Over the years LIC has run many schemes. But today we are going to discuss about LIC Jeevan Azad Plan. It was launched in 2023 last year, but its demand is still quite high among the people. This is one of LIC’s popular schemes. Jeevan Azad Policy gives its customers the benefit of protection and savings. Tax benefits and death benefits are also included in this. If you are also thinking of investing in LIC, then you must know the features of this scheme once.
Premium up to minus 8 (-8) years
LIC’s Jeevan Azad Plan is a non-participating, individual savings endowment plan. In this, the maturity and death claim received by the investor is already fixed. In this, the premium has to be paid for a period of minus 8 years, that is, you have to pay the premium for 8 years less than the number of years you have taken the policy. Suppose you took this plan for 15 years, then after subtracting 8 years out of 15, 7 will come i.e. you will have to pay premium for 7 years and if you buy a policy for 20 years, you will have to pay premium for 12 years. You are given the option of paying premiums monthly, quarterly, half-yearly and yearly.
Who can take advantage of it?
This policy guarantees a lump sum payment on maturity. The minimum sum assured is Rs 2 lakh and the maximum sum assured is Rs 5 lakh. This special plan of LIC can be purchased for a period of 15 to 20 years. The age limit varies according to the duration. Plans up to 18, 19 and 20 years can also be purchased for a three-month-old child and the maximum age limit for this is 50 years. At the same time, 17-year plan can be bought from the age of 1 year to 50 years, 16-year plan from 2-year to 50 years and 15-year plan from 3 years to 50 years old.
Death Benefit and Two-Way Tax Benefits
Talking about the death benefit, it is given more than the basic sum assured or up to 7 times the annual premium. This is at least 105% of the total premiums paid till the date of death. Apart from this, tax benefits are also provided in the plan. The premiums paid are exempt from income tax under 80C, in addition to the amount received on maturity under 10 (10D) is tax free. After two years of payment of the premium of the policy, it also provides the facility to surrender the policy and take a loan on it.
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