Life Insurance Corporation of India introduced a new LIC Jeevan Azad plan. It is an individual, non-participating savings life insurance that offers a combination of protection and savings.
This is a Limited Premium Pay Endowment Plan that provides financial support to the family in the event of the unfortunate death of the insured during the life of the policy and also takes care of liquidity needs through a loan. It also provides a guaranteed lump sum to the insured surviving life on the expiration date.
The death benefit payable in the event of the death of the life insured during the term of the policy after the risk inception date but before the expiration date will be “sum insured in the event of death” where “sum insured in the event of of Death” is defined as greater than “Basic Sum”. Insured’ or ‘7 times the annualized premium’. This death benefit may not be less than 105 percent of the “total premiums paid” up to the date of death.
The Minimum Basic Sum Insured for Life is ₹2 lakh and the Maximum Basic Sum Insured for Life is ₹5 lakh. The policy can be taken for a term of 15 to 20 years with the term of payment of the premium calculated by the term of the policy minus 8 years. The minimum entry age is 90 full days and the maximum entry age is 50 years (closest birthday).
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