LIC's Jeevan Azad is a non-linked, non-participating, individual, savings life insurance plan. This is a Limited Premium Endowment plan under which the Premium Payment Term (PPT) is equal to Policy Term minus 8 years.

The total Basic Sum Assured under all policies offered to an individual under this plan cannot exceed more than Rs 5,000,000. This plan will be provided only for regular healthy lives without any medical examination up to a limit of Rs 3 Lakh and a maximum of Rs 5 Lakh based on medical examination report. Date of issuance of policy is a date when a proposal after underwriting is accepted as a policy and the contract gets effected.

If the Life Assured's age at entrance is less than 8 years, the risk under this plan will begin either 2 years from the date of policy commencement or 2 years from the policy anniversary coinciding with or immediately following the achievement of 8 years of age, whichever is earlier. Risk will begin immediately for people aged 8 and up from the date of policy issuance.

On the life assured surviving to the date of maturity, "Sum Assured on Maturity" which is equal to Basic Sum Assured shall be payable.

Death Benefit payable on death of the Life Assured during the policy term after the date of commencement of risk but before the stipulated date of maturity shall be "Sum Assured on Death"; Where The "Sum Assured on Death" is defined as higher of Basic Sum Assured or 7 times of Annualized Premium. This death benefit shall not be less than 105% of "Total Premiums Paid" upto the date of death. Where, Total Premiums Paid means the total of all premiums received, excluding any extra premium, any rider premium(s) and taxes, if any. In case LIC's Premium Waiver Benefit Rider is opted for, in the event of death of Proposer, any subsequent Premiums which are waived shall be deemed to have been received and be included in the Total Premiums Paid.

However, on death of the minor Life Assured (whose age at entry is below 8 years) before the commencement of Risk (as specified in 'features' tab), the death benefit payable shall be refund of premium(s) paid [excluding taxes, any extra premium and rider premium(s), if any], without interest.

According to the LIC Jeevan Azaad, "If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of the risk, the Corporation will not entertain any claim except for 80% of the total premiums paid, provided the policy is in-force. If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of revival, an amount which is higher of 80% of the total premiums paid till the date of death or the surrender value as available on the date of death shall be payable."

In case it is found that any untrue or incorrect statement is contained in the proposal, personal statement, declaration and connected documents or any material information is withheld, then and in every such case the policy shall be void and all claims to any benefit by virtue thereof shall be subject to the provisions of Section 45 of the Insurance Act, 1938 as amended from time to time.

Any proposal even if inadvertently submitted beyond the permissible limits of ? 5 Lakhs basic sum-assured shall be deemed null and void.