LIC Jeevan Azad
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LIC Jeevan Azad is a traditional life insurance plan that provides both life protection and investment benefits. Aside from that, the plan provides a slew of other advantages, such as rider benefits, tax advantages, and so on.
Choose this plan to
- It provides both protection and savings.
- The policy term is 20 years.
- The premium payment term is 8 years.
- The policyholder can receive survival benefits after specified durations during the policy term.
- The death benefit payable is the sum assured plus bonuses. In the event of the policyholder’s untimely death, the plan will pay the Sum Assured on Death. The Sum Assured on Death is the greater of seven times the annualised premium or the Basic Sum Assured. The death benefit is equal to 105% of all premiums paid up to the time of death.
- There is an option to receive the maturity benefit as a lump sum or in the form of annual income for a selected number of years.
- Section 80C exempts premiums paid under LIC Jeevan Azad. In addition, the maturity and death benefit amounts are tax-free under Section 10D(D) of the Income Tax Act of 1961.
| Parameters | Minimum | Maximum |
| Entry Age (in years) | 90 days | 50 years |
| Maturity Age (in years) | 18 years | 70 years |
| Policy Term | 15-20 years | |
| Premium Paying Term | Policy Term minus 8 years | |
| Basic Sum Assured | Rs. 2 Lakhs | Rs. 5 Lakhs |
- Free Look Period: The policy provides a 30-day free look period beginning on the day the policy is purchased. During this time, the policyholder can review the plan’s terms and conditions and, if dissatisfied, return the policy to the company.
- Surrender Benefits: The policyholder may surrender the policy at any time during the policy term. The Guaranteed Surrender Value will be:
For the first three policy years: 75% of the Single premium After the fourth policy year: 90% of the Single premium - Policy Loan: Policyholders may apply for a policy loan at any time during the policy term after three months from the date of purchase. The maximum loan amount will be as follows:
- Optional Riders LIC Accidental Death & Disability Benefit Rider
- Death Benefits in installments
- Settlement Option A policyholder can elect to receive maturity benefits in installments over a 5-year period under the policy. The installments will be paid in advance at predetermined intervals of annually, half-yearly, quarterly, or monthly, subject to a minimum installment amount for each payment mode.
LIC Accident Benefit Rider
LIC Premium Waiver Benefit Rider
| Mode of Installment Payment | Minimum installment amount |
| Monthly | Rs. 5,000/- |
| Quarterly | Rs. 15,000/- |
| Half-Yearly | Rs. 25,000/- |
| Yearly | Rs. 50,000/ |
- Grace Period
- Policy Revival
- Loan Facility
- Free-Look Period
- Policy Surrender
- Rebates
| Mode Rebate | |
| Quarterly, Monthly (NACH) & Salary deduction | NIL |
| Half-yearly mode | 1% of Tabular premium |
| Yearly mode | 2% of Tabular Premium |
| High Sum Assured Rebate | |
| Basic Sum Assured (BSA) | Rebate (Rs.) |
| Up to 2,75,000 | Nil |
| Up to 3,00,000 to 3,75,000 | 0.50% BSA |
| Up to 4,00,000 to 4,75,000 | 1.50% BSA |
| Rs. 5,00,000 | 2.00% BSA |
So, What you are waiting for ? Fill your details to select the Plan.
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Exclusion
If the policyholder commits suicide during the first year of the policy, LIC will not accept any claim under this plan except for 80% of the premiums already paid, if the policy is still in force.
If the policyholder commits suicide within a year of the revival date, the nominee is entitled to the higher of the 80% premiums paid to date or the acquired surrender value.
If the policyholder commits suicide within a year of the revival date, the nominee is entitled to the higher of the 80% premiums paid to date or the acquired surrender value.
