LIC Plan: Jeevan Azad (Plan No. 768)
Product Summary:
This is a Non-Linked, Non-Participating, Individual Savings Life Insurance plan.
It is a Limited Premium Endowment Plan, where the Premium Payment Term (PPT) = Policy Term – 8 years.
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Premium Payment Modes:
Yearly
Half-Yearly
Quarterly
Monthly (via ECS)
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Policy Term / Premium Payment Term Options:
15 / 7 years
16 / 8 years
17 / 9 years
18 / 10 years
19 / 11 years
20 / 12 years
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Eligibility – Age at Entry:
For Term 18, 19, 20 years: 90 days to 50 years
For Term 17 years: 1 year to 50 years
For Term 16 years: 2 years to 50 years
For Term 15 years: 3 years to 50 years
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Minimum Maturity Age:
18 years (completed)
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Sum Assured (Coverage Amount):
Minimum: ₹2,00,000
Maximum: ₹5,00,000
Must be in multiples of ₹25,000
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Policy Benefits:
On Death:
Before Commencement of Risk:
Return of premiums paid (excluding GST and any extra premium).
After Commencement of Risk:
"Sum Assured on Death" will be payable.
Sum Assured on Death is the higher of:
Basic Sum Assured, or
7 times the Annualized Premium
Note: This amount shall not be less than 105% of total premiums paid up to the date of death.
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On Survival to Maturity:
Basic Sum Assured will be paid.
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Surrender Value:
Available after payment of premiums for at least 2 full years.
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Loan Facility:
Available after 2 years of premium payment.
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Income Tax Benefits:
Section 80C: Premiums paid are eligible for tax deduction.
Section 10(10D): Maturity proceeds are tax-free.
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Proposal Form Numbers:
300 / 340 / 360 (to be used based on case)
🌟DOCUMENTS REQUIRED
✏️ Age Proof(any one):
School Leaving Certificate, Passport, Pan Card, Driving License, Birth Certificate, Aadhar card
✏️Address Proof(any one):
Passport,Voter's/Election Card, Aadhar card, Utility Bills (like Telephone Bill, Ration Card, Postpaid Mobile Bill, Credit Card Bill), Rental Agreement, Bank passbook, Driving License
✏️Photo Identity Proof(any one):
Passport, Pan Card, Driving License, Voter's/Election Card, Aadhar card etc.
✏️Income Proof:
Form 16, Income Tax Returns, Salary Slip (If Total Premium exceeds Rs.One Lakh)
✏️For Child Policy(age 5 to 17)(any one):
School I card, Current Year School fee Receipt, Progress card
✏️One Passport sized Photograph
✏️Cheque towards the Premium
PAYMENT
• Pay New/Renewal Premium by Credit Card (No extra charges)
• Pay New/Renewal Premium by Paytm
• Pay New/Renewal Premium by Google Pay
• Pay New/Renewal Premium by PhonePe
𝗖𝗢𝗡𝗧𝗔𝗖𝗧
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