LIC’s investment schemes and insurance policies are one of the most reliable ones in India. LIC Jeevan Azad Plan was introduced last year, and it offers both savings and life security benefits. Investors can choose to commit to this scheme for 15 to 20 years. Let’s learn more about it.

LIC launched Jeevan Azad Plan in January 2023. Over time, this scheme has gained significant interest. If you’re looking for reliable and risk-free insurance policies, keep on reading. 

LIC Jeevan Azad Plan

LIC Jeevan Azad Plan is an individual, non-linked, non-participating policy. It requires investment for a period of 15 to 20 years. The minimum sum assured is Rs 2 lakh, while the maximum sum assured is set at Rs 5 lakh. Policyholders receive a lump sum payment at maturity. 

Eligibility

According to the LIC website, investors aged 3 months and above are eligible to invest in LIC Jeevan Azad Plan. Parents and guardians can invest on behalf of juveniles. The policy also offers the benefits of risk cover. At the time of maturity, the policyholder must be of a minimum of 18 years with a maximum age of 70 years. 

LIC premiums

LIC offers four payment options for premium deposits under the Jeevan Azad Plan: monthly (minimum instalment of Rs 5000), quarterly (minimum instalment of Rs 15,000), and half-yearly (minimum instalment of Rs 25,000), and annual (minimum instalment of Rs 50,000).