LIC launches 'Jeevan Azad (Plan No. - 868)'; A Combination of Protection and Savings - Details Inside

The Life Insurance Corporation (LIC) has unveiled a new plan ‘Jeevan Azad (Plan. 868) to offer both individual savings and life insurance to the customers. The plan is a non-participating, non-linked, individual, savings life insurance with limited premium endownment.

It is a limited premium payment endowment plan that provides financial support for the family in case of death of the policy holder during the policy term and also takes care of liquidity needs through loan facility. It also provides guaranteed lumpsum amount to the surviving policy holder on the date of maturity.  

The plan can be purchased offline through licensed agents, corporate agents, brokers, insurance marketing firms, Point of Sales Persons-Life Insurance (POSP-LI) or Common Public Service Centers (CPSC-SPV) as well as online through the LIC India website. The plan has minimum age of entry of 90 days, maximum age of entry of 50 years and maximum age of maturity of 70 years.

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 Annualized Premium’. This Death Benefit shall not be less than 105% of “Total Premiums Paid” upto the date of death.

Policy term is 15-20 years and premium paying term is Policy Term minus 8 years. Minimum and maximum basic sum assured per life is Rs. 2,00,000 and Rs. 5,00,000 respectively.