LIC Jeevan Azad Plan 768 Calculator
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CALCULATION DETAILS
MATURITY BENEFIT (ON SURVIVAL) - Guaranteed
DEATH BENEFIT FOR NOMINEE - Guaranteed
Year-wise Policy Details (Illustrative)
| End of Year | Age | Cumulative Premium (₹) | Death Benefit (₹) | Maturity Benefit (₹) |
|---|
The LIC Jeevan Azad Plan 768 Calculator helps existing policyholders estimate historical premiums, understand the premium-paying term, and check the guaranteed maturity and indicative death benefits. This LIC Jeevan Azad premium and maturity calculator is intended for educational illustrations based on the selected entry age, Basic Sum Assured, policy term and premium mode.
LIC Jeevan Azad Plan 768 was a limited-premium, non-linked and non-participating individual savings life insurance plan.
Important product status: LIC Jeevan Azad Plan 768, UIN 512N348V02, has been withdrawn and is not available for a new purchase. This page is an independent educational guide for existing policies and historical illustrations. Calculator results are estimates, not an LIC quotation or claim decision.
Table of Contents
What Is the LIC Jeevan Azad Plan 768 Calculator?
The LIC Jeevan Azad Plan 768 Calculator is an informational tool that explains how the plan’s principal benefits work. Based on the selected entry age, Basic Sum Assured, policy term and premium mode, it may show:
- the corresponding premium-paying term;
- an estimated historical premium;
- the guaranteed maturity benefit;
- an indicative death benefit;
- applicable premium rebates; and
- basic information about paid-up, surrender and loan provisions.
The calculator cannot reproduce every policy-specific value. Medical or occupational extra premiums, riders, applicable taxes, policy alterations, lapse history and LIC’s surrender-value factors can change the actual result.
Calculator Highlights
- Connects each policy term with the correct limited premium-paying term.
- Shows the maturity benefit separately from the total scheduled premiums.
- Explains the death-benefit formula instead of displaying an unexplained amount.
- Identifies special commencement-of-risk rules for policies issued on a child’s life.
- Presents historical sample premiums and rebates in structured tables.
- Helps existing policyholders review important policy conditions in one place.
Other Related Calculator:
- LIC Insurance Plan Calculators
- LIC Jeevan Lakshya Plan 733 Calculator
- LIC Jeevan Anand Calculator
- LIC Endowment Plan Calculators
Quick Overview of LIC Jeevan Azad Plan 768
| Particular | Details |
|---|---|
| Plan name | LIC Jeevan Azad |
| Plan number | 768 |
| UIN | 512N348V02 |
| Product type | Non-linked, non-participating individual savings plan |
| Premium structure | Limited premium payment |
| Policy term | 15 to 20 years |
| Basic Sum Assured | ₹2,00,000 to ₹5,00,000 |
| Current status | Withdrawn; unavailable for new purchase |
| Calculator purpose | Existing-policy and historical illustration |
Plan 768 should not be confused with the earlier Jeevan Azad Plan 868, which carried UIN 512N348V01.
Eligibility and Policy Limits
| Requirement | Limit |
| Minimum entry age | 30 days completed |
| Maximum entry age | 50 years |
| Minimum maturity age | 18 years |
| Maximum maturity age | 70 years |
| Policy term | 15 to 20 years |
| Minimum Basic Sum Assured | ₹2,00,000 |
| Maximum Basic Sum Assured | ₹5,00,000 |
| Sum Assured multiples | ₹25,000 |
Eligibility does not by itself confirm policy issuance. The issued policy schedule and applicable underwriting decision remain authoritative.
Policy Term and Premium-Paying Term
The premium-paying term is the policy term minus eight years. It is not selected independently.
| Policy term | Premium-paying term |
| 15 years | 7 years |
| 16 years | 8 years |
| 17 years | 9 years |
| 18 years | 10 years |
| 19 years | 11 years |
| 20 years | 12 years |
For example, an 18-year policy requires premiums for 10 years, while insurance coverage continues for the full policy term, subject to the policy remaining in force.
How to Use the Calculator
- Enter the age at policy commencement.
- Select a policy term from 15 to 20 years.
- Enter the Basic Sum Assured between ₹2,00,000 and ₹5,00,000 in multiples of ₹25,000.
- Select the premium-payment mode.
- Check the automatically determined premium-paying term.
- Select Calculate to view the estimated premium and benefits.
The result should be treated as an educational estimate. For an existing policy, the policy schedule provides the most reliable premium and benefit details.
Understanding the Calculator Results
The premium result is a historical estimate before applicable taxes and additional charges. The maturity result generally equals the selected Basic Sum Assured when all required premiums have been paid and the policy remains eligible for maturity benefits. The death-benefit result is an indicative calculation based on the applicable policy formula and should not be treated as a claim quotation.
How the LIC Jeevan Azad Premium and Maturity Calculator Works
The calculator applies the selected policy term, Basic Sum Assured and relevant plan rules. A premium estimate is reliable only when it is based on the complete rate table applicable to Plan 768, UIN 512N348V02.
The limited sample premiums published below are useful for matching the stated ages and terms. They should not be extrapolated to unsupported combinations and presented as official LIC premiums.
The calculator may not include:
- applicable taxes;
- rider premiums;
- medical or occupational extra premiums;
- altered policy terms or endorsements;
- policy-specific surrender factors;
- outstanding policy loans and interest; or
- values affected by lapse, revival or paid-up status.
Jeevan Azad Plan 768 Maturity Benefit
If the life assured survives to the maturity date and all required premiums have been paid, the Sum Assured on Maturity is equal to the Basic Sum Assured.
| Basic Sum Assured | Maturity benefit |
| ₹2,00,000 | ₹2,00,000 |
| ₹3,00,000 | ₹3,00,000 |
| ₹5,00,000 | ₹5,00,000 |
Jeevan Azad is a non-participating plan. The maturity calculation does not include a reversionary bonus or final additional bonus.
Death Benefit
Death after commencement of risk
For an in-force policy, the Sum Assured on Death is the higher of:
- the Basic Sum Assured; or
- seven times the annualised premium.
The death benefit is also subject to the contractual minimum of 105% of total premiums paid up to the date of death.
For this calculation, “annualised premium” and “total premiums paid” must be interpreted exactly as defined in the applicable policy document. Applicable taxes, rider premiums and certain extra premiums are not automatically part of these measures.
Death before commencement of risk
For entry below eight years of age, risk commences either:
- two years from the date of commencement of the policy; or
- on the policy anniversary coinciding with or immediately following the eighth birthday,
whichever occurs earlier.
The benefit payable for death before commencement of risk must be determined from the issued policy document. It should not be estimated using the standard post-risk death-benefit formula.
Premium-Payment Modes and Mode Rebates
Premiums were permitted yearly, half-yearly, quarterly or monthly through NACH.
| Premium mode | Historical mode rebate |
| Yearly | 2% of tabular premium |
| Half-yearly | 1% of tabular premium |
| Quarterly | Nil |
| Monthly through NACH | Nil |
These percentages relate to the historical product terms. They do not indicate that a new proposal can currently be submitted.
High Basic Sum Assured Rebate
| Basic Sum Assured | Rebate per ₹1,000 of Basic Sum Assured |
| Up to ₹2,75,000 | Nil |
| ₹3,00,000 to ₹3,75,000 | ₹0.50 |
| ₹4,00,000 to ₹4,75,000 | ₹1.50 |
| ₹5,00,000 | ₹2.00 |
The exact premium shown in an existing policy schedule takes precedence over a reconstructed calculation.
Historical Sample Annual Premiums
The following historical examples are for a Basic Sum Assured of ₹2,00,000 and standard lives. The term in brackets is the premium-paying term. Figures exclude applicable taxes.
| Entry age | 15 (7) | 16 (8) | 17 (9) | 18 (10) | 19 (11) | 20 (12) |
| 10 | ₹17,640 | ₹15,141 | ₹13,220 | ₹11,868 | ₹10,623 | ₹9,604 |
| 20 | ₹17,748 | ₹15,239 | ₹13,318 | ₹11,966 | ₹10,711 | ₹9,692 |
| 30 | ₹17,807 | ₹15,298 | ₹13,377 | ₹12,034 | ₹10,790 | ₹9,771 |
| 40 | ₹18,110 | ₹15,621 | ₹13,710 | ₹12,387 | ₹11,162 | ₹10,153 |
| 50 | ₹19,149 | ₹16,670 | ₹14,778 | ₹13,485 | ₹12,279 | ₹11,299 |
These figures are historical illustrations, not current sale quotations. A calculator should not interpolate premiums for other ages unless the complete official V02 rate table is available.
Paid-Up Policy
If premiums are discontinued after at least one full year’s premium has been paid, the policy may continue with reduced paid-up benefits, subject to the policy terms.
The resulting maturity and death benefits will generally be lower than the original benefits. A calculator should display a paid-up value only when it implements the exact formula applicable to UIN 512N348V02 and knows the number of premiums actually paid.
If the required minimum premium has not been paid, benefits may cease after expiry of the grace period, subject to the policy’s provisions.
Surrender Value
The policy may acquire a surrender value after the required premium conditions are met. The original plan terms distinguish between:
- Guaranteed Surrender Value; and
- Special Surrender Value.
The payable surrender amount depends on policy duration, premiums paid, policy status and the factors applicable at the time of surrender. It cannot be calculated accurately from the Basic Sum Assured alone. LIC’s policy-specific quotation should be used before making any surrender decision.
Policy Loan
A loan may be available within the surrender value after the policy has acquired the required value. The original plan information states the following maximum limits:
| Policy status | Before two full years’ premiums | After two full years’ premiums |
| In-force policy | 50% of surrender value | 80% of surrender value |
| Paid-up policy | 40% of surrender value | 70% of surrender value |
The actual amount may be reduced by outstanding loan principal, interest or other policy-specific conditions.
Grace Period and Revival
The stated grace periods are:
- 30 days for yearly, half-yearly and quarterly premiums;
- 15 days for monthly premiums.
A lapsed policy may be eligible for revival within the period and on the conditions stated in the applicable policy document. Revival can require payment of arrears with interest and evidence of continued insurability.
Benefit Settlement in Instalments
The original plan terms allowed eligible maturity or death benefits to be received in instalments over:
- 5 years;
- 10 years; or
- 15 years.
Monthly, quarterly, half-yearly and yearly instalment modes may be available, subject to minimum instalment requirements and the option validly exercised under the policy.
Calculation Example of LIC Jeevan Azad Plan 768 Calculator
Consider a historical illustration with these details:
| Input | Selected value |
| Entry age | 30 years |
| Basic Sum Assured | ₹2,00,000 |
| Policy term | 18 years |
| Premium-paying term | 10 years |
| Premium mode | Yearly |
| Sample annual premium before applicable tax | ₹12,034 |
Based on the historical sample rate:
- Scheduled base premiums: ₹12,034 × 10 = ₹1,20,340
- Maturity benefit: ₹2,00,000, provided the life assured survives to maturity and the policy conditions are satisfied
- Seven times annualised premium: ₹12,034 × 7 = ₹84,238
- Indicative Sum Assured on Death: higher of ₹2,00,000 and ₹84,238, therefore ₹2,00,000, also subject to the 105% premium safeguard and all policy conditions
This example excludes applicable taxes, riders, extra premiums, policy alterations and any effect of lapse, paid-up conversion, surrender or loan. It is not an official quotation or claim calculation.
Frequently Asked Questions
Is LIC Jeevan Azad Plan 768 still available?
No. Plan 768, UIN 512N348V02, is listed by LIC as a withdrawn plan and is not available for new purchase.
What is the maturity benefit?
For an in-force policy with all required premiums paid, the Sum Assured on Maturity is equal to the Basic Sum Assured.
Does Jeevan Azad earn bonuses?
No. It is a non-participating plan, so the maturity benefit does not include bonuses.
How is the death benefit estimated?
After commencement of risk, the Sum Assured on Death is the higher of the Basic Sum Assured or seven times the annualised premium, subject to the contractual minimum based on 105% of total premiums paid.
What happens when premiums are stopped?
The outcome depends on how many premiums have been paid. After the qualifying minimum, the policy may continue with reduced paid-up benefits. Otherwise, benefits may cease after the grace period, subject to policy conditions.
Can the calculator provide an exact surrender value?
Not from basic inputs alone. An exact surrender value requires policy duration, payment history, status and the applicable LIC surrender-value factors.
Are the calculator results official?
No. Results are educational estimates. The issued policy schedule, official policy document and LIC’s policy-specific communication determine actual premiums and benefits.
How is the LIC Jeevan Azad Plan 768 premium calculated?
The historical premium depends on the entry age, Basic Sum Assured, policy term, corresponding premium-paying term and payment mode. Applicable taxes, rider premiums and underwriting-related extra premiums may increase the amount shown in the issued policy schedule.
Can the LIC Jeevan Azad premium and maturity calculator show an exact premium?
It can provide an exact historical estimate only when the applicable official premium rate is available for the selected age and policy term. When the complete rate table is unavailable, the calculator should limit its output to supported sample combinations and clearly label the result as an illustration. The issued policy schedule remains the authoritative source.
Official Source
Disclaimer
This independent page is provided only for general education about an existing or historical LIC Jeevan Azad Plan 768 policy. It is not affiliated with, endorsed by or operated by the Life Insurance Corporation of India. It does not sell insurance, accept proposals, provide personalised financial advice or determine claim eligibility. Policy benefits are governed by the issued policy schedule, policy document, applicable endorsements and LIC’s assessment. All calculator outputs should be verified with official policy records.