LIC’s Jeevan Azad (Plan No. 868) is the name of the new life insurance plan of Life Insurance Corporation of India. Jeevan Azad is available for sale with effect from 19/01/2023. LIC’s Jeevan Azad is a Non-Linked, Non-Participating, Individual, Savings Life Insurance plan, limited Premium Endowment plan where the premium paying term is 8 years less than the policy term.
This plan is available only to standard lives. There will be no medical up to 300000 of the sum assured only Video Medical on SA above 300000. The Unique Identification Number (UIN) for LIC’s Jeevan Azad is 512N348V01.
Table of Contents
Date of Commencement of Risk: In case the Life Assured is minor below the age of 8
years, the risk under this plan will commence either 2 years from the date of commencement of policy or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately from the date of issuance of the policy.
If the Life Assured dies before the maturity date (and after the date of commencement of risk) of the policy, the Death benefit is payable. The death benefit in the policy will be equal to the “Sum Assured on Death”. Here
If the Life Assured dies before the maturity date (and after the date of commencement of risk) of the policy, the Death benefit is payable. The death benefit in the policy will be equal to the “Sum Assured on Death”. Here the “Sum Assured on Death” is defined as higher of Basic Sum Assured or 7 times of Annualized Premium.
If the Life Assured survives till the Date of Maturity, “Sum Assured on Maturity” which is equal to “Basic Sum Assured” will be payable.
Like other LIC endowment plans, Jeevan Azad offers riders along with the base plan on paying an additional premium. These three riders are:
Eligibility conditions for these riders are different than the base plan. Please consult your insurance advisor if you are eligible for these riders or not.
Riders are not available if you purchase this plan from Point of Sales Persons-Life Insurance (POSP-LI) or CPSC-SPV
If the Jeevan Azad Plan is purchased through Point of Sales Persons-Life Insurance (POSP-LI) or CPSC-SPV then, on the death of the Life Assured within the first 90 days from the date of
commencement of risk, LIC will refund only the total premiums paid, provided the
policy is in force and death is not on account of an accident. However, in case of death due
to an accident during the waiting period, Death Benefit as specified under death benefit will be paid. This clause will not be applicable in case the age at entry of the Life Assured is
below 8 years.
If you have any other questions related to LIC servicing then just mail us at info@sumassured.in. You can also comment below. Share if you liked this information useful because Sharing is caring!
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