Jeevan Azad is a non-linked, participating, endowment assurance plan offered by Life Insurance Corporation of India (LIC) that provides financial protection to the policyholder’s family in the event of their untimely demise. The policy offers a lump sum amount as a death benefit along with bonuses and maturity benefits.
Here’s an example to understand the policy. Suppose a 35-year-old individual buys a Jeevan Azad policy for a sum assured of Rs. 10 lakhs. The policy term is 20 years, and the premium payment term is also 20 years. The annual premium payable would be Rs. 53,830. If the policyholder were to pass away within the policy term, their nominee would receive the sum assured of Rs. 10 lakhs plus any accrued bonuses. On the completion of the policy term, i.e., on maturity of the policy, the policyholder will receive the sum assured of Rs. 10 lakhs plus any accrued bonuses.
Here are some of the key features of the Jeevan Azad policy:
- Provides financial protection to the policyholder’s family in the event of their untimely demise.
- Offers a lump sum amount as a death benefit along with bonuses and maturity benefits.
- Offers flexible premium payment options.
- Provides tax benefits as per prevailing tax laws.
Here is a table that shows the premium rates for Jeevan Azad policy for a sum assured of Rs. 1 lakh:
| Age of Insured (in years) | Policy Term (in years) | Premium Payment Term (in years) | Yearly Premium (in Rs.) | Half-Yearly Premium (in Rs.) | Quarterly Premium (in Rs.) | Monthly Premium (in Rs.) |
|---|---|---|---|---|---|---|
| 20-30 | 10-20 | Same as Policy Term | 1,830-2,550 | 915-1,278 | 458-639 | 153-214 |
| 30-40 | 10-20 | Same as Policy Term | 2,000-3,290 | 998-1,645 | 499-822 | 167-274 |
| 40-50 | 10-20 | Same as Policy Term | 2,540-4,520 | 1,268-2,260 | 635-1,130 | 212-378 |
| 50-60 | 10-20 | Same as Policy Term | 3,990-8,470 | 1,995-4,236 | 998-2,118 | 334-709 |
Please note that these are indicative rates, and the actual premium may vary based on age, sum assured, and other factors. It is always advisable to check with the LIC agent or visit the LIC website for the latest premium rates.