Buy LIC Jeevan Azad Plan Online

LIC’s Jeevan Azad is a Non-Linked, Non-Participating, Individual, Savings,

Life Insurance policy that offers a combination of life protection and savings. It is a  Limited Premium Payment Endowment plan that provides a loan facility and financial support to the policyholder's family in case of their unfortunate death. 

Let’s understand this policy in detail! 

Eligibility Criteria

The LIC Jeevan Azad plan comes with the following eligibility conditions: 

Other Important Details

Key Features of LIC Jeevan Azad Plan

• Grace Period 

A grace period of 30 days is available for half-yearly, yearly, or quarterly premiums and 15 days for monthly premiums. 

• Free-Look Period

30 days of free look period is available for the policyholders to cancel the policy if they are not satisfied with the terms and conditions. 

• Policy Surrendering 

The investor can surrender the policy anytime during the policy term if two full years' premiums have been paid. Upon surrender, they will receive the higher of the Guaranteed Surrender Value or the Special Surrender Value.

• Loan on Policy

Policyholders can avail loan on the policy if two full years' premiums have been paid. 

For active policies, the loan amount will be up to 90% of the surrender value. While for paid-up policies, it is up to 80% of the surrender value. 

• Option to take Maturity Benefit in Installment

Policyholders are given the choice to get the maturity benefit in installments over a time period of 5 years instead of a lump sum. These installments will be paid in advance at yearly, half-yearly, quarterly, or monthly intervals, with the below minimum installment amounts:

• Monthly: ₹5,000
• Quarterly: ₹15,000
• Half-Yearly: ₹25,000
• Yearly: ₹50,000

The option for installment payments must be exercised at least 3 months before the maturity date. The first payment is made on the maturity date, with subsequent payments based on the chosen frequency (monthly, quarterly, semi-annually, or annually).

• Option to take Death Benefit in Installment

Just like maturity benefits, death benefits can also be received in installments over 5 years instead of a lump sum. 

Installments are paid in advance at different with minimum installment amounts as follows:

• Monthly: ₹5,000
• Quarterly: ₹15,000
• Half-Yearly: ₹25,000
• Yearly: ₹50,000

Key Benefits of LIC Jeevan Azad Plan

• Death Benefit

If the policyholder dies during the policy term after the risk commencement but before the maturity date, the death benefit will be the "Sum Assured on Death." 

Here, "Sum Assured on Death" is defined as the greater of the "Basic Sum Assured" or "7 times the Annualized Premium." The death benefit will not be less than 105% of the "Total Premiums Paid" up to the date of death. 

• Maturity Benefit

If the policyholder survives until the policy's maturity date, the "Sum Assured on Maturity," which is equal to the "Basic Sum Assured," will be paid out.

Riders Available

LIC Jeevan Azad plan offers three optional riders that you can add to the policy by paying additional premiums. However, policyholders can opt between either the Accidental Death and Disability Benefit Rider or Accident Benefit Rider and/or LIC’s Premium Waiver Benefit Rider. 

• Accidental Death and Disability Benefit Rider

This rider can be added to an active policy anytime during the premium-paying term, but at least 5 years must remain on both the base plan and the rider.

How is it beneficial? 

It proves beneficial in two scenarios: 

• • Accidental Death
    If the policyholder dies in an accident, a lump sum (Accidental Benefit Sum Assured) is paid along with the base plan's death benefit. 

• • Accidental Disability
    If the investor becomes disabled due to an accident (within 180 days of the accident), an amount equal to the Accidental Benefit Sum Assured is paid in 4 equal monthly installments over 10 years. 

Future premiums for the Accidental Benefit Sum Assured and the corresponding Basic Sum Assured under the base plan will be waived.

• LIC’s Accident Benefit Rider

LIC’s Accident Benefit Rider can be added to an active policy anytime during the premium-paying term. If the policyholder dies in an accident, the Accident Benefit Sum Assured is paid in a lump sum along with the base plan's death benefit. 

• LIC’s Premium Waiver Benefit Rider

If the proposer dies during the policy term, future premiums of the policy will be waived until the end of the rider term. 

Premium Chart

Below is the sample illustrative annual premiums for Basic Sum Assured of ₹2 lakhs. 

Exclusions

Within 12 Months of Policy Commencement 

If the policyholder commits suicide within a year of the policy start date, the nominee will get 80% of the total premiums paid as long as the policy is active.

Within 12 Months of Policy Revival

If the investor commits suicide within 12 months from the date the policy is revived, the nominee will receive the higher of:

• 80% of the total premiums paid up to the date of death 

OR

• The surrender value available at the time of death.

How to Buy LIC Jeevan Azad Policy Online From InsuranceDekho? 

Purchasing the LIC Jeevan Azad policy online from InsuranceDekho is simple and convenient. All you need to do is follow the below steps. 

1. Go to our official website and select “Life Insurance” under the “Insurance” tab. 
2. Enter your personal details and click on "View Plans" to see all the available plans.
3. Choose the “LIC Jeevan Azad” policy. Make sure to review the terms and conditions carefully. Then, decide on the sum assured and policy duration that best suits your needs.
4. Provide details about your education, occupation, and annual income. Check the premium amount twice before moving forward. Then, proceed to make the payment using your preferred method. 
5. Depending on your age and chosen policy term, a medical examination might be requested. After the policy is approved, you will get a confirmation via email or SMS.

Frequently Asked Questions (FAQs)

Ques 1. What is LIC Jeevan Azad plan?

Ans. LIC Jeevan Azad is a life insurance policy that provides financial support to your family in case of your untimely demise. It provides both life cover and investment opportunities with a sum assured and potential bonus payouts.

Ques 2. Do I have to pay an additional premium for adding riders to the policy? 

Ans. Yes! You have to pay an additional premium if you want to add riders to the base policy. 

Ques 3. What is the policy term for LIC Jeevan Azad?

Ans. The policy term for LIC Jeevan Azad is 15 to 20 years. 

Ques 4. How can I pay the premiums for LIC Jeevan Azad?

Ans. Premiums can be paid on annual, half-yearly, quarterly, or monthly basis. You can choose the payment mode for LIC Jeevan Azad according to your convenience.

Ques 5. How will I decide if this policy is right for me? 

Ans. First, you need to analyze your requirements and check if the policy is fulfilling the same. Let’s say LIC Jeevan Azad offers life insurance coverage along with savings benefits. If this is something you are looking for, then you can opt for this plan. Moreover, it’s best to take an expert take! Call us at +91-7551196989, and we will help you decide whether this policy is right for you!