Life Insurance Corporation of India introduced a new plan LIC’s Jeevan Azad. This is a non-participating, individual, savings life insurance plan which offers a combination of protection and savings.
This is a Limited Premium Payment Endowment Plan providing financial support for the family in case of unfortunate death of the life assured during the policy term and also takes care of liquidity needs through loan facility. It also provides guaranteed lumpsum amount to the surviving life assured on the date of maturity.
Death benefit payable on death of the life assured during the policy term after the date of commencement of risk but before the date of maturity, shall be “sum assured on death” where “sum assured on death” is defined as higher of ‘Basic Sum Assured’ or ‘7 times of annualised premium’. This death benefit shall not be less than 105 per cent of “total premiums paid” up to the date of death.
The minimum Basic Sum Assured per life is ₹2 lakh and Maximum Basic Sum Assured per life is ₹5 lakh. The policy can be taken for term of 15 to 20 years with premium paying term calculated policy term minus 8 years. The minimum age at entry is 90 days completed and maximum age at entry is 50 years (nearer birthday).