LIC Jeevan Azad Plan 868 Calculator
Calculate estimated premium, total payment and maturity benefit
Plan Type: Non-Linked, Non-Participating, Individual Savings Plan
Plan Number: 868
Basic Sum Assured: ₹2 Lakh to ₹5 Lakh
Premium Payment Term: Policy Term minus 8 years
Estimated Plan Summary
| Policy Year | Premium Payable | Total Premium Paid | Death Benefit | Maturity Benefit |
|---|
LIC Jeevan Azad Plan 868 was a limited-premium savings and life insurance plan from Life Insurance Corporation of India. It provided life cover during the policy term and a guaranteed lump-sum benefit on maturity, subject to the policy remaining in force.
LIC launched Plan 868 on 19 January 2023 and withdrew it from new sales on 1 January 2025. Its UIN is 512N348V01. It is no longer available for purchase, but existing policyholders can use the LIC Jeevan Azad Plan 868 Calculator to understand their premium schedule, maturity benefit, death cover, paid-up value and surrender eligibility.
The calculator gives an estimate based on the details entered. The policy bond, premium receipt, LIC benefit illustration and official servicing quotation remain the final references for an existing policy.
Table of Contents
What Is LIC Jeevan Azad Plan 868?
LIC Jeevan Azad Plan 868 was a non-linked, non-participating, individual savings life insurance plan. Non-linked means its benefits were not directly connected with share-market or mutual-fund performance. Non-participating means the policy was not eligible for LIC’s annual bonuses.
The plan followed a limited-premium structure. Premiums were payable for a period shorter than the complete policy term. Life cover continued for the entire policy term as long as the policy remained in force.
For example, an 18-year policy had a Premium Paying Term of 10 years. After completing those 10 years of premium payments, no regular base premium was due for the remaining eight years. The life assured remained covered until maturity according to the policy conditions.
On survival to maturity, LIC paid the Basic Sum Assured. If the life assured died during the policy term after commencement of risk, LIC paid the applicable Sum Assured on Death.
What Is the LIC Jeevan Azad Plan 868 Calculator?
The calculator helps existing policyholders understand the main financial figures under Plan 868. It can estimate the premium based on age, Basic Sum Assured, policy term, premium mode and original sales channel. It also calculates the Premium Paying Term, maturity benefit and death benefit according to the main policy formulas.
It can be useful for checking how many premium-paying years remain, comparing the total base premium with the maturity amount and understanding what may happen if future premiums are stopped. Where surrender factors are included, the calculator may also show an indicative Guaranteed Surrender Value.
The result is not an official LIC quotation. Actual premium can differ because of underwriting, medical requirements, extra premium, riders, mode of payment, sales-channel rebate and rounding rules.
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LIC Jeevan Azad Plan 868 at a Glance
| Feature | Plan 868 Rule |
|---|---|
| Plan number and UIN | 868; 512N348V01 |
| Launch and withdrawal | 19 January 2023; 1 January 2025 |
| Plan type | Non-linked, non-participating, individual savings life insurance plan |
| Entry age | 90 days completed to 50 years, subject to LIC’s age basis |
| Maturity age | Minimum 18 years completed; maximum 70 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 in multiples of ₹25,000 |
| Premium modes | Yearly, half-yearly, quarterly, monthly through NACH, or salary deduction |
| Maturity benefit | Basic Sum Assured under an in-force policy |
| Paid-up and surrender eligibility | After at least two full years’ premiums |
| Revival period | Five consecutive years from the first unpaid premium |
For policies purchased through POSP-LI or CPSC-SPV, separate restrictions applied. The maximum maturity age under those channels was 65 years, and riders were not available.
How to Use the LIC Jeevan Azad Plan 868 Calculator
Enter the age of the life assured when the policy began. If the policy was issued on the life of a child, use the age recorded on the policy bond. Next, select the Basic Sum Assured between ₹2 lakh and ₹5 lakh in permitted steps of ₹25,000.
Choose the original policy term from 15 to 20 years. The calculator will automatically determine the Premium Paying Term by subtracting eight years. For example, a 15-year policy requires premiums for seven years, while a 20-year policy requires premiums for 12 years.
Select the premium-payment mode and sales channel. The sales channel matters because LIC offered a separate rebate for eligible proposals completed directly online without help from an agent or intermediary. If the calculator does not have a sales-channel field, its result should clearly state whether it assumes an offline or online policy.
Click Calculate Premium & Benefits to view the estimated base premium, Premium Paying Term, maturity benefit and death cover. If the calculator includes paid-up or surrender estimates, enter the completed premium-paying period and the current policy year.
For the closest result, compare the calculator’s premium with the amount printed on the policy bond. The policy-bond figure should be used when there is any difference.
Formulas Used in the Calculator
Premium Paying Term
Premium Paying Term = Policy Term − 8 yearsAn 18-year policy therefore has a Premium Paying Term of 10 years.
Maturity Benefit
Maturity Benefit = Basic Sum AssuredThis benefit is payable when the life assured survives to maturity and the policy remains in force. Plan 868 did not receive Simple Reversionary Bonus or Final Additional Bonus because it was non-participating.
Death Benefit
For death after commencement of risk and before maturity under an in-force policy:
Sum Assured on Death = Higher of:
1. Basic Sum Assured
2. Seven times Annualised PremiumThe death benefit cannot be less than 105% of total premiums paid up to the date of death. Annualised Premium and Total Premiums Paid exclude the items specified in the policy, such as taxes, rider premiums and applicable extra premium.
Paid-Up Benefit
After at least two full years’ premiums have been paid, a policy under which later premiums are stopped can continue with reduced paid-up benefits.
Paid-Up Ratio = Completed Premium-Paying Period
÷ Original Premium Paying TermMaturity Paid-Up Sum Assured =
Original Maturity Benefit × Paid-Up RatioDeath Paid-Up Sum Assured =
Original Sum Assured on Death × Paid-Up RatioWhen instalments are used instead of completed years, the numerator and denominator must follow the same premium-payment mode.
LIC Jeevan Azad Plan 868 Calculation Example
Consider an offline Plan 868 policy for a person aged 30 years. Assume the Basic Sum Assured is ₹2,00,000, the policy term is 18 years and the premium mode is yearly.
The Premium Paying Term is:
18 years − 8 years = 10 yearsLIC’s official brochure provides a sample annual premium of ₹12,083 for these details. This sample premium is exclusive of the tax applicable at the time of payment.
The illustrative total base premium is:
₹12,083 × 10 years = ₹1,20,830This calculation does not add a fixed GST rate. Tax rules changed after the policy was launched, so the amount shown in the actual renewal notice or premium receipt should be used. Rider premium, medical loading and other policy-specific charges are also excluded from this simple example.
Maturity Calculation
The maturity benefit equals the selected Basic Sum Assured:
Maturity Benefit = ₹2,00,000After paying the required premiums for 10 years and keeping the policy in force until the end of 18 years, the life assured receives ₹2 lakh on maturity. No bonus is added.
Death-Benefit Calculation
The official formula compares the Basic Sum Assured with seven times the Annualised Premium:
Basic Sum Assured = ₹2,00,000
7 × ₹12,083 = ₹84,581The higher amount is ₹2,00,000. Therefore, the Sum Assured on Death in this illustration is ₹2 lakh, subject to the 105% minimum-benefit condition and other policy terms.
The result should not be described simply as “death benefit equals Basic Sum Assured.” The calculator must perform the official higher-of comparison even where the Basic Sum Assured produces the final result.
Premium Rebates Under Plan 868
LIC’s brochure provided a 2% rebate on tabular premium for yearly mode and 1% for half-yearly mode. Quarterly, monthly NACH and salary-deduction modes did not receive a mode rebate.
The high-sum-assured rebate was nil up to ₹2,75,000. It was ₹0.50 per ₹1,000 for a Basic Sum Assured from ₹3,00,000 to ₹3,75,000, ₹1.50 per ₹1,000 from ₹4,00,000 to ₹4,75,000 and ₹2 per ₹1,000 for ₹5,00,000.
Eligible proposals completed through LIC’s online sales channel without an agent or intermediary received a separate rebate on tabular premium. The rate was 7.5% for a Premium Paying Term of 7 to 9 years and 10% for a Premium Paying Term of 10 to 12 years.
These rebates are relevant when rebuilding the original premium. For an existing policy, the premium stated on the policy bond is more reliable than a general rate-based calculation.
Rules for a Child Life Assured
Plan 868 allowed entry from 90 days completed. If the child was below eight years at entry, risk did not always begin immediately.
The risk commenced on the earlier of two dates: two years from the date of policy commencement, or the policy anniversary coinciding with or immediately following completion of eight years of age. If the child died before commencement of risk, LIC generally refunded the eligible premiums paid, excluding taxes, extra premium and rider premiums, without interest.
The policy automatically vested in the life assured on the policy anniversary coinciding with or immediately following completion of 18 years of age.
Paid-Up and Surrender Value
If fewer than two full years’ premiums had been paid and a later premium was not paid, policy benefits ceased after the grace period as provided in the contract. After at least two full years’ premiums had been paid, the policy could continue as paid-up with reduced death and maturity benefits.
The policy could also be surrendered after at least two full years’ premiums. LIC paid the higher of Guaranteed Surrender Value and Special Surrender Value.
Guaranteed Surrender Value =
Eligible Total Premiums Paid × Applicable GSV FactorThe factor depends on the policy term and policy year of surrender. Eligible premiums exclude taxes, rider premiums and extra premium. Because LIC may pay a higher Special Surrender Value, a calculator’s Guaranteed Surrender Value should not be presented as the final surrender quotation.
For example, the brochure’s illustration for age 30, ₹2 lakh Basic Sum Assured and an 18-year term shows an illustrative minimum Guaranteed Surrender Value of approximately ₹7,250 in policy year two, ₹30,208 in year five and ₹71,290 in year ten. These figures apply only to that example and should not be used for every Plan 868 policy.
Loan, Revival and Grace Period
A policy loan became available after the policy acquired surrender value. The permitted loan amount depended on the surrender value and LIC’s conditions. Any outstanding loan and interest could be recovered from maturity, surrender or death proceeds according to the policy document.
A lapsed policy could be considered for revival within five consecutive years from the first unpaid premium. Revival required payment of arrears with applicable interest, evidence of continued insurability and LIC’s approval. LIC could accept revival at original or modified terms or decline it.
The grace period was 30 days for yearly, half-yearly and quarterly premiums and 15 days for monthly premiums. During the grace period, the policy remained in force according to its terms.
Riders and Instalment Options
Plan 868 offered Accidental Death and Disability Benefit Rider, Accident Benefit Rider and Premium Waiver Benefit Rider, subject to eligibility and additional premium. Only one of the two accident riders could be selected. No rider was available for policies purchased through POSP-LI or CPSC-SPV.
The maturity benefit or death benefit could be received in instalments over five years instead of entirely as a lump sum, subject to LIC’s conditions and minimum instalment requirements. This option did not provide a choice of 10 or 15 years under Plan 868.
Important Calculator Limitations
An online calculator cannot independently confirm medical underwriting, extra premium, actual sales channel, riders, policy assignment, loan balance, revival history, current tax rule or LIC’s Special Surrender Value. It should therefore be used for understanding and estimation, not as a final claim or surrender statement.
For an existing policy, always check the policy bond, premium receipt, renewal notice and official LIC servicing quotation before making a financial decision.
Frequently Asked Questions
Is LIC Jeevan Azad Plan 868 still available for purchase?
No. LIC withdrew Plan 868 from new sales on 1 January 2025. Existing policies continue according to their policy terms and current status.
What is the maturity benefit under Plan 868?
The maturity benefit is equal to the Basic Sum Assured when the life assured survives to maturity and the policy remains in force.
Does Plan 868 receive LIC bonuses?
No. It is a non-participating plan, so no Simple Reversionary Bonus or Final Additional Bonus is added.
How is the death benefit calculated?
It is the higher of the Basic Sum Assured and seven times the Annualised Premium, subject to the condition that it cannot be less than 105% of total premiums paid up to death.
When does the policy acquire paid-up and surrender value?
After at least two full years’ premiums have been paid, subject to the policy conditions.
Is a loan available under Plan 868?
Yes. A loan can be considered after the policy acquires surrender value. The available amount and interest rate must be confirmed with LIC.
Final Words
Jeevan Azad Plan 868 provided limited premium payments, life cover and a guaranteed maturity amount without market-linked returns or bonus uncertainty. Its simple maturity formula makes it easy to understand, but the death benefit, child-risk rules, paid-up value and surrender value require the correct policy conditions.
The Jeevan Azad Plan 868 Calculator helps explain these figures in one place. Its result should be treated as an estimate and checked against the policy bond, premium receipts and LIC’s official records.