Life Insurance Corporation of India (LIC), the country’s largest insurance company, has a variety of policy. Apart from this, it also keeps launching a new policy from time to time. Some of LIC policy is quite popular among people. One such policy is Jeevan Azad Yojana. When this policy was launched, it received huge response from the public and 50,000 policy was sold in less than a month. Let’s know what are the merits of this policy.
Non-linked policy
LIC’s Jeevan Azad Policy is a non-linked, non-partisipatting, individual, savings life insurance scheme. The policyholder gets the facility of life insurance till maturity and like the endowment plan, he will also get a certain amount on the maturity of the scheme. Jeevan Azad Policy is a limited scheme, under which the premium payment period is equal to 8 years. This means that you will not have to pay a certain premium all the time.
Premium will have to be filled in less than 8 years
Let us understand it in simple language. Suppose you take a life free policy for 20 years. But you have to pay premium for only 12 years instead of 20 years. Similarly, a premium will have to be paid up to 10 years for the 18 -year -old policy. In this plan of LIC, you get the option to pay monthly, quarterly, semi-annual and annual payment to pay premium.
Maximum insurance amount
This plan of LIC can be purchased for a period of 15 to 20 years. Through this scheme, the policyholder will get a lump sum amount on maturity. The minimum insurance amount in life free policy is Rs 2 lakh and the maximum insurance amount is Rs 5 lakh. The entire amount is paid to the policyholder who survives till maturity. Suppose a 30 -year -old person takes this scheme for 18 years, then for an insurance amount of Rs 2 lakh, he will have to deposit Rs 12,038 for only 10 years.
