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LIC launched Jeevan Azad plan

Published on January 22, 2023
Current Context: Jeevan Azad (Plan No. 868), a new non-linked, non-participating plan created for individual savings and life insurance, has been unveiled by the Life Insurance Corporation of India (LIC).
LIC launched Jeevan Azad plan
  • A limited-period payout endowment plan called LIC Jeevan Azad addresses liquidity needs through a loan facility and offers financial assistance to the family in the event of the premature death of the life assured during the policy term. The mix of savings and protection offered by the plan is appealing.
  • On the maturity date, the survivor will additionally get a guaranteed lump sum payment.
  • For the payment of an additional premium, it offers three optional riders under the plan: LIC's Accidental Death and Disability Benefit Rider, LIC's New Term Assurance Rider, and LIC's Premium Waiver Benefit Rider.
  • The minimum and highest basic sums assured are 2 lahks and 5 lahks respectively.
  • A medical examination is not required for an amount promised of up to Rs. 3 lahks, but is required for amounts assured of more than Rs. 3 lahks.
  • The premium-paying term is equal to the policy term minus 8 years, and the insurance can be purchased for a minimum of 15 years and a maximum of 20 years.
  • The admission age is 90 days completed for the minimum and 50 years for the maximum.
  • The "Sum Assured on Death," which is the greater of the "Basic Sum Assured" or seven times the annualized premium, will serve as the death benefit. A minimum of 105% of the "total premiums paid" up until the date of death must be included in the death benefit.

Question:

Q.1 Who launched Jeevan Azad's plan recently?
a. RBI
b. LIC
c. SBI
d. Axis Bank
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