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.
No Medical is required up to 3 Lakhs Sum Assured
Medical is not required up to 3 Lakhs Sum Assured. Medical is required for Sum Assured More than 3,25,000.
Limited Premium Paying Term
Premium Paying Term shall be 8 Years less than the Selected Policy Term.
Sum Assured shall be payable as Maturity.
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.
With rising education prices and to provide a high-profile lifestyle to your child, every parent must consider buying child plans. So, let us discuss more factors that will help us understand why we need to consider buying child plans.
If you plan to send your child abroad or he/she aspire to study where education is costly, the child insurance will not let you think a second time. The child plans will ensure that you are not short of money when needed the most.
One of the purposes of having a child plan is to ensure that the child gets the lump sum payment in case of the policyholder’s demise. The amount of money given is usually sufficient to cover future expenses.
The investment options allow you to build a good amount of money for the child. If you pay your premium regularly, you will be eligible to meet future obligations without any problem
Child plans make sure you establish a routine of investing and saving for your child’s future, allowing you to fend off the consequences of inflation, which is a rising problem all over the world.
A few child plans give children a recurring income equal to 1% of the amount assured. It ensures you get an income benefit, making buying child plans a plus.
To apply for buying child insurance in India, you would need certain documents to ensure smooth and hassle-free enrolment.
| Basis | Term Insurance Plan |
|---|---|
| Income Proof | Income tax returns and other income proofs to ensure you can pay for the policy. |
| Address Proof | Electricity bill, Ration card, Telephone bill, Passport, Driving License |
| Age Proof | Birth Certificate, Passport., 10th /12th Mark sheet |
| Identity Proof | Aadhaar Card, PAN Card, Passport ID, Voter ID |
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