Jeevan Azad Policy: This scheme of LIC created a sensation in the country, more than 50000 policies were sold in 15 days.
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Policy Name : Jeevan Azad✓
Premium Period : The premium payment period is minus 8 years. (For example, if an investor opts for a policy term of 18 years, he has only 10 years (18-8)
The Jeevan Azad policy of the country’s largest government insurance company i.e. Life Insurance Corporation of India (LIC) has received a very good response. LIC has sold 50,000 Jeevan Azad policies in just 10-15 days of launch. LIC Chairman MR Kumar gave this information during a virtual press meet. Jeevan Azad policy is a non-participatory insurance plan. LIC launched it in January 2023. LIC runs schemes for people of all ages.
Crores of people of the country have invested in all the schemes of LIC.In Jeevan Azad Plan, the premium payment period is minus 8 years. For example, if an investor opts for a policy term of 18 years, he needs to pay the premium only for 10 years (18-8). The policy guarantees a lump sum payment on maturity. The minimum sum assured in this policy is Rs 2 lakh and the maximum sum assured is Rs 5 lakh. This policy can be taken for 15 to 20 years.
Suppose a 30-year-old takes a Jeevan Azad plan for 18 years. He deposited Rs 12,038 for 10 years for a sum assured of Rs 2 lakh. In case of death of the policy holder, the ‘Basic Sum Assured’ or 7 times the annual premium chosen at the time of taking the policy will be paid to the nominee. However, the condition for this is that the total premium paid till the date of death should not be less than 105%.
A person between 90 days to 50 years can invest in this scheme. A policyholder taking this plan of LIC can pay the premium on annual, half-yearly, quarterly and monthly basis. Policyholders get an assured return on maturity.
Chairman Mr. Kumar said that LIC is focusing on guaranteed schemes like non-participant insurance. Because they offer more margin to the policyholders. During the press meet, he said that LIC’s net profit has increased for the quarter ended December 31, 2022. LIC’s December quarter profit at Rs. A huge increase of 6,334 crores has been recorded. While in the previous year period it was Rs. 235 crores. LIC’s net premium income also increased in Q3FY23 to Rs. 1.1 lakh crore which in Q3FY22 was Rs. 97,620 crores.