LIC Jeevan Azad is a limited-period payment endowment plan that provides financial support for the family in case of unfortunate death of the life assured during the policy term. The plan also takes care of the liquidity needed through a loan facility. It also provides a guaranteed lump sum amount to the surviving life assured on the date of maturity.
Medical is not required up to 3 Lakhs Sum Assured. Medical is required for Sum Assured More than 3,25,000.
Premium Paying Term shall be 8 Years less than the Selected Policy Term.
Sum Assured shall be payable as Maturity.
Avail Tax Benefit on premium paid
Loan Facility is available after completion of first year
Eligibility Criteria:
| Minimum | Maximum |
Age at Entry | 30 Days (Completed) | 50 Years |
Term | 15 Years to 20 Years | |
Premium Paying Term | Policy Term – 8 Years | |
Sum Assured | 2 Lakhs | 5 Lakhs |
Premium Modes
Yearly, Half-Yearly, Quarterly and Monthly (NACH only) or through salary deductions (SSS).
Riders Available
LIC’s Accidental Death and Disability Benefit Rider
LIC’s Accident Benefit Rider
LIC’s Premium Waiver Benefit
Loan Facility
Loan facility is available after completion of the first policy year provided one full year premium has been paid.
Maturity Benefit
Sum Assured is payable on Maturity.
Death Benefit
The death benefit is payable on the death of the life assured during the policy term after the date of commencement of risk and before the date of maturity.
The death benefit 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’.
The Death Benefit shall not be less than 105% of ’Total Premiums Paid’ up to the date of death.
Settlement Option is also available on Maturity & Death Benefits.
Tax Benefit
You can avail Tax Benefits under Section 80C of the Income Tax Act 1961.
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support@suryakantinsurance.in
