LIC Jeevan Azad

LIC’s Jeevan Azad Plan No.868 is a non-linked, non-participating, limited premium endowment plan that offers life insurance coverage with guaranteed maturity benefits. This plan is designed to provide financial security to the policyholder and their family in case of an unfortunate event. The policy is available only for a limited period and is ideal for those who are looking to secure their family with life insurance coverage.

Eligibility:

The plan is available to individuals. The Minimum entry age is 90 days and the maximum entry age upto 65 years. The minimum sum assured under this plan is Rs. 2 lakhs, while the maximum sum assured is Rs. 5 lakhs. The policy term is 15-20 years, and the premium payment term is yearly. quarterly or monthly premium payment. The policyholder can choose the premium payment mode at their convenience, either through online or offline mode.

LIC Jeevan Azad Benefits:

Maturity Benefit: At the end of the policy term, the policyholder is eligible to receive a guaranteed maturity benefit, which includes the sum assured plus the accrued bonus, if any.

Death Benefit: In case of an unfortunate event of the policyholder’s death during the policy term, the nominee will receive the sum assured as death benefit.

Surrender Benefit: The policyholder can surrender the policy after the completion of one policy year. In such a scenario, the policyholder will receive the surrender value, which is higher of the guaranteed surrender value or the special surrender value.

Loan Benefit: The policyholder can avail of a loan against the policy after the completion of one policy year. The maximum loan amount available is 90% of the surrender value.

Tax Benefit: The premiums paid towards the policy are eligible for tax benefits under Section 80C of the Income Tax Act, and the maturity proceeds are also eligible for tax benefits under Section 10(10D) of the Income Tax Act.

LIC Jeevan Azad Review:

LIC’s Jeevan Azad is an excellent option for those looking for a short-term investment with life insurance coverage. The policy offers guaranteed returns and provides financial security to the policyholder and their family. However, the sum assured under this plan is limited to a maximum of Rs. 25 lakhs, which may not be sufficient for individuals with high insurance requirements.

The policy does not offer any riders, which may limit the policy’s overall coverage. Additionally, the policy’s premium payment term is a single premium payment, which may not be feasible for individuals who prefer regular premium payment options.

Overall, LIC’s Jeevan Azad is a good option for individuals who are looking for life insurance coverage. The policy’s guaranteed maturity benefits make it a safe investment option. However, individuals with high insurance requirements may have to opt for other insurance plans that offer higher coverage.