Review of LIC Jeevan Azad

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 

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6.7 Crore
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Policies Sold

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.

What are the Benefits of LIC Jeevan Azad

LIC of India offers the following benefits with its Jeevan Azad Plan

  1. 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.

  2. Maturity Benefit

    If the policyholder outlives the policy tenure, he/she will receive ‘Sum Assured on Maturity’ as the maturity benefit.

  3. 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.

  4. 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.

  5. 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/

Eligibility Criteria of LIC Jeevan Azad

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.

Summing it up

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:-
++Returns are 10 years returns of Nifty 100 Index benchmark

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