LIC’s Jeevan Azad is an Individual Savings and Life Insurance plan. It offers protection and savings with a Limited Premium Payment Endowment feature. This plan provides financial support to the family in case of the life assured’s unfortunate death during the policy term, offers liquidity through a loan facility, and guarantees a lump sum at maturity. You can purchase this plan both offline and online through various channels.


Death Benefit

The death benefit, if the life assured passes away during the policy term after the commencement of risk but before maturity, will be the higher of the ‘Basic Sum Assured’ or ‘7 times the Annualized Premium.’ It will not be less than 105% of the “Total Premiums Paid,” which is the total of all premiums received, excluding extra premiums, rider premiums, and taxes. In the case of a minor life assured, if death occurs before the risk commencement, a premium refund (excluding taxes, extra premium, and rider premiums) will be provided.

Maturity Benefit

If the Life Assured survives until the specified Date of Maturity, the “Sum Assured on Maturity,” which is equivalent to the “Basic Sum Assured,” will be paid.

Eligibility Conditions

Minimum Age at Entry 90 days (completed)
Maximum Age at Entry
  • 50 years (nearer birthday)
  • 65 years (nearer birthday) minus Policy
  • Term in case of policies procured through POSP-LI/CPSC-SPV
  • Minimum Age at Maturity 18 years (completed)
    Maximum Age at Maturity
  • 70 years (nearer birthday)
  • 65 years (nearer birthday) in case of policies procured through POSP-LI/ CPSC-SPV
  • Policy Term 15 to 20 years
    Premium Paying Term Policy Term minus 8 years
    Minimum Basic Sum Assured per life* Rs. 2,00,000/-
    Maximum Basic Sum Assured per life* Rs. 5,00,000/-
    (Basic Sum Assured shall be in multiples of Rs 25,000/-)

    Payment Options Available

    Mode of Instalment payment Minimum instalment amount
    Monthly Rs 5,000/-
    Quarterly Rs 15,000/-
    Half-Yearly Rs 25,000/-
    Yearly Rs 50,000/-


    i. If the Life Assured, whether sane or insane, commits suicide within 12 months from the risk commencement date, the nominee or beneficiary is entitled to 80% of the total premiums paid, excluding taxes, extra premiums, and rider premiums, if the policy is active. This clause doesn’t apply if the Life Assured’s age at entry is below 8 years.
    ii. If the Life Assured commits suicide within 12 months from policy revival, the beneficiary receives an amount higher of 80% of the total premiums paid until the date of death (excluding taxes, extra premium, and rider premiums), or the surrender value as of the date of death. No other claims are entertained.

    If the Life Assured is below 8 years of age at revival.
    For policies lapsed without acquiring paid-up value, in which case no benefits are payable.

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