LIC Jeevan Azad Plan

• Maturity benefit - The beneficiary will be given the "Sum Assured on Maturity" upon the successful conclusion of the policy's term.
• Tax benefit - Under Section 80C, premiums paid for the LIC Jeevan Azad are not subject to tax. Also, Section 10D(D) of the Income Tax Act of 1961 exempts the maturity and death benefit amounts from taxes.
• Death benefit - The plan will pay the Sum Assured on Death in the tragic event that the policyholder passes away. Sum Assured on Death is the highest of the Basic Sum Assured or 7 times the yearly premium.

Additional Benefits of LIC Jeevan Azad

The additional benefits of LIC Jeevan Azad are mentioned below -

• Installments of death benefits - The policy gives its customers the choice of receiving death benefits as a lump sum payout or as payments over a 5-year period. There is a minimum installment amount for each type of payment method, and the payments must be paid in advance at specified intervals annually, half-yearly, quarterly, or monthly.  
• LIC accidental death and disability rider - The Accident Benefit Payment Assured will be given to the beneficiary in a lump payment in the event of an accident. Contrarily, in the event of incapacity resulting from an accident within 180 days of the accident date, an amount equivalent to the Accident Benefit Sum Assured will be paid over the course of ten years in equal monthly installments. If an accident results in accidental disability, all upcoming premiums will be waived.  
• LIC Premium waiver benefit rider - According to this rider, the base policy's unpaid premiums that are due on and after the date of death until the end of the rider term will be forgiven upon the death of the policyholder. 
• LIC accident benefit rider - The Accident Benefit Sum Assured will be paid in a lump sum along with the death benefit under the base plan in the event of an accidental death.

Eligibility Criteria for LIC Jeevan Azad

The eligibility criteria for LIC Jeevan Azad are mentioned below -

• Entry age – The minimum entry age for LIC Jeevan Azad is 90 days and maximum entry age is 50 years.
• Maturity age – The minimum age for maturity is 18 years and maximum age is 70 years.
• Basic sum assured – The minimum basic sum assured for LIC Jeevan Azad is Rs.2 lakhs while maximum is Rs.5 lakhs.

LIC Jeevan Azad Policy Details

The policy details of LIC Jeevan Azad are mentioned below -

• Policy revival - By paying all premium arrears along with interest (pre-set by the company), one can renew their lapsed policy within 5 consecutive years of the date of the first unpaid premium.

• Grace period - A grace period of 15-30 days starting on the date of the first unpaid premium is included with the plan. The policy will expire and the policyholder will not be eligible for any benefits if the premiums are not paid during this time.

• Surrender of policy - Only after paying all premiums for two years in a row is it possible to cancel the coverage. When a plan is surrendered, LIC will pay the higher of the special surrender value or the guaranteed surrender value as the surrender value.

• Facility of loan - The policyholder is given access to a borrowing facility under the terms of the plan, provided that at least two full years' worth of premiums have been paid.

• Free look period - The policyholder is given a free-look period of 30 days from the date the policy began, during which time he or she may cancel the insurance by outlining any objections.