For 18 years policy, pay premium for 10 years only and get sum assured of Rs 2,00,000

Life (*10*) Corporation gives a number of advantages to the policyholders. One such coverage is named LIC Jeevan Azad which gives mixed advantages of life security and investments. It is a conventional life insurance coverage plan that provides a variety of benefits akin to rider advantages, tax advantages and many extra. 

LIC Jeevan Azad Policy: About

On January 19, 2023, the Life (*10*) Corporation of India launched a brand new programme known as LIC Jeevan Azad. It is a non-linked, non-participating, particular person life insurance coverage plan. The plan is meant to supply each safety and monetary advantages. In the tragic occasion that the policyholder passes away, the plan will present loss of life advantages to the designated beneficiary. On the opposite aspect, the policyholder will obtain the maturity profit in the event that they dwell to the top of the coverage’s tenure.

(Also Read: LIC New Jeevan Anand Policy: Invest Rs 1,358 month-to-month and get Rs 25 lakh at maturity)

LIC Jeevan Azad coverage: Eligibility and Features

The entry age (in years) within the LIC Jeevan Azad coverage is 90 days and the utmost is 50 years. The maturity age is a minimal of 18 years and a most of 70 years. The Premium Payment Term (PPT) below this Limited Premium Endowment plan is the same as the Policy Term minus 8 years. This implies that if a coverage is bought for 20 years, the premium will only be paid for 12 of these years. 

Similarly to that, an individual will pay premiums for a coverage time period of 18 years for 10 years. It gives a assured base sum-assured quantity for the dwelling life insured on the day of maturity.

Only typical wholesome lives as much as a cap of Rs 3 lakh and a most of Rs 5 lakh relying on medical examination report can be eligible for this plan.

Will get 7 instances fee: Know when and how

If a policyholder passes away throughout the coverage’s time period, the nominee will obtain the Basic Sum (*18*), which is the same as seven instances the annualised premium paid when the coverage was first bought. As lengthy as the full quantity of premiums paid up till the date of the policyholder’s loss of life is larger than 105 per cent.

(Also Read: LIC Jeevan Labh Policy: Invest Rs 7,572 month-to-month and get Rs 54 lakh on maturity, examine advantages)