When it comes to securing your family’s financial future while also investing in a savings plan, LIC Jeevan Azad Plan 768 offers a perfect balance of protection and savings.

What is LIC Jeevan Azad Plan 768?

LIC Jeevan Azad Plan 768 is a non-linked, non-participating endowment life insurance plan launched by the Life Insurance Corporation of India (LIC). This plan is designed to provide a guaranteed lump sum amount either on maturity or in case of the unfortunate event of the policyholder’s death during the policy term.

• It offers a limited premium payment period, meaning you pay premiums for fewer years than the total policy term.
• The plan combines life insurance protection and savings, making it a dual-benefit plan.
• It caters to people who want to secure a lump sum for their family while also accumulating a savings corpus over the policy period.

The maximum sum assured under this plan is Rs. 5 Lakhs, making it a valuable option for those seeking safe and steady financial growth coupled with protection.

Key Features of LIC Jeevan Azad Plan 768

Here are the important features that make LIC Jeevan Azad Plan 768 a popular choice:

• Limited Premium Payment Term: Premiums are payable for a period shorter than the policy term by 8 years. For example, if the policy term is 20 years, you will pay premiums for only 12 years.
• Policy Term: You can choose a policy term between 15 and 20 years, giving flexibility based on your financial goals.
• Entry Age: Entry age ranges from 90 days (around 3 months) to 50 years, so it is suitable for a wide group of policyholders.
• Death Benefit: In case of the policyholder’s death during the term, the nominee gets the “Sum Assured on Death,” calculated as the higher of the basic sum assured or 7 times the annual premium, but at least 105% of total premiums paid.
• Maturity Benefit: If the policyholder survives the policy term, they receive the guaranteed lump sum, i.e., the basic sum assured.
• Tax Benefits: Premiums paid qualify for deduction under Section 80C of the Income Tax Act, and the maturity amount is tax-free under Section 10(10D).
• Loan Facility: Eligible policyholders can avail of a loan on the policy if required.
• Flexibility in Premium Payment: Premiums can be paid yearly, half-yearly, quarterly, or monthly.
• Grace Period: A grace period of 30 days for yearly, half-yearly, and quarterly premiums and 15 days for monthly premiums is granted, allowing timely payments without penalty.
• Policy Revival: If premiums are missed, the policy can be revived within 5 years by paying overdue premiums with interest.

These features offer a good mix of insurance protection, guaranteed returns, and financial discipline.

How LIC Jeevan Azad Plan 768 Works?

To understand how this plan works, it is essential to know the premium payment structure and maturity benefits.

• You select your policy term (15 to 20 years), and accordingly, your premium payment term will be the policy term minus 8 years.
• During the premium paying term, you pay regular premiums.
• If the policyholder survives till maturity, the basic sum assured is paid as maturity benefit.
• If the policyholder dies during the policy term, the nominee receives the death benefit, which is higher than the total premiums paid to that date, ensuring better protection.
• The plan does not provide bonuses, as it is a non-participating plan. This means the returns are guaranteed but do not depend on LIC’s profits or market performance.

This makes LIC Jeevan Azad Plan 768 a safe and predictable investment with life cover.

What is the LIC Jeevan Azad Plan 768 Calculator?

The LIC Jeevan Azad Plan 768 calculator is an online tool that helps you estimate your premium payments, maturity amount, and death benefits based on your inputs like age, policy term, sum assured, and premium payment frequency.

Using this calculator:

• You can quickly see how much premium you need to pay annually, quarterly, or monthly.
• Calculate the maturity benefit you will receive if you survive the policy term.
• Understand the death benefit your nominee will get in case of an untimely demise.
• Make an informed decision before purchasing the policy.

The calculator helps potential buyers plan their finances better by offering instant and accurate estimates based on LIC’s premium rates.

How to Use LIC Jeevan Azad Plan 768 Calculator?

Using the LIC Jeevan Azad Plan 768 calculator is very straightforward and can be done in just a few simple steps:

1. Enter Your Age: Provide your current age (nearest birthday).
2. Select Policy Term: Choose the total duration of your policy (between 15 and 20 years).
3. Select Sum Assured: Choose the amount of cover or investment you want (minimum Rs. 2 Lakhs, maximum Rs. 5 Lakhs).
4. Choose Premium Payment Frequency: Select how often you want to pay premiums (yearly, half-yearly, quarterly, or monthly).
5. Calculate Premium: The calculator will show you premium amounts to be paid and the estimated maturity and death benefits.

By inputting these details, you get an instant overview of your policy cost and expected benefits, helping you decide the best plan for your needs.

Benefits of LIC Jeevan Azad Plan 768

The following are the major advantages of choosing LIC Jeevan Azad Plan 768:

1. Financial Protection for Family

In case of the policyholder’s untimely death during the policy term, the nominee gets a significant death benefit, which helps maintain the family’s financial stability. The death benefit is a guaranteed payout that is at least 105% of total premiums paid until death or 7 times annualized premium, whichever is higher.

2. Guaranteed Returns

The policy offers a guaranteed lump sum maturity amount on policy completion, providing assured savings that you can rely on for future financial goals, such as buying a home, education, or retirement.

3. Limited Premium Payment Term

Premium payment is required only for a limited number of years (policy term minus 8 years). After premium payment ends, the policy continues till maturity, providing peace of mind.

4. No Market Risk

Since it is a non-linked, non-participating policy, your savings are safe from market fluctuations or bonuses, ensuring stable and guaranteed returns.

5. Tax Advantages

Premiums paid under this plan qualify for tax deduction under Section 80C of the Income Tax Act. Moreover, the maturity proceeds are exempt from tax under Section 10(10D).

6. Flexibility in Payment

You can choose to pay premiums yearly, half-yearly, quarterly, or monthly, making the plan affordable and convenient.

7. Loan Facility

You can avail of a loan against your policy, providing financial assistance if needed during the policy term.

These benefits make LIC Jeevan Azad Plan 768 a highly appealing insurance cum saving plan, especially for individuals seeking low-risk and assured returns along with life cover.

Eligibility Criteria

To buy the LIC Jeevan Azad Plan 768, the following eligibility criteria apply:

Parameter	Criteria
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 Sum Assured	Rs. 2 Lakhs
Maximum Sum Assured	Rs. 5 Lakhs

The plan is suitable for most individuals who want to secure their family’s future while accumulating savings in a disciplined manner.

Premium Payment and Grace Period Details

• Premium can be paid annually, half-yearly, quarterly, or monthly.
• A grace period of 30 days for yearly, half-yearly, and quarterly premiums and 15 days for monthly premiums is allowed. During this period, the policy remains active with all benefits.
• Missing premium payment beyond the grace period causes the policy to lapse.
• You can revive a lapsed policy within 5 years by paying the arrears with interest.

This flexibility in premium payment and revival keeps the policyholder insured even in temporary financial difficulties.

Additional Riders and Benefits

LIC Jeevan Azad Plan 768 offers optional riders to enhance coverage:

1. Accidental Death and Disability Rider

• Provides an additional lump sum in case of accidental death.
• Provides monthly installments for 10 years in case of accidental disability.
• Waives future premiums if disabled due to accident.

2. Premium Waiver Rider

• On the policyholder’s death, all pending premiums are waived off.

3. Instalment Facility for Death Benefit

• Nominees can choose to receive death benefits in installments over 5 years.

These riders provide extra protection and flexibility depending on your needs.

Advantages of Using the LIC Jeevan Azad Plan 768 Calculator

• Quick Estimation: Get instant premium and benefit calculations based on your inputs.
• Financial Planning: Helps align the scheme with financial goals by knowing estimated returns.
• Customization: Choose different terms, premium frequencies, and sums assured to find the best fit.
• Avoid Surprises: Understand how much you need to invest and what benefits you get upfront.
• Easy Comparison: Compare LIC Jeevan Azad with other LIC plans or insurance products using calculated data.

This makes the calculator an essential tool before investing in the plan.

Where to Find and Use the LIC Jeevan Azad Plan 768 Calculator?

You can use the LIC Jeevan Azad Plan 768 calculator on various trusted financial and insurance websites including:

• LIC’s official website (licindia.in)
• Specialized LIC calculator websites like liccalculators.net
• Trusted insurance aggregator portals like Policybazaar and RenewBuy

Simply search for “LIC Jeevan Azad Plan 768 calculator” to access the tool. Also, many YouTube channels provide video walkthroughs on using the plan and calculator for better understanding.

Using licensed and accurate calculators is important to get precise estimates before making financial decisions.

Important Things to Remember

• LIC Jeevan Azad Plan 768 is best suited for those looking for guaranteed returns with life cover.
• Premium payment is limited; pay for fewer years than the total policy term.
• The policy is non-linked and non-participating, so it does not depend on market performance or bonuses.
• Using the calculator before buying helps estimate how much you need to pay and what you get back.
• Riders enhance protection but come at an additional premium.
• Tax benefits can provide significant savings alongside guaranteed maturity amounts.
• Always read the policy brochure and terms carefully or consult a LIC advisor before purchase.

FAQ

Conclusion

LIC Jeevan Azad Plan 768 is an excellent choice for individuals who want a safe, affordable, and guaranteed life insurance savings plan with limited premium payment duration. Its blend of protection and assured maturity benefits, supported by flexible premium payment options, makes it suitable for both new and seasoned investors.

By using the LIC Jeevan Azad Plan 768 calculator, you can make an informed decision to ensure that the plan fits your financial needs and goals. This tool, combined with the plan’s features and benefits, provides a clear path toward securing your family’s future with peace of mind.