LIC unveils new savings insurance policy

Hyderabad: Insurance major Life Insurance Corporation of India has introduced 'LIC's Jeevan Azad', a new savings insurance plan.

This is a non-participating, individual, savings life insurance plan which offers an attractive combination of protection and savings.This is a limited premium payment endowment plan which provides financial support for the family incase of unfortunate death of the life assured during the policy term and also takes care of liquidityneeds through loan facility. It also provides guaranteed lumpsum amount to the surviving life assured onthe date of maturity.

Death benefit payable on death of the life assured during the policy term and after the date ofcommencement 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 per cent of 'total premiums paid' up to the date of death.On life assured surviving the stipulated date of maturity, sum assured on maturity which is equal to basic sum assured shall be payable.

The plan also provides an option to receive death/maturity benefitsin instalments subject to certain conditions. Three optional riders shall be available under this plan bypayment of additional premium.The minimum basic sum assured per life is Rs2,00,000, and maximum basic sum assured per life isRs5,00,000. The policy can be taken for term of 15 to 20 years with premium paying term calculatedpolicy term minus 8 years. The minimum age at entry is 90 days completed and maximum age at entryis 50 years (nearer birthday).Premiums can be paid regularly at yearly, half yearly, quarterly or monthly intervals(monthly premiumsthrough NACH only). This plan is available for purchased through Offline as well as online.