Download LIC’s Jeevan Azad PDF
You can download the LIC’s Jeevan Azad PDF for free using the direct download link given at the bottom of this article.
|File name||LIC’s Jeevan Azad PDF|
|No. of Pages||14|
|File size||1.9 MB|
|Date Added||Feb 26, 2023|
Overview of LIC’s Jeevan Azad
LIC’s Jeevan Azad was a traditional, non-linked, and with-profit plan offered by Life Insurance Corporation of India (LIC). The plan was designed to cater to the financial needs of families in the event of the unfortunate demise of the policyholder. The policy was a one-time investment plan, where the policyholder had to pay a lump sum amount as a premium.
The plan offered a guaranteed sum assured to the nominee in case of the policyholder’s untimely demise during the policy term. The plan also provided a loyalty addition, which was payable on maturity or death, depending on the policy term.
The policy term for LIC’s Jeevan Azad was between 5 to 35 years, and the minimum sum assured was Rs. 1 lakh. The plan had a unique feature that allowed the policyholder to choose the premium payment frequency, which could be either single premium or limited premium payment for a period of 3, 4, or 5 years.
The plan offered a loan facility after the completion of three policy years, and the loan amount was available up to 70% of the surrender value of the policy.
One of the significant benefits of LIC’s Jeevan Azad was the tax benefit under Section 80C of the Income Tax Act, which allowed the policyholder to claim a deduction on the premium paid towards the policy. The maturity proceeds or death benefit received by the nominee were also tax-free under Section 10(10D) of the Income Tax Act.
LIC’s Jeevan Azad was discontinued by LIC in 2014, and it is no longer available for purchase. However, policyholders who had already bought the plan continue to enjoy the benefits as per the policy terms and conditions.