Life Insurance Corporation of India has launched ‘LIC’s Jeevan Azad,’ a new savings insurance product. This is a non-participating, individual savings life insurance plan that provides an appealing blend of protection and savings. This restricted premium payment endowment plan offers financial support to the family in the event of the life assured’s untimely death during the policy term and also addresses liquidity issues through a loan facility. It also pays a guaranteed lump payment to the surviving life assured on the maturity date.
The plan also allows you to receive death/maturity payouts in instalments if certain requirements are met. Under this package, three optional riders will be offered for an extra cost. The lowest basic sum promised per life is Rs2,00,000, while the maximum basic sum assured per life is Rs5,00,000. The policy is available for terms ranging from 15 to 20 years, with the premium payment term determined as the policy term minus 8 years. The lowest age for entrance is 90 days, while the maximum age for entry is 50 years (nearer birthday). Premiums can be paid on an annual, half-yearly, quarterly, or monthly basis (monthly premiums through NACH only). This plan is available for purchase both offline and online.
For more details, visit your near LIC branch or log into https://licindia.in/