LIC Jeevan Azad Plan-864: Planning for a secure future often means finding the perfect balance between protection and savings. LIC Jeevan Azad is a non-linked, non-participating savings plan that combines guaranteed life insurance with assured maturity benefits.
This plan is ideal for those looking to secure their loved ones’ financial stability while building a reliable corpus for future needs. Whether it’s to plan for your child’s education or ensure financial security for your family, LIC Jeevan Azad is designed to meet diverse life goals.
What is LIC Jeevan Azad Plan-864?
LIC Jeevan Azad Plan-864 is a traditional life insurance plan offering dual benefits of financial protection and savings. It provides a guaranteed sum assured upon maturity, along with a life cover that safeguards your family in your absence. What sets this plan apart is its simplicity and assured returns, making it a great choice for risk-averse individuals seeking predictable outcomes.
With flexibility in premium payment terms and policy duration, LIC Jeevan Azad allows you to tailor the plan to align with your financial goals.
Key Features of LIC Jeevan Azad Plan-864
- Dual Benefit: Offers life cover and maturity benefits, ensuring financial stability for your family and savings for your future.
- Guaranteed Returns: The plan ensures a lump sum maturity benefit, providing a secure and predictable financial outcome.
- Flexible Premium Payment Terms: Choose between single premium or regular premiums based on your convenience.
- Death Benefit: Provides a lump sum payout to your family in case of your demise during the policy term.
- Policy Loan Option: You can avail a loan against the policy for financial emergencies once specific conditions are met.
- Simplicity: It’s a straightforward, easy-to-understand plan with no market-linked risks.
Why Choose LIC Jeevan Azad Plan-864?
- Guaranteed Maturity Benefit: You can rest assured knowing exactly how much you’ll receive at maturity.
- Financial Protection: Offers peace of mind with a life cover that ensures your family is financially stable, even in your absence.
- Loan Facility: Provides liquidity options to meet urgent financial needs.
- Affordable Premiums: Get comprehensive coverage and guaranteed savings without straining your budget.
- No Market Risks: Ideal for individuals who prefer secure returns without exposure to market volatility.
Eligibility Criteria for LIC Jeevan Azad Plan-864
| Feature | Details |
|---|---|
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 50 years |
| Policy Term | 10 to 20 years |
| Premium Payment Options | Single or Regular Premium |
| Minimum Sum Assured | ₹2 lakh |
| Maximum Sum Assured | No upper limit (subject to underwriting) |
Benefits of LIC Jeevan Azad Plan-864
- Maturity Benefit: Upon policy maturity, you receive the Basic Sum Assured, ensuring your savings are intact and secure.
- Death Benefit: In case of the policyholder’s demise, the nominee receives a lump sum payout, providing financial stability during difficult times.
- Flexible Policy Terms: Choose a term that aligns with your financial planning horizon.
- Policy Loan Option: After paying premiums for a specified period, you can take a loan against the policy for emergencies.
- Tax Benefits: Premiums paid and payouts received under the plan may qualify for tax exemptions under Sections 80C and 10(10D) of the Income Tax Act.
How to Apply for LIC Jeevan Azad Plan-864?
- Visit your nearest LIC branch or their official website.
- Fill out the application form, specifying your desired sum assured and policy term.
- Submit the required documents, including proof of identity, address, and age.
- Pay your premium based on your chosen payment option (single or regular).
- Once your application is approved, you’ll receive your policy document.
FAQs
1. What makes LIC Jeevan Azad different from other savings plans?
LIC Jeevan Azad offers guaranteed maturity and death benefits, making it a risk-free savings and protection option for individuals seeking predictable outcomes.
2. Can I take a loan against this policy?
Yes, you can avail a policy loan after meeting specific conditions, providing financial flexibility during emergencies.
3. Does LIC Jeevan Azad offer tax benefits?
Yes, premiums paid and benefits received under this plan may qualify for tax exemptions under Sections 80C and 10(10D) of the Income Tax Act.
4. What is the minimum and maximum sum assured?
The minimum sum assured is ₹2 lakh, while there’s no upper limit, subject to underwriting.
5. What happens if I miss a premium payment?
If you miss a premium payment, a grace period is provided to make the payment. If the policy lapses, you can reinstate it by paying the outstanding premiums along with interest.
Conclusion
LIC Jeevan Azad Plan-864 is an excellent choice for those looking for a straightforward savings and protection plan. With guaranteed benefits, flexible payment options, and life cover, it provides financial stability for your family and secures your future goals.
Whether you want to plan for your retirement, your child’s education, or simply ensure your family’s financial well-being, LIC Jeevan Azad is a reliable solution for building a worry-free tomorrow.
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