NL CORRESSPONDENT
Mumbai: Life Insurance Corporation of India introduced a new plan LIC's Jeevan Azad. This is a Non-Participating, Individual, Savings
Life Insurance Plan which offers an attractive combination of protection and savings. This is a Limited Premium Payment Endowment
Plan which provides financial support for the family in case of unfortunate death of the life assured during the policy term and also takes
care of liquidity needs through loan facility. It also provides guaranteed lumpsum amount to the surviving life assured on the date of
maturity.
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” up to the date of death. On Life Assured
surviving the stipulated Date of Maturity, Sum Assured on Maturity which is equal to Basic Sum Assured shall be payable. The plan also
provides an option to receive death/maturity benefits in instalments subject to certain conditions. Three optional riders shall be available
under this plan by payment of additional premium.
The minimum Basic Sum Assured per life is Rs.2,00,000/- and Maximum Basic Sum Assured per life is Rs.5,00,000/-. The policy can
be taken for term of 15 to 20 years with premium paying term calculated policy term minus 8 years. The minimum age at entry is 90 days
completed and maximum age at entry is 50 years (nearer birthday). Premiums can be paid regularly at Yearly, Half Yearly, Quarterly or
Monthly intervals(Monthly premiums through NACH only). This plan is available for purchased through Offline as well as online. For more
details please visit www.licindia.in or contact any LIC branch.
