Recently bought the LIC’s newly launched plan LIC Jeevan Azad. The plan offers dual benefits of life insurance at an affordable price. Also, the plan offers additional benefits which ensure protection against life’s uncertainty. With this plan, I am sure that even after my death, my family’s needs will be taken care of. Naveen Bhandari
Mr. Naveen Bhandari bought the recently- launched plan LIC Jeevan Azad with a motive to secure his family’s financial future after his demise. The plan is designed to offer a combination of life protection and investment. The plan was launched primarily to provide life protection at affordable prices. In addition to this, LIC Jeevan Azad also helps the policyholder in achieving their financial goals by providing maturity benefits.
Let us explore more about the plan and understand what makes this plan Mr. Naveen Bhandari’s best choice.
LIC of India offers the following benefits with its Jeevan Azad Plan
Death Benefit
If the policyholder dies during the policy tenure, the nominee will receive Sum Assured on Death. The Sum Assured on Death paid is the highest of 7 times of annualized premium or Basic Sum Assured.
Maturity Benefit
If the policyholder outlives the policy tenure, he/she will receive ‘Sum Assured on Maturity’ as the maturity benefit.
Riders available for Enhanced protection
LIC Jeevan Azad offers several riders through which the policyholder can enhance their coverage by paying an additional premium. The riders available are: LIC Accidental Death & Disability Benefit Rider, LIC Accident Benefit Rider, and LIC Premium Waiver Benefit Rider.
Tax Benefit
Premiums paid under LIC Jeevan Azad are exempted from tax under Section 80C. Also, the maturity and death benefit amounts are tax-free under Section 10D(D) of the Income Tax Act, 1961.
Option to Receive Death & Maturity Benefits in installments
Under the policy, one has the option to receive death and maturity 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/
Lic Hub
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.
Let us see the conditions that made Mr. Naveen eligible to buy the LIC Jeevan Azad Plan
Parameters
Minimum
Maximum
Entry Age
90 days
50 years
Maximum Maturity Age
18 years
Basic Sum Assured
Rs. 2 Lakhs
Rs. 5 Lakhs
Policy Term
15 to 20 years
40 years
Premium Paying Term
Policy Term minus 8 years
Grace Period
30 days
Free Look Period
30 days
Policy Exclusions
No claims will be accepted under this plan if the policyholder dies by suicide within the first year of the policy, except for 80% of the premiums previously paid, and only if the insurance is in effect.
The nominee may be entitled to the higher 80% of the premiums paid thus far or the acquired surrender value if the policyholder dies by suicide within a year after the revival date.
Having a LIC Jeevan Azad plan is one of the best ways to ensure your family’s security after your death. Just like Mr. Naveen, many customers are willing to secure the financial future of their loved ones and are buying LIC New Jeevan Azad Plan. The plan’s wide range of benefits and affordable premiums is what makes this plan the ideal choice for most customers.
*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