LIC’s new plan for this new year, lic Jeevan Azad plan, whose table number is 868, is being launched on 19 January 2023. It is a limited premium, endowment savings plan.
The most remarkable thing about this plan is that you will have to pay the premium for less than ten years, and you will get a guaranteed up to Rs 5 lakh on maturity. Perhaps for the first time in the Life Insurance Corporation of India, such an endowment plan has come in which such a short term is seen.
Now let us know about other features of LIC Jeevan Azad Plan 868. In this plan of LIC, you will get a limited sum assured with limited term.
LIC Jeevan Azad Plan 868
In all the plans you have seen so far in LIC, you would Not yet see any limit on the maximum sum assured, but in this plan, you will also see the upper limit, which is Rs 5 lakh. You can only buy this plan for up to 5 lakhs if you want to.
In fact, You can buy LIC Jeevan Azad Plan 868 for a minimum of 2 lakhs and a maximum of 5 lakhs.
The minimum age is three months, and the maximum age is 50 years. Any person who is 50 or below can join this jeevan azad plan 868.
Policy and Premium Term
The policy term of LIC Jeevan azad plan is 15 to 20 years. You can choose any term between 15 to 20 years but the premium term will always be 8 years less than the policy term.
This means that if you take a term of 15 years, you will have to pay premium only for seven years. Talking about the maximum, if you take a term of 20 years, you will have to pay a premium only for 12 years.
You can pay the premium annually, half-yearly, quarterly and monthly in this plan.
Maturity and Death Benefits
On maturity, you will get an amount equal to the sum assured. There is no mention of a bonus or internal bonus in this plan, but it does not mean you will not get a good profit.
In fact, you will get to see its premium so low that you will get a good profit. It will get a fixed maturity which will be equal to your sum assured.
Talking about the death benefit, in LIC Jeevan Azad Plan 868, 7 times the annual premium or the sum assured, whichever is higher, will be given in case of the policyholder’s death.