LIC’s Jeevan Azad is a Non-Linked, Non-Participating, Individual, Savings Life Insurance plan. This is a Limited Premium Endowment plan under which the Premium Payment Term (PPT) is equal to Policy Term minus 8 years. The plan shall be available for standard lives only. The proposal in respect of such standard lives may be accepted without medical examination if the Basic Sum Assured is upto Rs. 3,00,000. If the Basic Sum Assured is above Rs. 3,00,000 and upto Rs. 5,00,000, the proposal may be accepted based on satisfactory Video Medical Examiner’s Report (Video MER).
NEW LIC’S JEEVAN AZAD (Plan No. 868) UIN: 512N348V01
New LIC’S Jeevan Azad Plan Full Details 2023
About LIC’s New Jeevan Azad Plan No. 868:
| LIC Plan | New Jeevan Azad Plan |
| Table No | 868 |
| UIN | 512N348V01 |
| Type | Non-Linked |
| Min. Age Entry | 90 Days |
| Max. Age Entry | 50 Years |
| Min. Sum Assured | 2 Lakhs |
| Max. Sum Assured | 5 Lakhs |
| Min. Maturity Age | 18 Years |
| Max. Maturity Age | 70 Years |
| Policy Term | 15-20 Years |
| Premium Paying Term | Minus 8 years |
| Loan | After 2 Years |
| Surrender | After 2 Years |
| Tax Benefits | Section 80C, 10(10D) |
| Maturity Benefits | Sum Assured |
| Official Website | licindia.in |
Eligibility
- Minimum Basic Sum Assured: 2,00,000
- Maximum Basic Sum Assured: 5,00,000
- Basic Sum Assured shall be in multiples of Rs 25,000/-
- Minimum age at entry :90 Days Completed
- Maximum age at Entry: 50 years (nbd)
- Minimum Maturity Age : 18 years completed
- Maximum Maturity Age : 70 years Ibd.
- Policy Term and Premium Payment Term:
| Policy Term | Premium Paying Term |
| [15] years to [20] years | Policy Term minus 8 years |
Maturity Benefit
On the life assured surviving the stipulated date of maturity, “Sum Assured on Maturity” which is equal to Basic Sum Assured shall be payable.
Death Benefit
Death Benefit payable on death of the Life Assured during the policy term after the date of commencement of risk but before the stipulated date of maturity shall be “Sum Assured on Death”; where The “Sum Assured on Death” is defined as higher of Basic Sum Assured or 7 times of Annualized Premium. This death benefit shall not be less than 105% of “Total Premiums Paid” upto the date of death.
Paid-Up Value
If less than two full years’ premiums have been paid in respect of the policy and any subsequent premium be not duly paid, all the benefits under the policy shall cease after the expiry of grace period from the date of First Unpaid Premium and nothing shall be payable.
Surrender Value
The policy can be surrendered at any time during the policy term provided at least two full years’ premiums have been paid. On surrender of the policy, the Corporation shall pay the Surrender Value equal to higher of Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
Revivals
If the premium is not paid before the expiry of the days of grace, the policy lapses. The lapsed policy may be revived during the lifetime of the Life Assured, but within a period of 5 consecutive years from the date of First Unpaid Premium.
Optional Rider Benefits
- LIC’s Accidental Death and Disability Benefit Rider
- LIC’s Accident Benefit Rider
- LIC’s Premium Waiver Benefit Rider
Rebates Benefits
The rebates for the Plan are as under:
a. Mode Rebate:
| Mode | Rebate |
| Yearly mode | 2% of Tabular premium |
| Half-yearly mode | 1% of Tabular premium |
| Quarterly, Monthly Nil (through NACH only) and SSS mode | NIL |
b) High Basic Sum Assured Rebate: The rebate for higher Basic Sum Assured (B.S.A.) is allowed in form of reduction in Tabular Premium. The rebate is as under:
Basic Sum Assured (B.S.A) Rebate Up to Rs. 2,75,000: Nil
Rs. 3,00,000 to Rs. 3,75,000: Rs. 0.50 per Rs. 1000 8.5.A. Rs. 4,00,000 to Rs. 4,75,000: Rs. 1.50 per Rs. 1000
B.S.A. Rs. 5,00,000: Rs. 2.00 per Rs. 1000 B.S.A.
Loan Benefits
Loan shall be available under LIC’s new jeevan azad plan after the policy acquires paid up value i.e. after at least two full years premiums have been paid. The maximum loan as a percentage of surrender value shall be as under:
- For in-force policies – upto 90%
- For paid-up policies – upto 80%
Tax Benefits
The LIC New Jeevan Azad policy offers tax benefits to the insured on the premium paid and on the claims received under Sections 80C and 10(10D) of the Income Tax Act.
FAQs
Q: Can I Buy LIC’s New Jeevan Azad Plan?
Ans: Yes. LIC’s new jeevan azad plan is available to buy. If you want to buy this new lic plan then please contact your nearest lic agent.
Q: What is the Minimum and Maximum Entry Age in LIC’s New Jeevan Azad Plan?
Ans: Minimum age entry is 90 Days Completed and Maximum Age Entry is 50 Years.