Launch Date: 19 January 2023 | Withdrawn Date: 01 January 2025
• Policy Term: 15 to 20 Years
• Premium Paying Term = Policy Term − 8 Years
• Minimum Sum Assured: ₹2,00,000
• Maximum Sum Assured: ₹5,00,000
• Yearly Mode Rebate: 2%
• Half-Yearly Mode Rebate: 1%
• Online Sale Rebate: 7.5% to 10%
• Guaranteed Maturity Benefit = Basic Sum Assured
• Death Benefit = Higher of Basic Sum Assured OR 7× Annual Premium
• GST assumed: 4.5% first year and 2.25% renewal years as per brochure illustration.
• High Sum Assured rebates and online rebates included.
• Death Benefit = Higher of Basic Sum Assured OR 7× Annualized Premium, minimum 105% of total premiums paid.
Key Features of LIC Jeevan Azad Plan 868
What Are the Main Features of LIC Jeevan Azad Plan 868?
- Entry age available from 90 days to 50 years
- Maturity age ranges between 18 years and 70 years
- Limited premium payment structure where premium paying term equals policy term minus 8 years
- Surrender facility available after payment of at least 2 full years’ premiums
- Loan facility available after completion of 2 policy years
- Tax benefits available under Section 80C and Section 10(10D) of the Income Tax Act
- Premiums up to ₹1.5 lakh may qualify for tax deduction under Section 80C
- Policy benefits may remain tax-free under Section 10(10D) subject to applicable tax rules
- Medical examination generally not required for sum assured up to ₹3 lakh
What is LIC Jeevan Azad Plan 868?
LIC Jeevan Azad Plan 868 is a non-linked, non-participating, limited premium endowment life insurance policy offered by the Life Insurance Corporation of India. Since it is a non-linked plan, the policy benefits are not affected by stock market performance, and policyholders do not participate in LIC’s profit-sharing bonuses.
The plan was designed to provide a guaranteed lump-sum maturity amount along with financial protection for the family in case of the policyholder’s unfortunate death during the policy term.
LIC Jeevan Azad Plan 868 combines savings and insurance benefits, making it suitable for individuals seeking fixed returns, straightforward policy structure, and long-term financial security.
Launch Date and Withdrawal Date of LIC Jeevan Azad Plan 868
When Was LIC Jeevan Azad Plan 868 Launched?
LIC Jeevan Azad Plan 868 was officially launched on January 19, 2023.
When Was LIC Jeevan Azad Plan 868 Withdrawn?
The plan was withdrawn from new sales on January 1, 2025. Although it is no longer available for fresh purchase, existing policyholders continue to receive benefits according to the original policy terms and conditions.
Key Features of LIC Jeevan Azad Plan 868
What Are the Main Features of LIC Jeevan Azad Plan 868?
- Guaranteed lump-sum maturity benefit
- Limited premium payment structure where premiums are payable for policy term minus 8 years
- Minimum sum assured of ₹2,00,000
- Maximum sum assured of ₹5,00,000
- Entry age starts from 90 days for children
- Maximum entry age up to 50 years
- Policy term available between 15 years and 20 years
- Fixed returns without stock market risk
- Death benefit payable as higher of:
- Sum assured, or
- 7 times the annual premium
- Minimum death benefit equal to 105% of total premiums paid
Eligibility Criteria for LIC Jeevan Azad Plan 868
What Are the Eligibility Conditions for LIC Jeevan Azad Plan 868?
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry Age | 90 days completed | 50 years nearer birthday |
| Entry Age (POSP-LI/CPSC-SPV Channel) | 90 days | 65 years minus policy term |
| Maturity Age | 18 years completed | 70 years nearer birthday |
| Maturity Age (POSP-LI/CPSC-SPV Channel) | 18 years | 65 years nearer birthday |
| Policy Term | 15 years | 20 years |
| Premium Paying Term | Policy term minus 8 years | Policy term minus 8 years |
| Basic Sum Assured | ₹2,00,000 | ₹5,00,000 |
| Sum Assured Multiples | ₹10,000 multiples | — |
Who Should Consider LIC Jeevan Azad Plan 868?
Who Is LIC Jeevan Azad Plan 868 Suitable For?
- Individuals seeking guaranteed returns without market risk
- People looking for basic life insurance protection with savings benefits
- Families wanting to build a modest guaranteed corpus with affordable premiums
- Parents planning insurance coverage for children from an early age
- Conservative investors preferring fixed and predictable maturity benefits
How Does LIC Jeevan Azad Plan 868 Premium Calculator Work?
The LIC Jeevan Azad Plan 868 Calculator helps estimate premium amounts according to selected policy details.
What Factors Affect Premium Calculation?
The calculator generally uses:
- Age of the policyholder
- Selected policy term between 15 and 20 years
- Chosen sum assured amount between ₹2 lakh and ₹5 lakh
- Premium payment term
- Applicable GST rates
- Modal rebates and sum assured rebates
The premium calculator is based on official LIC premium tables and usually considers GST rates applicable on premiums, including 4.5% for first-year premiums and 2.25% for renewal premiums in applicable cases.
Important Terms and Policy Details of LIC Jeevan Azad Plan 868
Premium Payment Term (PPT)
The premium paying term under LIC Jeevan Azad Plan 868 is equal to the policy term minus 8 years. For example, if the selected policy term is 20 years, premiums are payable only for 12 years.
Sum Assured
The sum assured refers to the guaranteed lump sum amount payable either at policy maturity or to the nominee in case of the policyholder’s death during the policy term.
Entry Age
The policy allowed entry from 90 days completed up to 50 years of age.
Policy Surrender Facility
The policy could be surrendered after payment of at least two full years’ premiums.
Loan Facility
Loan facility became available after payment of a minimum of two years’ premiums according to applicable LIC terms and conditions.
Paid-up Value
If premium payments were discontinued after payment of two full years’ premiums, the policy did not lapse immediately and instead acquired a paid-up value.
Free-look Period
Policyholders received a free-look period of up to 30 days to review policy terms and cancel the policy if unsatisfied, subject to applicable deductions by LIC.
Step-by-Step Guide to Using LIC Jeevan Azad Plan 868 Calculator
Step 1 – Enter Personal Details
Provide:
- Age nearest birthday
- Desired policy term between 15 years and 20 years
- Preferred sum assured amount between ₹2 lakh and ₹5 lakh
Step 2 – Determine Premium Payment Term
Subtract 8 years from the selected policy term.
Example:
- Policy term: 20 years
- Premium paying term: 12 years
Step 3 – Fill Details in Calculator
Most online premium calculators request:
- Age
- Sum assured
- Policy term
Step 4 – Review Premium Estimates
The calculator displays estimated premiums for:
- Yearly mode
- Half-yearly mode
- Quarterly mode
- Monthly mode
Applicable GST generally includes:
- 4.5% for first-year premiums
- 2.25% for renewal premiums
Step 5 – Compare Available Benefits and Rebates
The calculator may also display:
- Modal rebates
- High sum assured rebates
- Online purchase discounts
Example Calculation of LIC Jeevan Azad Plan 868
Suppose a 30-year-old individual selects:
- Sum assured: ₹2,00,000
- Policy term: 20 years
Estimated Details
- Premium paying term: 12 years
- Approximate annual premium: ₹9,849 excluding GST
- Maturity benefit: ₹2,00,000 at the end of 20 years
Maturity and Death Benefits Explained
Maturity Benefit
If the policyholder survives until the end of the policy term, the Basic Sum Assured selected at inception is paid as maturity benefit. The plan did not provide bonuses or profit participation benefits.
Death Benefit
If the insured person dies during the policy term, the nominee receives the higher of:
- Basic Sum Assured, or
- 7 times the annualized premium
However, the death benefit cannot be less than 105% of the total premiums paid until death.
For child policies where the insured is below 8 years, if death occurs before commencement of risk, only the premiums paid are refunded without interest.
Sample Premium Calculation Table
Annual Premium Illustration for ₹2,00,000 Sum Assured
| Age | Approximate Yearly Premium |
|---|---|
| 20 years | ₹9,771 |
| 30 years | ₹9,849 |
| 40 years | ₹10,231 |
| 50 years | ₹11,358 |
GST charges are extra. Premiums may vary according to policy term and applicable LIC rules.
Tax Benefits Under LIC Jeevan Azad Plan 868
What Tax Benefits Were Available?
- Premiums paid qualified for tax deduction under Section 80C up to ₹1.5 lakh annually
- Maturity and death benefits remained tax-free under Section 10(10D) subject to prevailing tax rules
Rebates, Loan Facility, and Surrender Benefits
Modal Rebates
| Payment Mode | Rebate |
|---|---|
| Yearly | 2% |
| Half-yearly | 1% |
| Quarterly | Nil |
| Monthly | Nil |
High Sum Assured Rebates
| Basic Sum Assured | Rebate per ₹1,000 BSA |
|---|---|
| ₹3 lakh to ₹3.75 lakh | 0.50 |
| ₹4 lakh to ₹4.75 lakh | 1.50 |
| ₹5 lakh | 2.00 |
Online Purchase Rebates
| Premium Paying Term | Rebate |
|---|---|
| 7 years to 9 years | 7.5% |
| 10 years to 12 years | 10% |
Loan Facility Details
- Up to 90% of surrender value available as loan for active policies
- Up to 80% loan available for paid-up policies
Surrender Option
The policy could be surrendered after payment of at least two full years’ premiums. On surrender, LIC paid the higher of guaranteed surrender value or special surrender value according to policy conditions.
Frequently Asked Questions (FAQ)
What is LIC Jeevan Azad Plan 868?
LIC Jeevan Azad Plan 868 is a limited premium endowment life insurance policy offered by the Life Insurance Corporation of India that provides life insurance protection along with a guaranteed lump-sum maturity benefit.
What Are the Entry Age Limits for LIC Jeevan Azad Plan 868?
Individuals from 90 days completed up to 50 years of age were eligible to purchase this policy.
What Is the Minimum and Maximum Sum Assured Under LIC Jeevan Azad Plan 868?
The available sum assured range under the policy was between ₹2 lakh and ₹5 lakh.
What Were the Available Policy Terms and Premium Payment Terms?
The policy term available under LIC Jeevan Azad Plan 868 ranged from 15 years to 20 years. The premium paying term was always 8 years shorter than the selected policy term.
For example:
- 15-year policy term = 7-year premium payment term
- 20-year policy term = 12-year premium payment term
What Maturity Benefits Were Provided Under LIC Jeevan Azad Plan 868?
If the life assured survived until the end of the policy term, the guaranteed Basic Sum Assured selected under the policy was paid in full as the maturity benefit.
Final Thoughts
LIC Jeevan Azad Plan 868 was introduced as a simple and low-risk insurance savings product offering guaranteed returns with limited premium payment commitment. The plan was suitable for individuals seeking fixed maturity benefits without exposure to stock market risks.
Its premium calculator helped users estimate premiums and understand policy benefits more easily for better financial planning. Although the plan is no longer available for new purchase, existing policyholders continue to receive guaranteed benefits and life insurance protection according to the original policy terms.
Note: All images and videos used on this website are sourced from Google or YouTube. If you have any issues regarding any image or video, please contact us via email through our official website.
If you find any problem with this post or wish to request its removal, please contact us through:
https://licpolicycalculator.in/contact-us
