This policy of LIC is superhit, guarantees security and savings, two types of taxes will also be saved

New Delhi: LIC Jeevan Azad Plan was launched in the year 2023, but its demand is still high. This is one of the popular plans of LIC. Jeevan Azad policy provides protection and savings benefits to its customers. It includes tax benefits as well as death benefits. If you are thinking of investing in LIC, then definitely know about this scheme once.

Premium up to Minus 8 (-8) years
LIC's Jeevan Azad plan is a non-participating, individual savings endowment plan. In this, the maturity and death claim received by the investor is pre-determined. In this, the premium has to be paid for a period of minus 8 years, that is, the premium has to be paid for 8 years less than the number of years for which you have taken the policy. Suppose you take this plan for 15 years, then after deducting 8 years from 15, you will get 7 years, that is, you will have to pay premium for 7 years and if you buy the policy for 20 years, then you will have to pay premium for 12 years. For premium payment, you are given the option of monthly, quarterly, half-yearly and yearly.

Who can avail the benefit
This policy guarantees lump sum payment on maturity. The minimum sum insured is Rs 2 lakh and the maximum sum insured is Rs 5 lakh. This special plan of LIC can be purchased for a period of 15 to 20 years. The age limit varies according to the period. 18, 19 and 20 year plans can be purchased even for a three month old child and the maximum age limit for this is 50 years. Whereas the 17 year plan can be purchased by people from 1 year to 50 years, the 16 year plan can be purchased by people from 2 years to 50 years and the 15 year plan can be purchased by people from 3 years to 50 years.

Death benefit and two types of tax benefits
The death benefit is paid over and above the basic sum assured or up to 7 times the annual premium. This is a minimum of 105% of the total premiums payable till the date of death. Apart from this, tax benefits are also given in the plan. The premium paid is exempted from income tax under section 80C. Apart from this, the amount received on maturity is tax free under 10 (10D). There is also a facility to surrender the policy and take a loan on it after paying the premium of the policy for two years.