LIC Jeevan Azad Plan 868
Limited Premium Savings Plan Offline Calculator
LIC Jeevan Azad Plan 868 Overview
LIC Jeevan Azad Plan 868 is a non-linked, non-participating, individual life insurance savings product. It offers an excellent combination of protection and savings with a very short Premium Paying Term (PPT = Policy Term minus 8 years) and is restricted to a maximum Sum Assured of ₹5 Lakh. Since it is non-participating, it does not accrue bonuses.
Eligibility & Rules
- Entry Age: 90 Days to 50 Years
- Policy Term: 15 to 20 Years
- Premium Paying Term: Policy Term minus 8 Years
- Minimum Sum Assured: ₹2,00,000
- Maximum Sum Assured: ₹5,00,000
Key Plan Benefits
- Death Benefit: Higher of Basic Sum Assured or 7 times annualized premium (minimum 105% of total premiums).
- Maturity Benefit: Basic Sum Assured payable on survival till the end of the policy term.
- Short PPT: Premium paying term is 8 years less than the policy term (e.g., pay for 10 yrs for an 18 yr policy).
Detailed Maturity Benefit
Basic Sum Assured. This is a guaranteed payout on survival to the end of the policy term.
Standard Policy Features
- Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
| Parameter | Value |
|---|---|
| Sum Assured | ₹3,00,000 |
| Policy Term / PPT | 18 Years / 10 Years |
| Yearly Premium (Approx) | ₹18,000 |
| Total Paid Premium (10 Yrs) | ₹1,84,455 |
| Guaranteed Maturity | ₹3,00,000 |
Calculating…