LIC unveils Jeevan Azad limited premium payment plan
The Hindu
HYDERABAD
Life Insurance Corporation of India (LIC) has introduced Jeevan Azad, a non-participating, individual, savings life insurance plan.
A limited premium payment endowment plan, it is a combination of protection and savings. Besides financial support for the family in the event of death of life assured during the policy term, the plan takes care of liquidity needs through loan facility. It also provides guaranteed lumpsum amount to the surviving life assured on maturity.
In a release, LIC said the plan also provides option to receive death/maturity benefits in instalments subject to certain conditions. Three optional riders will be available under the plan on payment of additional premium. The minimum basic sum assured is ₹2 lakh and the maximum is ₹5 lakh. The minimum age at entry is 90 days completed and maximum at entry is 50 years. The policy can be taken for term of 15-20 years with premium paying term calculated policy term minus 8 years.
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Insurance penetration and density are often misunderstood and do not reveal how many families are insured or whether they would be financially secure if the main earning member were to die. The real issue is not reach but adequacy, as households may have life insurance but not enough cover to replace lost income, leaving them financially vulnerable.
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