LIC Jeevan Azad Policy Benefits: A lot of trust is seen among the customers regarding almost all the insurance policies of the Life Insurance Corporation of India. But a craze is being seen among the people regarding the recent Jeevan Azad policy. After all, what is different from the rest, know more about the benefits of this policy…
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Many insurance policies of the country’s largest insurance company Life Insurance Corporation of India (LIC) are popular. But the magic of the company’s ‘Jeevan Azad’ policy, which was launched some time ago, is raising the eyebrows of the people. This policy of LIC is special in many ways. At the same time, the customers who take this policy also get many good benefits.
By the way, let us tell you that LIC’s ‘Jeevan Azad’ is a new endowment plan. The company has introduced such an endowment plan after a long time. That is, you are sure to get insurance protection in this, as well as you are going to save a lot on the occasion of maturity. After all, what is it in this policy that makes it different and more popular than other insurance policies.
lic jeevan azad
‘Jeevan Azad’ is an individual insurance plan. This is LIC’s plan number 868, in which people get the facility to take insurance up to Rs 5 lakh. Being an endowment plan, the customer of this policy gets life insurance protection till maturity. At the same time, after maturity, a fixed amount also comes in his hands. On the other hand, if the insured person dies during the term of the policy, then according to the policy, he also gets the death benefit.
Minimum insurance of Rs 2 lakh
If you have made up your mind to take ‘Jeevan Azad’ policy, then you will have to take an insurance of at least Rs 2 lakh. At the same time, there is a maximum insurance limit of Rs 5 lakh. The special thing is that if the customer takes insurance of up to Rs 3 lakh, then he does not have to undergo any medical test. However, for any insurance of more than this amount, you will have to undergo a medical test.
Maximum age is 50
This insurance of LIC can be done for a person from the age of 90 days i.e. three months old child to the age of 50 years. The minimum maturity period of ‘Jeevan Azad’ policy is 15 years, while the maximum maturity period is 20 years.
‘Jeevan Azad’ is special for children
The ‘Jeevan Azad’ policy is the insurance cover available for the most special children. If it is taken for children below 8 years of age, then their risk cover will be on completion of 2 years from the date of inception of the policy or on completion of 8 years of age, or on the policy falling after completion of 8 years of age Starts from the anniversary of. Out of this, whichever condition is fulfilled first, only then the risk cover i.e. death benefit on the children’s policy will also start.
Money will not be available before the age of 18
If this policy is done in the name of children, then the savings of the policy will not be paid until they complete 18 years of age. In the normal case, the maximum age of maturity of the policy will be 70 years.
Premium for ‘Jeevan Azad’ policy can be paid on monthly, quarterly, half yearly and yearly basis. It can be deposited online, cheque, card or UPI from anyone.
8 years less premium will have to be deposited
Another facility has been added to ‘Jeevan Azad’; If you are taking an insurance plan for 15 years, when you will have to pay the premium for 8 years less i.e. 7 years only. While in the plan with a duration of 20 years, this limit will be 12 years.
Money will come on insurance maturity
When your ‘Jeevan Azad’ insurance policy matures, you will get full money according to the minimum limit of Rs 2 lakh and maximum Rs 5 lakh. On the other hand, if the death of the insured person happens before the maturity of the policy, then his nominee will get the sum assured. In case of death, the amount received by the nominee can be higher than the sum assured or equal to 7 times the annual premium.
In case of death of the life assured, his nominee must have at least 105 percent of the total premium paid. On the other hand, if you have a policy in the name of children, then in case of death during the insurance period, all the premium paid for the insurance policy will be refunded. This does not include taxes, extra premium and rider’s premium. You can also avail loan facility on ‘Jeevan Azad’.