LIC's Jeevan Azad (Table No. 868)
INTRODUCTION:- LIC’s Jeevan Azad Plan is a Non-Linked, Non-Participating, Individual, Savings Life Insurance plan. LIC’s Jeevan Azad is a Limited Premium Endowment plan under which the Premium Payment Term (PPT) is equal to Policy Term minus 8 years. The plan shall be available for standard lives only. This policy is best for those individuals who do not want to take any kind of risk and want to have a fixed amount on maturity.
Basic Eligibility Conditions and Features of LIC’s Jeevan Azad Plan (Table No. 868): –
(a) Minimum Age at entry:- 90 days last Birthday
(b) Maximum Age at entry:- 50 years nearest birthday
(c) Maximum Maturity age:- 70 years nearest birthday
(d) Minimum Sum Assured:- Rs.2,00,000/-
(e) Maximum Sum Assured:- Rs. 5,00,000
(f) Policy Term:- 15 to 20 years.
(g) Premium Paying Term:- Policy term – 8
Modes of Payments: – Premium can be paid in Yearly, Half-yearly. Quarterly, Monthly (SSS and NACH)
Death Benefit: – ‘Sum Assured on Death’ becomes payable in case of death claims provided the death occurs before the maturity date and the policy is in force at the time of death. Sum Assured on death shall be the highest of 7 times of annualized premium; or 105% of all premiums paid as on date of death, or Basic Sum Assured.
Option to take Death Benefit in Instalments: – The death benefit can be received in installments of 5 years instead of the lump-sum amount if required.
Riders Available: – Accident Benefit Rider, Accidental Death and Disability Rider and Premium Waiver Benefit rider can be opted by paying extra premium.
Maturity Benefit:- On the life assured surviving the stipulated date of maturity, “Sum Assured on Maturity” which is equal to Basic Sum Assured shall be payable.
Option to take Maturity Benefit in Instalments: – The Maturity benefit can be received in installments of 5 years, instead of the lump-sum amount if required.