Personal Finance
Under the LIC Jeevan Azad Plan, the lowest basic sum assured is Rs. 2 lakh, while the highest basic sum assured is Rs. 5 lakh.
Updated : Jan 20, 2023, 11:14 AM IST | Edited by : Maitry Kothari
The Life insurance Corporation of India has announced the launch of a new plan named Jeevan Azad which aims at individual savings and life insurance. LIC Jeevan Azad 868 plan offers a variety of attractive combinations of protection and savings to its customers.
LIC Jeevan Azad plan features:
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LIC Jeevan Azad Sum assured:
Under the LIC Jeevan Azad Plan, the lowest basic sum assured is Rs. 2 lakhs, while the highest basic sum assured is Rs. 15 to 20 years can be added to the policy's term.
LIC Jeevan Azad age restriction:
The minimum admission age is 90 days, while the maximum entry age is 50 years.
Premium can be paid regularly at yearly, half-yearly, quarterly or monthly intervals. The policy can be surrendered after 2 years and at least 2 full payments of premiums. A loan facility is available under the plan after 2 full years of premium paid.
For instance, a policyholder needs to pay the premium of Rs 25,120 in 1st year and Rs 24,578 2nd year onward every year for 12 years and after the completion of the Policy term. The total premium will be paid at 2,95,478. The maturity amount will be approx. 5,000,000.