LIC Jeevan Azad is a traditional life insurance plan offering the combined benefits of life protection and investments. In addition, the plan offers many other benefits, such as rider benefits, tax benefits, and a loan facility.
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The Life Insurance Corporation of India launched a new plan, LIC Jeevan Azad 868 on 19th January 2023. The plan is designed to offer the dual benefits of protection and savings. In case of the unfortunate death of the policyholder, the plan will offer death benefits to the nominee. On the other hand, if the policyholder survives till the end of the policy tenure, he/she will receive the maturity benefit.
The benefits a policyholder will receive under LIC Jeevan Azad 868 are as follows:
Death Benefit
In case of the unfortunate death of the policyholder, the plan will pay the Sum Assured on Death. The Sum Assured on Death is the highest of 7 times of annualized premium or Basic Sum Assured.
The death benefit is not less than 105% of all premiums paid till death.
Maturity Benefit
On successful completion of the policy tenure, the Sum Assured on Maturity will be paid to the beneficiary.
Tax Benefit
Premiums paid under LIC Jeevan Azad are exempted from tax under Section 80C. Also, the maturity and death benefit amounts are also tax-free under Section 10D(D) of the Income Tax Act, 1961.
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The LIC of India offers an array of insurance and investment products to cater to the needs of a diverse range of customers. Let us take a look at the various types of plans offered by Life Insurance Corporation of India:
Tax Saving
Investment Plans
Senior Citizens
Kids Plan
Women
LIC for TAX Saving:
Enjoy the dual benefit of tax deductions under Section 80C and comprehensive insurance coverage with LIC’s tax-saving policies.
Explore LIC's top-performing plans, which provide the perfect blend of investment growth and insurance protection to achieve your financial aspirations.
LIC offers plans tailored for women, focusing on their unique needs. These plans include savings, life cover, and financial independence to secure a brighter future.
In the event of an accident, the Accident Benefit Sum Assured will be paid in a lump sum to the beneficiary.
Whereas in the case of disability arising out of an accident within 180 days from the date of the accident, an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments for 10 years. All future premiums will be waived in the event of accidental disability arising from an accident.
Under this rider, on the death of the policyholder, the pending premiums of the base policy that are due on and after the date of death till the expiry of the rider term shall be waived.
Death Benefit Payout in installments
Under the policy, one has the option to receive death benefits in installments over 5 years rather than a lump sum payment. The installments must be paid in advance at chosen intervals of annually, half-yearly, quarterly, or monthly, subject to a minimum installment amount for different payment modes, such as:
Mode of Installment Payment
Minimum installment amount
Monthly
Rs. 5,000/-
Quarterly
Rs. 15,000/-
Half-Yearly
Rs. 25,000/-
Yearly
Rs. 50,000/
Settlement Option (for maturity benefit)
Under the policy, a policyholder can choose to receive maturity benefits in installments over 5 years. The installments will be paid in advance at chosen intervals of annually, half-yearly, quarterly, or monthly, subject to a minimum installment amount for different payment modes, such as:
Mode of Installment Payment
Minimum installment amount
Monthly
Rs. 5,000/-
Quarterly
Rs. 15,000/-
Half-Yearly
Rs. 25,000/-
Yearly
Rs. 50,000/
Sample Premium Illustrations of LIC Jeevan Azad Plan
Below mentioned is the sample premium illustration of the plan. The premiums are calculated for the Basic Sum Assured of Rs 2 lakh with different ages and premium paying terms.
Age of the Policyholder(in years)
Policy Term (Premium Paying Term )
15 (7)
16 (8)
17 (9)
18 (!0)
19 (11)
20 (12)
10
17,679
15,190
13,279
11,917
10,692
9,682
20
17,787
15,288
13,377
12,015
10,780
9,771
30
17,846
15,347
13,446
12,083
10,858
9,849
40
18,159
15,670
13,769
12,436
11,221
10,231
50
19,208
16,719
14,837
13,524
12,328
11,358
Policy Details of LIC Jeevan Azad Plan:
Grace Period
The plan comes with a grace period of 15/30 days from the date of the first unpaid premium. If the premiums are not paid during this period, the policy will lapse and the policyholder will not be entitled to receive any benefits.
Policy Revival
One can renew their lapsed policy within 5 consecutive years from the date of the first unpaid premium by paying all the arrears of the premium together with interest (pre-determined by the company.)
Loan Facility
The plan provides the policyholder with a loan facility, wherein, one can avail loans provided at least two full years’ premiums have been paid.
Free-Look Period
A free-look period of 30 days from the date of policy commencement is provided to the policyholder, during which he/she can cancel their policy by stating the reasons for objections.
Policy Surrender
One can surrender the policy at any time only if all the premiums are paid for 2 years consecutively. On surrendering the plan, LIC will pay a surrender value equal to special surrender value or the guaranteed surrender value, whichever of them is higher.
Rebates
The plan offers rebates as per the below-mentioned table:
Mode Rebate
Quarterly, Monthly (NACH) & Salary deduction
NIL
Half-yearly mode
1% of Tabular premium
Yearly mode
2% of Tabular Premium
High Sum Assured Rebate
Basic Sum Assured (BSA)
Rebate (Rs.)
Up to 2,75,000
Nil
Up to 3,00,000 to 3,75,000
0.50% BSA
Up to 4,00,000 to 4,75,000
1.50% BSA
Rs. 5,00,000
2.00% BSA
Policy Exclusions
If the policyholder commits suicide during the first year of the policy, LIC will not accept any claim under this plan except for 80% of the premiums already paid, only if the policy is in force.
If the policyholder commits suicide within the year from the revival date, the nominee can claim the higher 80% premiums paid to date or the acquired surrender value.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in