LIC Jeevan Azad :- LIC Jeevan Azad Plan is a savings life insurance plan that is not linked to the stock market and does not share profits with policyholders. It’s a limited premium endowment plan where you pay premiums for a period that is 8 years less than the policy term. The total basic sum assured under this plan for an individual cannot exceed ₹5,00,000. You can buy this plan offline through agents or other intermediaries, or online directly from the LIC website at www.licindia.in
Benefits of LIC Jeevan Azad
- Death benefit payable on death of the life assured during the policy term after the date of commencement of risk but before the date of maturity, shall be “Sum Assured on Death” where “Sum Assured on Death” is defined as higher of ‘Basic Sum Assured’ or ‘7 times of Annualized Premium’. This Death Benefit shall not be less than 105% of “Total Premiums Paid” upto the date of death.
- Maturity BenefitOn successful completion of the policy tenure, the Sum Assured on Maturity will be paid to the beneficiary.
- Tax BenefitPremiums paid under LIC Jeevan Azad are exempted from tax under Section 80C. Also, the maturity and death benefit amounts are also tax-free under Section 10D(D) of the Income Tax Act, 1961.
LIC Jeevan Azad Plan : Documents Required
1. Income/Investment Proof
- Salary Certificate
- Certificate from a Chartered Accountant
- Income Tax Returns (ITRs) for the last 3 years (all pages)
- Income from a Partnership Firm
- Income from a Proprietary Firm or Profession
- Income from Private Limited or Public Limited Companies
- Bank Statements for the last 3 months (only as supporting proof)
- Export Income
- Form 16 for the last 3 years
- Salary Slips or Salary Certificate for the last 3 months
- Employment Appointment or Offer Letter
(only PDF format, max file size is 500KB)
2. Self Cancelled Cheque
3. Communication Address Proof
- Utility Bill
- Property/Municipal Tax Receipt
- Bank Passbook
- Pension Orders
- Allotment Letter/Lease Agreement
- Documents issued by the Government
- Passport
- Driving License
- Voter ID
- Masked Aadhaar Card/Masked e-Aadhaar Card
3. Birth Certificate (only for minors)
4. Photograph (35X45 MM)
5. Signature
6. Offline e-KYC instructions
- Go to the my Aadhaar website and log in using your Aadhaar number.
- Enter the Captcha, then click ‘Send OTP’. You will receive an OTP on your registered mobile number. Enter the OTP to log in.
- A list of services will appear. Select ‘Offline KYC’.
- Create a 4-digit share code of your choice and remember it.
- Click on ‘Download’ to get a zip file.
- On LIC’s Aadhar eKYC page, enter your mobile number and the 4-digit share code you created.
- Upload the zip file you downloaded.
- Your eKYC is complete.
LIC Jeevan Azad (Plan no. 868) eligibility criteria
Policy term is 15-20 years and premium paying term is Policy Term minus 8 years. Minimum and maximum basic sum assured per life is Rs. 2,00,000 and Rs. 5,00,000 respectively.
HOW TO APPLY ONLINE FOR LIC Jeevan Azad Plan
- Fill Basic Details like Name ,gender , D.O.B, email id , Mobile Number , Annual Income, residential address
- Fill Basic Sum Assured , Policy Term*, Premium Paying, Preferred Mode, Under NACH**
- The “premium paying term” is the period during which you need to pay premiums for your insurance policy. It tells you how long you will make payments to keep the policy active.
- Policyholders can allow their insurance company to automatically take the premium amount from their bank account on specific due dates using the NACH system.
Note- {Minimum/Maximum ( Basic Sum Assured ) = 2 lakh / 5 lakh } and {Minimum/Maximum Policy Term = 15/20 year } and { min/ max Premium Paying term = 7/12 }
- Fill Accidental Benefit Required and Sum assured
- finally you will see look like this
DISCLAIMER : This blog is solely for providing updates and helping you understand policy changes easily. However, we are not responsible for any misinformation. For accurate information, please visit the official page.
