LIC Jeevan Azad Plan 768 Calculator
Protection & Savings Plan with Limited Premium Payment
Life Insurance Corporation of India (LIC) introduced the Jeevan Azad Plan 768 as a non-linked, non-participating endowment insurance plan which combines protection and savings in a limited premium payment term policy. This plan is ideal for anyone looking for financial security for their family along with guaranteed returns at the end of the policy term.
What is LIC Jeevan Azad Plan 768?
LIC Jeevan Azad 768 is a traditional endowment plan that requires you to pay premiums for a limited number of years, even though the total policy term can be longer. The main highlight of this plan is that the premium paying term (PPT) is always 8 years less than the policy term. For example, if the policy term is 20 years, you only pay premiums for 12 years, and the policy continues for the remaining 8 years with no additional premiums.
This plan offers a guaranteed sum assured on survival till maturity as well as a death benefit in case of an unfortunate event during the policy term. Moreover, it has tax benefits, riders for additional protection, and flexible payment options.
Key Features of LIC Jeevan Azad Plan 768
- Plan Type: Non-linked, non-participating endowment plan.
- Entry Age: Minimum 90 days; maximum 50 years.
- Policy Term: 15 to 20 years.
- Premium Paying Term: Policy term minus 8 years.
- Basic Sum Assured: ₹2,00,000 to ₹5,00,000 (multiples of ₹25,000).
- Death Benefit: Higher of the basic sum assured or 7 times the annualized premium, but at least 105% of total premiums paid up to death.
- Maturity Benefit: Basic Sum Assured on survival till maturity.
- Tax Benefits: Premium paid is eligible for deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D) of the Income Tax Act.
Benefits of LIC Jeevan Azad Plan 768
The LIC Jeevan Azad Plan 768 offers multiple benefits that make it a strong choice for financial planning:
- Protection for Family: In case of the policyholder’s death during the policy term, the nominee receives a lump sum, which is the higher of the sum assured or seven times the annual premium paid.
- Guaranteed Savings: The policyholder receives the sum assured on maturity, providing a lump sum savings after the policy term.
- Limited Premium Payment Term: A shorter premium paying term decreases the financial burden while still continuing the policy benefits.
- Loan Facility: The policyholder can avail loans against the policy after certain years.
- Policy Revival and Grace Periods: Allows flexibility in premium payment with a grace period of 30 days for yearly, half-yearly, or quarterly payments and 15 days for monthly. Policies can be revived within 5 years of lapse.
- Additional Riders: Offers riders such as the Accidental Death & Disability Benefit Rider and the Premium Waiver Rider, enhancing policy benefits on paying extra premiums.
- Tax Benefits: Premiums paid qualify for deductions under Section 80C, and maturity or death proceeds are tax-exempt under Section 10(10D).
Understanding LIC Jeevan Azad Plan 768 Premiums
The premium calculation depends on factors like the policy term, sum assured, age of the insured, and premium-paying mode (yearly, half-yearly, quarterly, or monthly). The LIC Jeevan Azad Calculator tool provides an accurate estimate based on these inputs.
Example Premium Rates (For ₹2,00,000 Basic Sum Assured):
| Age (Years) | Policy Term | Annual Premium (₹) |
|---|---|---|
| 30 | 15 years | Approx. 17,846 |
| 40 | 20 years | Approx. 10,231 |
| 50 | 15 years | Approx. 19,208 |
(Note: These are illustrative figures; actual premiums may vary based on underwriting and GST components.)
The calculator also includes GST (first-year 4.5%, subsequent years 2.25%) and any applicable rebates in the premium calculations.
How to Use the LIC Jeevan Azad Plan 768 Calculator?
The LIC Jeevan Azad Calculator is a handy tool, usually available on LIC’s official website or insurance portals like PolicyBazaar. Here’s how to use it:
- Enter Your Age: Provide your nearer birthday age; minimum 30 days, maximum 50 years.
- Choose the Policy Term: Select between 15 to 20 years.
- Select the Sum Assured: Enter your desired basic sum assured (₹2 Lakh to ₹5 Lakh in multiples of 25k).
- Premium Mode: Choose the mode of payment (Yearly, Half-Yearly, Quarterly, or Monthly).
- Calculate Premium: The tool instantly shows the estimated premium, including GST and rebates.
- View Benefits: Some calculators also display the expected maturity amount and death benefits based on your entries.
This tool helps users to quickly assess affordability and benefits without visiting the LIC office in person.
Important Terms Explained
- Sum Assured on Death: The amount paid to the nominee in case the policyholder dies during the policy term. It’s the maximum of the basic sum assured, or 7 times the annual premium, or 105% of premiums paid till death.
- Maturity Benefit: Lump sum paid at the end of the policy term if the insured survives.
- Premium Paying Term: Period during which premiums must be paid; in this plan, it’s policy term minus 8 years.
- Grace Period: Time extended after the premium due date during which you can pay the premium without losing coverage.
- Paid-Up Value: Reduced benefits if premiums are paid for at least 2 years but not subsequently.
- Riders: Optional add-ons for enhanced protection.
Why Choose LIC Jeevan Azad Plan 768?
- Limited Premium Payment: Pay premiums only for a shorter duration while enjoying full benefits until maturity.
- Guaranteed Returns: Fixed sum assured on maturity, making it a safe savings plan.
- Financial Security: Death benefit ensures your family’s protection in your absence.
- Flexible Payment Options: Multiple premium payment modes for convenience.
- Tax Saving: Under Indian Income Tax laws, premiums paid are deductible and benefits are exempt.
Tips for Using LIC Jeevan Azad Calculator Effectively
- Always input accurate age and desired sum assured.
- Compare premiums for different policy terms to find what suits your budget.
- Consider your financial goals—whether you want more security or savings.
- Use the calculator multiple times with different inputs to understand all scenarios—maturity amounts, premiums, and death benefits.
- Combine this with knowledge of riders to calculate the total premium and enhanced benefits.
Common FAQs About LIC Jeevan Azad Plan 768 Calculator
What is LIC Jeevan Azad Plan 768?
It is a limited premium paying endowment plan from LIC that provides life cover and savings benefits for a fixed policy term.
Who is eligible to buy this plan?
Any individual aged between 90 days and 50 years can purchase this policy.
What is the policy term range?
The policy term ranges from 15 to 20 years.
How is the premium paying term determined?
The premium paying term is always 8 years less than the total policy term.
What benefits do I get on maturity?
You receive the basic sum assured as a lump sum if you survive the policy term.
What happens if the policyholder dies during the term?
The nominee receives the higher of sum assured, 7 times the annual premium, or 105% of total premiums paid.
Can premiums be paid monthly?
Yes, LIC offers monthly, quarterly, half-yearly, and yearly premium payment options.
Is there any tax benefit under this plan?
Yes, premiums paid are eligible for deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D).
Conclusion
LIC Jeevan Azad Plan 768 is a thoughtfully designed limited premium endowment plan combining life cover and savings with guaranteed maturity benefits. The LIC Jeevan Azad Calculator is your best companion to calculate the right premium, understand your benefits, and make an informed decision that suits your budget and financial goals.
Using the calculator, you can conveniently plan your future, secure your loved ones, and enjoy the safety net of a reputed insurer like LIC, while benefiting from tax savings and guaranteed returns.