State insurance coverage main Life Insurance coverage Company of India (LIC) has launched Jeevan Azad (Plan No. 868), which is geared toward particular person financial savings and life insurance coverage. As per the word circulated by the LIC, Jeevan Azad is a non-participating, non-linked, particular person, financial savings life insurance coverage plan and restricted premium endowment plan.
It seems into the liquidity want by means of a mortgage facility and in addition supplies a assured lump sum quantity to the surviving life on the date of maturity.
The plan has a restricted premium cost possibility the place the premium paying time period is 8 years lower than the coverage time period. The plan goals to supply monetary help to the household in case of unsure dying of the life assured through the coverage time period.
Moreover, it gives the surviving life assured a assured lump sum cost on the maturity date. Unintended dying and incapacity profit rider can be found. Non-medical insurance coverage coverage as much as 3 lakhs assured.
As per the coverage paperwork, traders would get a minimal primary sum of Rs 2 lakh assured underneath LIC Jeevan Azad Plan. The utmost primary sum assured is Rs 5 lakh. The coverage will be taken for time period of 15 to twenty years.
Age limits for the coverage
For this plan, the minimal admission age is 90 days, whereas the utmost entry age is 50 years.
Premium Fee Time period Calculation & frequency
Below the plan, the LIC will calculate the premium paying time period because the coverage time period minus 8 years. Subsequently, if the traders go for a 20-year coverage time period, he should pay the premium for 12 years (20-8).
Premium will be paid commonly at yearly, half-yearly, quarterly or month-to-month intervals.
As per LIC, if a beneficiary pays the premium of Rs 25,120 within the first yr and Rs 24,578 from the second yr to 12 years, he would get Rs 500,000 at finish of the tenure. The whole premium paid by the beneficiary can be Rs 2,95,478.
The coverage will be surrendered after 2 years and not less than 2 full funds of premiums.
Advantages after investor’s dying
Below the brand new plan, the dying profit is payable on the dying of the life assured through the coverage time period. It’s given after the date of graduation of threat however earlier than the date of maturity. The dying profit shall be “Sum Assured on Dying” the place “Sum assured on Dying” is outlined as greater of ‘Fundamental Sum Assured’ or 7 instances of Annualized Premium’.
The Dying Profit shall not be lower than 105 per cent of ’Whole Premiums Paid’ as much as the date of dying, LIC stated.