The country's largest insurance company, Life Insurance Corporation of India (LIC), launched a new plan, a new policy by the name of LIC Jeevan Azad, in January this year.
This policy has been designed in such a way that it can provide the benefit of both protection and savings to the customer. In this policy, if the policyholder dies, then this policy of LIC will provide a death benefit to the nominee and if the policyholder survives till the end of this policy, then the LIC will give him a maturity benefit.
What is the benefit of this policy?
Death benefit
If the policyholder dies due to any reason, then according to this policy the sum assured will be paid to the nominee. The sum Assured on Death is the higher of the Basic Sum Assured or 7 times the annual premium.
Maturity benefit
According to this plan, if the policyholder survives till the end of the policy, the insurance company will pay the 'Sum Assured on Maturity' to the policyholder.
Tax benefit
You can also avail tax benefits on the premium paid by you in this policy. You can claim tax exemption on premiums under Section 80C of Income Tax. Apart from this, the amount received on maturity or death can also be availed of as an exemption under Section 10D(D) of Income Tax.
What is the eligibility?
To invest in this policy, your minimum age is 90 days and the maximum age is 50 years.
The maturity of the policy is a minimum of 18 years and a maximum of 70 years.
The minimum basic sum assured for LIC Jeevan Azad is Rs 2 lakh while the maximum is Rs 5 lakh.
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