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 BhandariRead more
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
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.
If the policyholder outlives the policy tenure, he/she will receive ‘Sum Assured on Maturity’ as the maturity benefit.
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.
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.
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|
Let us see the conditions that made Mr. Naveen eligible to buy the LIC Jeevan Azad Plan
|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|
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.
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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.
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*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