Life Insurance Corporation of India (LIC) has introduced a new insurance plan. This policy named ‘Jeevan Azad’ is a new endowment plan of the company. Let us know about the benefits available in it…
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LIC every time brings unique insurance plans for its customers. Now the company has a new endowment plan ‘Life Free’ has been introduced. In this personal insurance plan, people will also get a chance to save with life insurance. This plan of LIC (Plan No. 868) There is facility to take insurance up to Rs.5 lakh.
What is Jeevan Azad Scheme?
Jeevan Azad plan is an individual insurance plan. In this, the insured person gets the facility of life insurance till the maturity period. At the same time, like an endowment plan, a fixed amount is also given on maturity. While if the insured dies during the policy term, he also gets death benefits.
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For how much can I get insurance?
The minimum sum assured under this plan is Rs 2 lakh. While the maximum sum insured has been kept at Rs 5 lakh. If insurance is done up to Rs 3 lakh, then the insured will not have to undergo any medical test, whereas for an amount above that a medical test will be required.
Who can get insurance?
A person from the age of 90 days to the age of 50 years can buy this insurance policy. Whereas in Jeevan Azad policy, the minimum maturity period is 15 years and the maximum is 20 years.
Risk cover for children when?
If this policy is taken for children below 8 years of age, then their risk cover will be applicable after completion of 2 years from the date of commencement of the policy, or on completion of 8 years of age, or after completion of 8 years of the policy The risk cover i.e. death benefit will start from the anniversary of the policy, whichever is earlier.
What is the maximum age of maturity?
If this policy is taken in the name of a child, then the minimum age of maturity will be 18 years. Whereas for adults, the maximum age of policy maturity will be 70 years.
How to pay premium?
The premium for this policy can be paid on monthly, quarterly, half yearly and yearly basis. If the person wants, he can also choose the method of paying the premium, such as how he wants to pay by card, online, check or UPI.
For how many years premium will have to be paid?
In this plan, the term of premium payment will be fixed after deducting 8 years from the term of the policy. For example, if you take insurance for a period of 20 years, then you will have to pay the premium for 12 years. If your policy is for 15 years, then the premium payment will have to be done for 7 years.
What will you get on insurance maturity?
If the insured completes the maturity period of the insurance, then at the end of the insurance he will get the full sum assured i.e. minimum 2 lakh and maximum 5 lakh rupees. If he dies during the policy term, his nominee will get the sum assured. In case of death, the amount received by the nominee can be equal to the Sum Assured i.e. higher of the Sum Assured or 7 times of the annualized premium. In this case, the payment to be made to the nominee must be at least 105 percent of the total premiums paid till the death of the insured.
On the other hand, in the case of children’s insurance policy, if death occurs during the insurance period, then the entire premium will be refunded to the insured person. This does not include taxes, extra premium and rider’s premium.
Will you get loan facility also?
In ‘Jeevan Azad’ one can get the facility of loan against the insurance policy. On the other hand, if the insured wishes, by paying an additional premium, he can also take riders of accidental death, disability benefits and new term assurance with this policy.
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