| Year | Age | Premium (₹) | Cum. Premium | Death Benefit | Surr. Value | Maturity | Status |
|---|
LIC’s Jeevan Azad (Plan No. 768) is a non-participating, non-linked, limited premium-paying, individual, life assurance savings plan from the Life Insurance Corporation of India. The word “Azad” (meaning “free”) perfectly captures the plan’s headline feature: you pay premiums for a shorter period and enjoy the last 8 years of your policy completely premium-free.
Using the LIC Jeevan Azad Plan 768 Calculator above, you can compute your exact annual premium, guaranteed maturity benefit, year-by-year surrender values, and the effective IRR (Internal Rate of Return) instantly — no need to download the Lic jeevan azad plan calculator PDF separately.
Being a non-participating (non-par) plan, Jeevan Azad 768 carries zero bonus or market risk. Every figure — premium, maturity benefit, surrender value — is 100% guaranteed from Day 1. At maturity, you receive your entire Basic Sum Assured (BSA) as a lump sum. This is a pure endowment plan: what you insure for is exactly what you receive back.
- Plan type: Non-participating, non-linked, limited pay, individual life assurance savings endowment plan
- Policy terms available: 15, 16, 17, 18, 19, 20 years
- Premium Payment Term (PPT): Always = Policy Term − 8 (7 to 12 years respectively)
- Entry age: 0 to 50 years (last birthday)
- Maturity age: 18 to 70 years (65 years for POSP-LI / CPSC-SPV channel)
- Basic Sum Assured: ₹2,00,000 to ₹5,00,000 in multiples of ₹25,000
- Maturity benefit: 100% of Basic Sum Assured — guaranteed lump sum (pure endowment)
- Settlement option: Maturity can be taken as annual instalments over 5, 10, or 15 years at 5.07% p.a. effective
- Loan facility: Available after policy acquires surrender value (typically Year 2 onwards)
- Tax benefits: Premium under Sec. 80C; Maturity under Sec. 10(10D)
| Parameter | Minimum | Maximum | Notes |
|---|---|---|---|
| Entry Age | 0 years (30 days) | 50 years | Last birthday basis |
| Maturity Age | 18 years | 70 years (65 for POSP) | Entry age + Policy term |
| Policy Term | 15 years | 20 years | All integers 15–20 |
| PPT (Premium Payment Term) | 7 years (Term 15) | 12 years (Term 20) | Always = Term − 8 |
| Basic Sum Assured (BSA) | ₹2,00,000 | ₹5,00,000 | In multiples of ₹25,000 |
| Risk commencement | Immediately (age ≥ 8 yrs) | — | If age < 8 yrs: whichever is earlier — 2 years from commencement or anniversary on/after 8th birthday |
| Premium modes | Yearly, Half-Yearly, Quarterly, Monthly (NACH) | Yearly & half-yearly carry mode rebate | |
| Purchase channels | Offline (Agent/Branch), Online (LIC Portal), POSP-LI / CPSC-SPV | Online channel gives additional rebate | |
The LIC Jeevan Azad premium and maturity calculator derives the annual premium from LIC’s published tabular rate tables, then applies all applicable rebates. Here is the exact formula used:
Gross Tabular = Rate(Age, Term) × (BSA / ₹1,00,000)
Net Tabular = Gross Tabular × (1 − Online Rebate%)
Annual Premium = Net Tabular × (1 − Mode Rebate%) − SA Rebate Amount
Amount Payable = Annual Premium + GST (4.5% Year 1 / 2.25% Year 2+)
| Rebate Type | Rate | Condition |
|---|---|---|
| Yearly Mode | 2% of Tabular | Annual premium payment |
| Half-Yearly Mode | 1% of Tabular | Semi-annual payment |
| Quarterly / Monthly | Nil | No mode rebate |
| SA Rebate — BSA ₹3L–₹3.75L | ₹0.50 per ₹1,000 BSA | Flat amount per ₹1k BSA |
| SA Rebate — BSA ₹4L–₹4.75L | ₹1.50 per ₹1,000 BSA | Flat amount per ₹1k BSA |
| SA Rebate — BSA ₹5L | ₹2.00 per ₹1,000 BSA | Maximum SA rebate |
| Online Rebate — PPT 7–9 | 7.5% of Net Tabular | Direct online at lic.india.in |
| Online Rebate — PPT 10–12 | 10% of Net Tabular | Direct online at lic.india.in |
| POSP channel | No additional rebate | Same as offline rate; max maturity age 65 |
- Tabular rate ≈ ₹9,971 per ₹1L BSA → Gross Total = ₹49,855
- Mode rebate (2%): −₹997 → ₹48,858
- SA rebate (₹2 × 500): −₹1,000 → Annual Premium ≈ ₹47,858
- Year 1 outgo incl. GST (4.5%): ₹50,031
- Year 2+ outgo incl. GST (2.25%): ₹48,935
- PPT = 12 years, Premium-free years = Years 13–20 (8 years)
- Maturity at Year 20: ₹5,00,000 (100% BSA — guaranteed)
LIC Jeevan Azad is a pure endowment plan. Unlike plans with Guaranteed Additions (such as LIC Bima Jyoti 760) or bonus-dependent plans, Jeevan Azad 768 keeps things simple: Maturity Benefit = Basic Sum Assured. No extra additions, no bonus — your BSA in full, 100% guaranteed.
The BSA range of ₹2,00,000 to ₹5,00,000 positions this as an accessible savings plan — ideal for salaried individuals, first-time insurance buyers, or parents planning for a child’s goal (education, marriage) over a 15–20 year horizon.
| Milestone | Policy Year | Cum. Premium (₹5L BSA) | Death Benefit | Maturity |
|---|---|---|---|---|
| Start paying | 1 | ₹47,858 | ₹5,00,000 | — |
| Mid-pay | 6 | ₹2,87,148 | ₹5,00,000 | — |
| End of PPT | 12 | ₹5,74,296 | ₹5,00,000 | — |
| First free year | 13 | ₹5,74,296 | ₹5,00,000 | — |
| Last free year | 19 | ₹5,74,296 | ₹5,00,000 | — |
| Maturity | 20 | ₹5,74,296 | — | ₹5,00,000 |
* Age 30, BSA ₹5,00,000, Term 20, PPT 12, Yearly mode, Offline. Premiums indicative. Use the LIC Jeevan Azad Plan 768 Calculator above for your exact figures.
🎉 Maturity Benefit
On survival to the end of the policy term, the policyholder receives:
Optionally, the maturity proceeds can be taken as structured annual instalments over 5, 10, or 15 years at 5.07% p.a. effective interest (Settlement Option). Total payout under any instalment option exceeds the BSA due to interest credited on the outstanding balance.
🟢 Death Benefit (After Risk Commencement)
On death of the life assured after risk commencement:
SA on Death is also subject to a minimum of 105% of total premiums paid to date. For most standard BSA/premium combinations, the BSA itself will be the controlling figure since 7×AP at this BSA range typically falls below BSA.
⏳ Pre-Risk Period (Entry Age < 8 Years)
If the life assured is under 8 years at entry, risk commences at whichever is earlier: (a) 2 years from policy commencement, or (b) the policy anniversary on or after the 8th birthday. If death occurs before risk commencement, only premiums paid (without interest) are refunded. After risk commencement, the full SA on Death applies.
🔄 Surrender Value
The policy acquires a surrender value after payment of at least 2 full years’ premiums. The Surrender Value Payable = max(Guaranteed Surrender Value, Special Surrender Value).
- GSV = GSV Factor (%) × Cumulative Premiums Paid (Plan 768 has no GA component in GSV)
- GSV factors: 0% in Year 1, 30% in Year 2, 35% in Year 3, 50% in Years 4–7, then rising gradually to 90% in Years 19–20
- No surrender value if policy lapses before 2 full years’ premiums are paid
- SSV (Special Surrender Value) is typically higher in later policy years
| Entry Age | Term 15 (PPT 7) | Term 17 (PPT 9) | Term 18 (PPT 10) | Term 20 (PPT 12) | Maturity |
|---|---|---|---|---|---|
| Age 10 | ₹17,640 | ₹13,220 | ₹11,868 | ₹9,604 | ₹2,00,000 (100% BSA) |
| Age 20 | ₹17,748 | ₹13,318 | ₹11,966 | ₹9,692 | |
| Age 30 | ₹17,807 | ₹13,377 | ₹12,034 | ₹9,771 | |
| Age 40 | ₹18,110 | ₹13,710 | ₹12,387 | ₹10,153 | |
| Age 50 | ₹19,149 | ₹14,778 | ₹13,485 | ₹11,299 |
* Premiums from official LIC Jeevan Azad illustrative rates. These are net annual premiums for yearly mode (inclusive of 2% mode rebate). Actual premiums may vary marginally. For BSA ₹3L–₹5L, SA rebate further reduces the premium. Use the LIC Jeevan Azad Plan 768 Calculator above for your exact figures.
| Policy Term | PPT | Annual Premium | Total Premium Paid | Maturity | Net Gain | Est. IRR |
|---|---|---|---|---|---|---|
| 15 Years | 7 Yrs | ₹43,718 | ₹3,06,026 | ₹5,00,000 | ₹1,93,974 | ~7.5% |
| 17 Years | 9 Yrs | ₹32,442 | ₹2,91,978 | ₹5,00,000 | ₹2,08,022 | ~7.0% |
| 18 Years | 10 Yrs | ₹29,085 | ₹2,90,850 | ₹5,00,000 | ₹2,09,150 | ~6.7% |
| 20 Years | 12 Yrs | ₹23,428 | ₹2,81,136 | ₹5,00,000 | ₹2,18,864 | ~6.3% |
* IRR estimates are post-GST, annuity-due basis and are indicative. Net Gain = Maturity − Total Premiums (excl. GST). Shorter terms have fewer premium payments and a higher IRR; longer terms have lower annual premiums and a larger net gain on absolute basis. Use the calculator above for exact figures.
Instead of receiving the maturity lump sum immediately, you can opt for the Settlement Option and receive annual instalments over 5, 10, or 15 years. LIC credits 5.07% per annum effective interest on the outstanding maturity amount, so your total payout exceeds the BSA.
Annual Instalment = BSA × i / (1 − (1+i)−n)
where i = 5.07%, n = 5, 10, or 15 years
| Settlement Period | Annual Instalment (BSA ₹2L) | Annual Instalment (BSA ₹5L) | Total Payout (₹5L BSA) | Interest Earned |
|---|---|---|---|---|
| Lump Sum | ₹2,00,000 | ₹5,00,000 | ₹5,00,000 | Nil |
| 5 Years | ₹46,580 | ₹1,16,450 | ₹5,82,250 | ₹82,250 |
| 10 Years | ₹25,960 | ₹64,900 | ₹6,49,000 | ₹1,49,000 |
| 15 Years | ₹19,374 | ₹48,435 | ₹7,26,525 | ₹2,26,525 |
* Settlement instalments are indicative. Exact figures depend on the interest rate applicable at settlement date as declared by LIC. The 5.07% p.a. effective rate is indicative as per current LIC declaration.
Note: Plan 768 does not offer the New Term Assurance Rider (NTAR). Rider premiums are in addition to the base plan premium and attract applicable GST.
- Want guaranteed, zero-risk returns with no bonus uncertainty
- Prefer to pay premiums for a shorter period (7–12 years only)
- Are planning for a fixed future goal (child’s education, retirement corpus)
- Have a moderate savings budget (BSA ₹2L–₹5L)
- Want the option to receive maturity as a structured income
- Are in the 30%+ tax bracket (tax-free maturity under Sec. 10(10D))
- Want a policy for a child or young adult (entry age starts at 0)
- Need a large sum assured (BSA capped at ₹5,00,000)
- Seek high returns (equity mutual funds offer better potential)
- Need regular survival benefits during the policy term
- May need early exit (GSV is low in initial years)
- Are above 50 years at entry (not eligible)
- Already have adequate guaranteed savings instruments (PPF, FDs)
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Mohibul Islam is an LIC agent with 7+ years of experience. He also works in web development and blogging. He creates simple tools on LIC Plan Calculator to help people understand LIC plans, calculate benefits, and make better financial decisions easily.