Under the LIC Jeevan Azad Plan, the minimum basic sum assured is Rs 2 lakh, and the maximum basic sum assured is Rs 5 lakh. According to LIC, Jeevan Azad (Plan No. 868) offers an attractive combination of protection and savings.
LIC Jeevan Azad is a limited-period payment endowment plan that provides financial support for the family if the life assured passes away within the policy term. Moreover, the plan provides a loan facility for liquidity needs and a guaranteed lump sum on maturity for the surviving life assured.
LIC Jeevan Azad Plan has a minimum basic sum assured of Rs 2 lakh and a maximum basic sum assured of Rs 5 lakh. The policy has a 15-20-year term.
For example, if you opt for a 20-year policy term, the premium paying term would be 12 years .
The minimum age of entry is 90 days completed and the maximum age at entry is 50 years.
The premium can be paid on a yearly, half-yearly, quarterly, or monthly basis.
It is payable when the life assured dies after the commencement of risk but before the maturity date of the policy. A death benefit will be Sum Assured on Death, where the Sum Assured on Death is the higher Basic Sum Assured or Sum Assured on Death. The Death Benefit shall not be less than 105% of the Total Premiums Paid up to the date of death LIC said.
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