LIC Jeevan Azad: Do you want to save money along with protecting yourself and your family, then LIC Jeevan Azad can be a great option for you. This policy not only gives you a security cover, but the benefits available in it will also strengthen your savings.
Features of LIC Jeevan Azad Policy
LIC Jeevan Azad is a non-linked, non-participating individual savings insurance plan. In this, you get a lump sum amount on maturity and if unfortunately the policyholder dies, the nominee gets death benefit.
Premium payment: In this policy, you have to pay a premium only for 8 years less than the policy term. That is, if your policy is for 20 years, then you have to pay a premium only for 12 years.
Premium payment option: You can pay a premium on a monthly, quarterly, half-yearly, or yearly basis.
Security cover: In case of the death of the policyholder, the nominee gets more than the basic sum assured or up to 7 times the annual premium.
Tax Benefits: Premium is tax deductible under Section 80C and maturity amount is tax deductible under Section 10D.
Loan Facility: You can also avail a loan against this policy.
Benefits of LIC Jeevan Azad Policy
Combo of protection and savings: This policy protects you and your family and also gives you a good amount on maturity.
Flexibility: You can choose the premium payment period and policy term as per your requirements.
Tax Savings: The tax exemption available in this policy helps in reducing your total tax bill.
Loan Facility: You can avail a loan against the policy if required.
Who can avail LIC Jeevan Azad Policy
Minimum Sum Assured: Rs 2 lakh
Maximum Sum Assured: Rs 5 lakh
Policy Term: 15 to 20 years
Age Limit: 3 months to 50 years
LIC Jeevan Azad Policy can be a good option for you if you want long-term savings and protection. However, before making any investment you must do thorough research based on your financial needs and goals.