LIC’s New Plan Jeevan Azad (Plan No. 868)

LIC’s Jeevan Azad (Plan No. 868) is the name of the new life insurance plan of Life Insurance Corporation of India. Jeevan Azad is available for sale with effect from 19/01/2023. LIC’s Jeevan Azad is a Non-Linked, Non-Participating, Individual, Savings Life Insurance plan, limited Premium Endowment plan where the premium paying term is 8 years less than the policy term.

This plan is available only to standard lives. There will be no medical up to 300000 of the sum assured only Video Medical on SA above 300000. The Unique Identification Number (UIN) for LIC’s Jeevan Azad is 512N348V01.

Eligibility Conditions of LIC’s Jeevan Azad

Elligibility Conditions of LIC’s Jeevan Azad (Plan No. 868)

Date of Commencement of Risk: In case the Life Assured is minor below the age of 8
years, the risk under this plan will commence either 2 years from the date of commencement of policy or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately from the date of issuance of the policy.

Death Benefit in LIC’s Jeevan Azad

If the Life Assured dies before the maturity date (and after the date of commencement of risk) of the policy, Death benefit is payable. The death benefit in the policy will be equal to the “Sum Assured on Death”. Here

If the Life Assured dies before the maturity date (and after the date of commencement of risk) of the policy, Death benefit is payable. The death benefit in the policy will be equal to the “Sum Assured on Death”. Here the “Sum Assured on Death” is defined as higher of Basic Sum Assured or 7 times of Annualized Premium.

Maturity Benefit in LIC’s Jeevan Azad

If the Life Assured survives till the Date of Maturity, “Sum Assured on Maturity” which is equal to “Basic Sum Assured” will be payable.