LIC New Scheme: Guaranteed return in LIC insurance policy, how much money to invest? get to know –

LIC: Recently Jeevan Azad Plan (Plan No. 188) was launched by The Life Insurance Corporation of India (LIC). This is a limited time premium payment plan. This policy will provide financial assistance to the family in case of unfortunate death. If the LIC policyholder survives the maturity period, the plan offers a guaranteed base amount. Keep reading to know more about this.

More details about newly launched LIC Jeevan Azad Plan:

● Minimum and Maximum Sum Assured in LIC Jeevan Azad Plan: It is a non-linked non-participating premium endowment plan. As per the policy documents, the minimum sum assured under LIC Jeevan Azad is Rs 2 lakh and the maximum sum insured is Rs 5 lakh. This plan is mainly designed for healthy individuals. There will be no medical examination for Sum Assured up to Rs.3 lakh. A medical examination is required and mandatory for a sum assured above Rs.3 lakhs

● LIC Jeevan Azad Minimum and Maximum Policy Term: A policy holder can purchase LIC Jeevan Azad plan insurance for a minimum of 15 years and a maximum of 20 years.

● Minimum and Maximum Age Limit for Purchase of LIC Jeevan Azad Plan: Minimum age for purchase of LIC Jeevan Anand Plan is 90 days. Maximum entry age is 50 years.

● How to pay premium in LIC Jiban Azad Plan: The new LIC scheme offers regular premium payments to the policyholder at annual, half-yearly, quarterly and monthly intervals. A policyholder will have the option to select the premium payment mode and term while purchasing the LIC Jeevan Anand policy.

● What are the maturity benefits in LIC Jeevan Azad Plan: If the policy holder survives the policy term, he will get the sum assured after maturity.

● What happens to LIC Jeevan Azad policy if the policy holder dies: If the policy holder dies during the policy term, the death sum assured is payable to the nominee.

Note that the sum assured payable to the nominee will be the higher of the sum assured in the basic insurance or seven times the annual premium.

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