Medical is not required upto 3 Lakhs Sum Assured. Medical is required for Sum Assured More than 3,25,000.
LIC Jeevan Azad is a limited-period payment endowment plan that provides financial support for the family in case of unfortunate death of the life assured during the policy term. The plan also takes care of the liquidity need through a loan facility. It also provides a guaranteed lump sum amount to the surviving life assured on the date of maturity.
No Medical is required upto 3 Lakhs Sum Assured
Limited Premium Paying Term
Premium Paying Term shall be 8 Years less than the Selected Policy Term.
Maturity is Guaranteed
Sum Assured shall be payable as Maturity.
Advantages
Avail Tax Benefit on premium paid
Loan Facility is available after 2 years
Eligibility Criteria
Premium Modes
Yearly, Half-Yearly, Quarterly and Monthly (NACH only) or through salary deductions (SSS).
Riders Available
LIC's Accidental Death and Disability Benefit Rider
LIC's Accident Benefir Rider
LIC's Premium Waiver Benefit
Loan Facility
Loan facility is available after 2 years from completion of the policy.
Maturity Benefit
Sum Assured is payable on Maturity.
Death Benefit
The death benefit is payable on the death of the life assured during the policy term after the date of commencement of risk and before the date of maturity.
The death benefit shall be “Sum Assured on Death” where “Sum assured on Death” is defined as higher of ‘Basic Sum Assured’ or '7 times of Annualized Premium’.
The Death Benefit shall not be less than 105% of ’Total Premiums Paid’ up to the date of death.
Settlement Option is also available on Maturity & Death Benefits.
Tax Benefit
You can avail Tax Benefits under Section 80C of the Income Tax Act 1961.
| Minimum | Maximum | |
| Age at Entry | 90 Days (Completed) | 50 Years |
| Term | 15 Years to 20 Years | |
| Premium Paying Term | Policy Term - 8 Years | |
| Sum Assured | 2 Lakhs | 5 Lakhs |
Premium Modes
Yearly, Half-Yearly, Quarterly and Monthly (NACH only) or through salary deductions (SSS).
Riders Available
LIC's Accidental Death and Disability Benefit Rider
LIC's Accident Benefir Rider
LIC's Premium Waiver Benefit
Loan Facility
Loan facility is available after 2 years from completion of the policy.
Maturity Benefit
Sum Assured is payable on Maturity.
Death Benefit
The death benefit is payable on the death of the life assured during the policy term after the date of commencement of risk and before the date of maturity.
The death benefit shall be “Sum Assured on Death” where “Sum assured on Death” is defined as higher of ‘Basic Sum Assured’ or '7 times of Annualized Premium’.
The Death Benefit shall not be less than 105% of ’Total Premiums Paid’ up to the date of death.
Settlement Option is also available on Maturity & Death Benefits.
Tax Benefit
You can avail Tax Benefits under Section 80C of the Income Tax Act 1961.