad plan was launched by the LIC on 19th January 2023.
What is LIC Jeevan Azad plan?
The LIC Jeevan Azad plan is a life insurance plan launched by the LIC which offers combined benefits of protection and savings.