LIC's Jeevan Azad
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LIC's Jeevan Azad (Plan No. 868, UIN: 512N348V01) was a non-linked, non-participating individual savings life insurance plan offered by the Life Insurance Corporation of India (LIC).
🔑 Key Features
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Plan Type: Non-linked, non-participating individual savings life insurance plan
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Policy Term: 15 to 20 years
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Premium Paying Term: Policy Term minus 8 years
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Entry Age:
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Minimum: 90 days (completed)
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Maximum: 50 years (last birthday)
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Maturity Age:
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Minimum: 18 years (completed)
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Maximum: 70 years (last birthday)
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Basic Sum Assured:
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Minimum: ₹2,00,000
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Maximum: ₹5,00,000
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Premium Payment Modes: Yearly, Half-yearly, Quarterly, Monthly (via NACH), or Salary Deduction
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Grace Period:
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30 days for yearly/half-yearly/quarterly premiums
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15 days for monthly premiums
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Free Look Period:
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15 days for offline purchases
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30 days for online purchases
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Loan Facility: Available after 2 full years of premium payment
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Surrender Value: Available after 2 full years of premium payment; higher of Special Surrender Value or Guaranteed Surrender Value is payable
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Tax Benefits:
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Under Section 80C of the Income Tax Act for premiums paid
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Under Section 10(10D) for benefits received
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