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LIC Jeevan Azad Policy 868

LIC Jeevan Azad Policy 868

LIC Jeevan Azad is a non-linked, non-participating individual life insurance plan offered by Life Insurance Corporation of India (LIC). It provides financial protection to the policyholder’s family in the event of the policyholder’s death during the policy term.

The plan also offers an option to save money for the policyholder’s future financial needs by providing regular income through survival benefits.

LIC Jeevan Azad Eligibility Criteria

To be eligible for the LIC Jeevan Azad plan, you must meet the following criteria:

  1. Age: The minimum age at entry is 18 years, and the maximum age at entry is 50 years.
  2. Premium Payment Term: The policy term is 10 years.
  3. Sum Assured: The minimum sum assured is Rs. 2 lakhs, and there is no maximum limit.
  4. Premium Payment Frequency: The premium can be paid either annually or half-yearly.

Note: The above mentioned criteria are subject to change as per the policy of LIC. It is recommended to check the latest eligibility criteria with LIC before purchasing the policy.

What are the Benefits of LIC Jeevan Azad

LIC Jeevan Azad offers the following benefits:

  1. Death Benefit: In case of the unfortunate death of the policyholder during the policy term, the nominee will receive the sum assured plus any bonuses that have been declared.
  2. Maturity Benefit: Upon survival of the policyholder till the end of the policy term, the policyholder will receive the sum assured plus any bonuses that have been declared.
  3. Bonus: The policy is eligible for bonuses declared by LIC.
  4. Tax Benefits: The premiums paid for the policy are eligible for tax benefits under Section 80C of the Income Tax Act, 1961, and the benefits received under the policy are tax-free under Section 10(10D) of the Income Tax Act, 1961.

Note: The above mentioned benefits are subject to change as per the policy of LIC. It is recommended to check the latest benefits with LIC before purchasing the policy.

Optional Benefits Under LIC Jeevan Azad Plan

LIC Jeevan Azad offers the following optional benefits:

  1. Accidental Death and Disability Benefit: The policyholder has the option to add an accidental death and disability benefit rider to their policy, which provides an additional sum assured in case of accidental death or permanent disability.
  2. Critical Illness Benefit: The policyholder has the option to add a critical illness benefit rider to their policy, which provides a lump sum benefit upon diagnosis of specified critical illnesses.

Note: The above mentioned optional benefits are subject to change as per the policy of LIC. It is recommended to check the latest optional benefits with LIC before purchasing the policy.

Returns in LIC Jeevan Azad Plan

The returns in LIC Jeevan Azad Plan are dependent on various factors such as the premium paid, policy term, age at entry, and interest rate. The plan is a non-linked, non-participating insurance plan, meaning it does not provide any bonus or dividend. The policyholder receives a lump sum amount in case of death, maturity, or surrender.

On maturity, the policyholder receives the basic sum insured along with reversionary bonuses. It is important to note that the returns in insurance policies are not guaranteed and may vary based on various market conditions. It is always recommended to consult a financial advisor before investing in an insurance policy to understand the potential returns and suitability for your financial goals.

Why to invest in LIC Jeevan Azad Plan?

There can be several reasons why one might consider investing in the LIC Jeevan Azad Plan:

  1. Life Coverage: The primary objective of life insurance is to provide financial protection to the policyholder’s family in case of their untimely death. The Jeevan Azad Plan provides a lump sum amount to the policyholder’s nominee in case of death, which can help them meet their financial obligations and maintain their standard of living.
  2. Maturity Benefit: The plan provides a maturity benefit in the form of the basic sum insured along with reversionary bonuses, which can help the policyholder meet their long-term financial goals.
  3. Tax Benefits: Premiums paid for the Jeevan Azad Plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961.
  4. Financial Planning Tool: The Jeevan Azad Plan can be used as a financial planning tool, as it provides a regular stream of income in case of death, maturity, or surrender, which can help the policyholder meet their financial needs.

It is important to remember that insurance is a long-term commitment and the returns are not guaranteed. It is always recommended to consult a financial advisor to understand the suitability of the Jeevan Azad Plan for your financial goals and risk tolerance.

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LIC Jeevan Azad Plan FAQ

Here are some frequently asked questions about LIC Jeevan Azad Plan:

Q . What is LIC Jeevan Azad Plan?

Ans :- LIC Jeevan Azad is a non-linked, non-participating insurance plan offered by Life Insurance Corporation of India (LIC).

Q . What are the features of the plan?

Ans :-The plan offers financial protection against death, maturity, or surrender. It provides a lump sum amount to the policyholder or their nominees in the event of death. On maturity, the policyholder receives the basic sum insured along with reversionary bonuses.

Q . What are the eligibility criteria for buying this plan?

Ans :-The eligibility criteria for the Jeevan Azad plan include the minimum and maximum age limit at entry, minimum and maximum maturity age, and minimum and maximum sum insured.

Q . What is the premium payment term for the plan?

Ans :-The premium payment term for the plan varies based on the policy term selected by the policyholder.

Q . Can the policyholder make partial withdrawals from the policy?

Ans :-No, partial withdrawals are not allowed under the Jeevan Azad Plan.

Q . Is the policy transferable?

Ans :-No, the Jeevan Azad Plan is not transferable from one policyholder to another.

Q . Is the premium for the plan tax-exempt?

Ans :-Premiums paid for the Jeevan Azad Plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961.

Note: Please check with LIC for the latest terms, conditions, and details of the plan as it may have changed since the knowledge cut off date.

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