Excelsior Correspondent
JAMMU, Jan 19: Life Insurance Corporation of India has introduced a new plan LIC’s Jeevan Azad.
A senior official of the LIC said that the new plan is non-participating , Individual, Savings Life Insurance Plan which offers an attractive combination of protection and savings. This is Limited Premium Payment Endowment Plan which provides financial support for the family in case of unfortunate death of the life insured during the policy term and also takes care of liquidity needs through loan facility. It also provides guaranteed lumpsum amount to the surviving life assured on the death of maturity.
He disclosed that the death benefit payable on death of the life assured during the policy term after the date of commencement of risk but before the date of maturity shall be sum assured on death, where sum assured on death is defined as higher of basic sum assured or 7 times of annualised premium. This death benefit shall not be less than 105 % of total premium paid up to the date of death.
The minimum basic sum assured per life is Rs 2 lakhs and maximum basic sum assured per life is Rs 5 lakhs . The policy can be taken for the term of 15 to 20 years with premium paying term calculated policy term minus 8 years. The minimum age at entry is 90 days completed and maximum age the entry l is 50 years. The premium can be paid yearly, half yearly, quarterly or monthly. This plan is available online as well as off line, the official added.
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