LIC Jeevan Azad Plan 768 Calculator
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What is LIC Jeevan Azad Plan 768?
Life Insurance Corporation of India LIC Jeevan Azad Plan 768 is a non-linked and non-participating endowment insurance policy that offers guaranteed financial benefits. Under this plan, the policyholder receives a lump sum payout either at the time of policy maturity or in the event of death during the policy tenure.
One of the key highlights of this plan is its limited premium payment feature, where premiums are paid for a shorter duration compared to the overall policy term.
The policy provides a combination of life cover and long-term savings, making it suitable for individuals looking for both financial protection and wealth accumulation.
It is designed for people who wish to build a secure savings amount for future needs while ensuring financial support for their family in unforeseen situations.
The plan offers a maximum basic sum assured of ₹5 lakh, making it a suitable choice for individuals seeking stable and secure financial planning with guaranteed returns.
Key Features of LIC Jeevan Azad Plan 768
Here are some of the major features that make Life Insurance Corporation of India LIC Jeevan Azad Plan 768 a preferred savings and protection plan:
- Limited Premium Payment Option: The premium payment duration is 8 years shorter than the selected policy term. For instance, if you choose a 20-year policy term, premiums need to be paid only for 12 years.
- Flexible Policy Duration: The plan allows you to select a policy tenure ranging from 15 years to 20 years according to your financial planning needs.
- Wide Eligibility Age Range: Individuals from as young as 90 days old up to 50 years of age can purchase this policy, making it accessible to many customers.
- Death Benefit Protection: If the insured person passes away during the policy period, the nominee receives the death benefit, which is the higher of the basic sum assured or 7 times the annualized premium, subject to a minimum of 105% of the total premiums paid.
- Guaranteed Maturity Benefit: On surviving the entire policy term, the policyholder receives the guaranteed basic sum assured as a maturity payout.
- Tax Saving Advantages: Premiums paid under the plan are eligible for tax deductions under Section 80C, while maturity proceeds may qualify for tax exemption under Section 10(10D) of the Income Tax Act.
- Loan Availability: Policyholders can avail of a loan facility against the policy after fulfilling eligibility conditions.
- Multiple Premium Payment Modes: Premiums can conveniently be paid on a yearly, half-yearly, quarterly, or monthly basis.
- Grace Period Benefit: The plan provides a grace period of 30 days for yearly, half-yearly, and quarterly premium payments, while monthly payments get a 15-day grace period.
- Policy Revival Facility: In case premiums are not paid on time, the policy can be reinstated within 5 years by clearing the pending premiums along with applicable interest.
These features make the plan a balanced combination of guaranteed savings, life insurance security, and disciplined financial planning.
How LIC Jeevan Azad Plan 768 Works?
Life Insurance Corporation of India LIC Jeevan Azad Plan 768 operates through a simple combination of savings and life insurance protection.
Under this plan, you first choose a policy term between 15 and 20 years. The premium payment duration is always 8 years shorter than the selected policy term. For example, if you opt for a 20-year policy, you will need to pay premiums only for 12 years.
The policyholder is required to pay regular premiums throughout the premium-paying period using the chosen payment mode.
If the insured person survives until the end of the policy tenure, the basic sum assured is paid as the maturity benefit, providing a guaranteed lump sum amount.
In case the policyholder passes away during the policy period, the nominee receives the death benefit. This amount is higher than the total premiums paid up to that point, ensuring enhanced financial security for the family.
Since this is a non-participating insurance plan, it does not include bonus additions. The returns remain fixed and guaranteed, as they are not linked to LIC’s profits or market fluctuations.
Because of its guaranteed benefits and life cover protection, LIC Jeevan Azad Plan 768 is considered a secure and stable long-term financial planning option.
What is the LIC Jeevan Azad Plan 768 Calculator?
The LIC Jeevan Azad Plan 768 Calculator is an online calculation tool designed to help users estimate policy premiums, maturity returns, and death benefits based on details such as age, policy term, sum assured, and premium payment mode.
With the help of this calculator, users can:
- Check the estimated premium amount payable on a yearly, half-yearly, quarterly, or monthly basis.
- Estimate the guaranteed maturity amount payable at the end of the policy term.
- Understand the death benefit that may be provided to the nominee in case of the policyholder’s demise during the policy tenure.
- Compare different policy options and make better financial decisions before buying the plan.
The calculator provides quick and reliable estimates using LIC premium calculations, helping customers plan their savings and insurance needs more effectively.
Life Insurance Corporation of India LIC Jeevan Azad Plan 768 Calculator is especially useful for individuals looking for a simple way to evaluate the plan’s benefits and affordability before investing.
How to Use LIC Jeevan Azad Plan 768 Calculator?
Using the LIC Jeevan Azad Plan 768 Calculator is simple and user-friendly. You can estimate your premium and policy benefits by following a few easy steps:
- Enter Your Age:
Input your current age based on your nearest birthday. - Choose the Policy Term:
Select the desired policy duration between 15 and 20 years. - Select the Sum Assured:
Enter the coverage amount you want under the policy. The available basic sum assured ranges from ₹2 lakh to ₹5 lakh. - Choose Premium Payment Mode:
Select your preferred premium payment frequency such as yearly, half-yearly, quarterly, or monthly. - View Premium and Benefits:
After entering all the required details, the calculator instantly displays the estimated premium amount along with the maturity benefit and death benefit values.
By providing these inputs, users can quickly understand the expected policy cost and guaranteed returns, making it easier to choose a suitable insurance plan based on their financial goals.
Life Insurance Corporation of India LIC Jeevan Azad Plan 768 Calculator helps simplify policy planning with fast and accurate benefit estimates.
Benefits of LIC Jeevan Azad Plan 768
Here are the key benefits of choosing Life Insurance Corporation of India LIC Jeevan Azad Plan 768:
1. Financial Security for Your Family
If the policyholder passes away during the policy tenure, the nominee receives a guaranteed death benefit that helps support the family financially. The death payout is calculated as at least 105% of the total premiums paid or 7 times the annualized premium, whichever is higher.
2. Assured Maturity Benefits
On successful completion of the policy term, the plan provides a guaranteed lump sum maturity amount. This can help fulfill long-term financial goals such as higher education, home purchase, marriage expenses, or retirement planning.
3. Limited Premium Payment Duration
The plan requires premium payments only for a shorter period, which is 8 years less than the total policy term. Even after premium payments end, the life cover and policy benefits continue until maturity.
4. Protection from Market Volatility
As a non-linked and non-participating insurance plan, the policy is not affected by stock market movements or bonus performance. This ensures stable and guaranteed returns throughout the policy term.
5. Tax Saving Benefits
Premiums paid under the policy are eligible for tax deductions under Section 80C of the Income Tax Act. Additionally, the maturity amount may qualify for tax exemption under Section 10(10D), subject to prevailing tax laws.
6. Flexible Premium Payment Modes
The plan offers multiple premium payment options including yearly, half-yearly, quarterly, and monthly modes, allowing policyholders to choose a payment schedule that suits their budget.
7. Loan Facility Option
Eligible policyholders can take a loan against the policy when required, offering additional financial flexibility during emergencies or urgent needs.
Because of its guaranteed returns, life insurance protection, and low-risk nature, LIC Jeevan Azad Plan 768 is considered a reliable savings-oriented insurance plan for long-term financial security.
Eligibility Criteria for LIC Jeevan Azad Plan 768
To purchase Life Insurance Corporation of India LIC Jeevan Azad Plan 768, applicants must meet the following eligibility conditions:
| Parameter | Eligibility Details |
|---|---|
| Minimum Entry Age | 90 days |
| Maximum Entry Age | 50 years |
| Minimum Maturity Age | 18 years |
| Maximum Maturity Age | 70 years |
| Policy Term | 15 to 20 years |
| Premium Paying Term | Policy term minus 8 years |
| Minimum Basic Sum Assured | ₹2 lakh |
| Maximum Basic Sum Assured | ₹5 lakh |
This plan is suitable for individuals looking for a combination of guaranteed savings and life insurance protection while maintaining disciplined long-term financial planning.
Additional Riders and Benefits
Life Insurance Corporation of India LIC Jeevan Azad Plan 768 also offers optional rider benefits that help enhance the policy’s protection and flexibility.
1. Accidental Death and Disability Rider
This rider provides additional financial support in case of accidents.
- Offers an extra lump sum payout in the event of accidental death.
- Provides monthly income installments for up to 10 years if the policyholder suffers accidental disability.
- Future premiums may be waived if the insured becomes permanently disabled due to an accident.
2. Premium Waiver Rider
Under this rider, if the policyholder dies during the policy term, all remaining future premiums are waived while the policy benefits continue as per the terms and conditions.
3. Instalment Option for Death Benefit
Instead of receiving the entire death benefit as a lump sum, nominees can opt to receive the payout in regular installments over a period of 5 years for better financial management.
These optional riders add extra security and financial convenience, allowing policyholders to customize coverage according to their personal protection needs.
Advantages of Using the LIC Jeevan Azad Plan 768 Calculator
The Life Insurance Corporation of India LIC Jeevan Azad Plan 768 Calculator offers several benefits that make policy planning easier and more convenient for users.
- Instant Calculations:
The calculator quickly provides estimated premium amounts, maturity benefits, and death benefits based on the details entered by the user. - Better Financial Planning:
By viewing estimated returns in advance, users can plan their savings and insurance goals more effectively. - Flexible Customization:
Users can try different policy terms, premium payment modes, and sum assured options to identify the most suitable plan combination. - Transparency in Investment:
The calculator helps users clearly understand the amount they need to invest and the guaranteed benefits they may receive, reducing confusion later. - Simple Plan Comparison:
It becomes easier to compare LIC Jeevan Azad Plan 768 with other insurance or savings plans using the calculated premium and benefit estimates.
Because of these advantages, the calculator serves as a valuable tool for individuals who want to make informed decisions before purchasing the policy.
Important Things to Remember
- Life Insurance Corporation of India LIC Jeevan Azad Plan 768 is ideal for individuals seeking guaranteed returns along with life insurance protection.
- The plan comes with a limited premium payment feature, allowing policyholders to pay premiums for fewer years than the overall policy duration.
- Since the policy is non-linked and non-participating, its returns are not affected by stock market fluctuations or bonus declarations, ensuring stable and predictable benefits.
- Using the LIC Jeevan Azad Plan 768 Calculator before purchasing the policy helps estimate premium amounts, maturity value, and death benefits in advance.
- Optional riders can improve overall coverage and financial protection, although they require payment of an additional premium.
- The policy also offers tax-saving advantages under applicable sections of the Income Tax Act, helping policyholders save taxes while building guaranteed savings.
- Before purchasing the policy, it is always advisable to carefully review the official policy brochure, terms, and conditions or consult an authorized LIC advisor for complete understanding.
Frequently Asked Questions (FAQ)
What is LIC Jeevan Azad Plan 768?
Life Insurance Corporation of India LIC Jeevan Azad Plan 768 is a non-linked and non-participating endowment insurance plan that provides both life insurance protection and guaranteed savings benefits.
Who is eligible to purchase this plan?
Individuals aged between 90 days and 50 years can buy this policy, making it suitable for a broad range of customers.
What is the premium payment duration?
The plan comes with a limited premium payment feature where premiums are payable for a period equal to the policy term minus 8 years. For example, if the chosen policy term is 20 years, premiums need to be paid only for 12 years.
What happens if the policyholder dies during the policy tenure?
In case of the policyholder’s death during the policy term, the nominee receives the death benefit, which is the higher of the basic sum assured or 7 times the annualized premium, subject to a minimum of 105% of the total premiums paid.
What maturity benefit does the plan offer?
If the insured person survives until the end of the policy term, the policy pays the basic sum assured as a guaranteed lump sum maturity amount.
Does the plan provide tax benefits?
Yes, premiums paid under the policy are eligible for tax deductions under Section 80C of the Income Tax Act, while the maturity proceeds may qualify for tax exemption under Section 10(10D), as per prevailing tax regulations.
Conclusion
Life Insurance Corporation of India LIC Jeevan Azad Plan 768 is a suitable option for individuals seeking a secure, affordable, and guaranteed savings-oriented life insurance policy with a limited premium payment period. The plan offers a balanced combination of financial protection and assured maturity benefits, along with flexible premium payment choices that cater to different financial needs.
With the help of the LIC Jeevan Azad Plan 768 Calculator, users can easily estimate premiums, maturity returns, and death benefits before investing in the policy. This allows better financial planning and helps ensure that the plan aligns with long-term goals and future security requirements.
Overall, the combination of guaranteed returns, life cover, and easy financial planning makes this plan a dependable choice for building financial stability and protecting your family’s future with confidence.
