LIC Jeevan Azad Plan 868, Benefits, Features, parameter and Review
Table of Contents
LIC of India new plan launched on 19th January 2023 which name is LIC Jeevan Azad Plan 868 (LIC Table no. 868) is a traditional plan which means not related to market. Jeevan Azad Plan 868 is a combination of insurance and savings.
LIC’s Jeevan Azad Plan 868 is a Non-Linked, Non-Participating, Individual, Savings Life Insurance plan, limited Premium Endowment plan, main benefit of this plan is it has the limited premium payment option where the premium paying term is 8 years less than the policy term.
LIC Jeevan Azad 868 provides financial protection for the family of the deceased policyholder any time before maturity. This scheme is available only for standard lives. There will be no medical up to 300000 of the sum assured and only Video Medical on above sum assured 3,00,000 to 5,00,000. The Unique Identification Number (UIN) for LIC’s Jeevan Azad 868 is 512N348V01.
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- 100% Guaranteed maturity returns plan
- Premiums need to be paid for less 8 years than Maturity year
- Non medical insurance policy up to 3 lacs sum assured and only Video Medical on above sum assured 3,00,000 to 5,00,000
- Accidental Death and Disability Benefit Rider and PWB Rider is available.
- Maturity amount is tax free under 10 (10D)
- Income tax benefits u/s 80-c.
LIC Jeevan Azad Plan 868 Parameter/eligibility
|Minimum Age at Entry||90 days (Completed)|
|Maximum Age at Entry||50 Years|
|Maximum Age at Maturity||70 Years|
|Premium Paying Mode||Yearly, Half Yearly, Quarterly, Monthly (NACH)|
|Policy Term||15 to 20 years.|
|Premium Payment Term||Policy term minus 8 years|
|Basic Sum Assured||2,00,000 to 5,00,000 (in multiple of 25,000)|
|Loan||After 2 years|
|Surrender||After 2 years of premium payment|
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Rebate means discount on premium. Two rebates in this policy one is Mode Rebate and another is Sum Assured Rebate.
Mode Rebate: Rebate given based on premium payment mode chosen.
|Premium Payment Mode||Percentage(%)|
|Half yearly Mode||1%|
|Quarterly and Monthly||Nil|
|Basic Sum Assured||Per 1000 /-BSA|
|Rs. 2,00,000 to Rs. 2,75,000||NIL|
|Rs. 3,00,000 to Rs. 3,75,000||0.50 % of (B.S.A)|
|Rs. 4,00,000 to Rs. 4,75,000||1.50 % of (B.S.A)|
|Rs. 5,00,000||2 % of (B.S.A)|
LIC Jeevan Azad Plan 868 Maturity Benefit = Guaranteed Sum Assured will be payable on Maturity.
- Sum Assured on Maturity: On Survival to the end of the policy term, Guaranteed Sum Assured on Maturity, will be paid.
LIC Jeevan Azad Plan 868 Death Benefit = Sum Assured on death.
- If the Life Assured dies before the maturity date (and after the date of commencement of risk of the policy, Death benefit is payable. The death benefit in the policy will be equal to the ‘Sum Assured on Death‘.
- If the Life Assured dies before the maturity date (and after the date of commencement of risk) of the policy, Death benefit is payable. The death benefit in the policy will be equal to the “Sum Assured on Death”. Here the “Sum Assured on Death” is defined as higher of Basic Sum Assured or 7 times of Annualized Premium.
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LIC Jeevan Azad Plan 868 Surrender, Loan and Paid-up value.
LIC Jeevan Azad Plan 868 Surrender, Loan and Paid-up value details is given below.
Surrender period : Policy can be surrender after 2 years at least 2 full years payment of premiums.
Loan Facility : Loan facility is available under LIC Jeevan Azad Plan 868, after at least 2 full years of premium paid.
Paid-up value : Once a LIC Jeevan Azad Plan 868 policy has completed minimum 2 full years and more premiums paid, and policyholder chooses to stop paying further premiums, it automatically becomes eligible for paid-up value.
Paid-up value formula
|Paid-up value = Sum Assured * Total number of premiums paid/Total number of premiums to be paid|
LIC Jeevan Azad Plan 868 with an Example
An example of Vinod who is purchasing this Plan with following details.
|Sum Assured (Rs.)||5,00,000|
|Policy Term (Years)||20|
|Premium Paying Term||12|
|Yearly Premium||1st. yrs (25,120), 2nd yrs. (24578) onward|
As per above example, policy holder needs to pay the premium of Rs. 25,120 1st. year and Rs. 24,578 2nd year onward every year for 12 years (Premium Paying Term) and after completion of 20 years (Policy Term). The benefits (maturity & Year-wise death claims) related to this plan is given below.
If Policy holder survives 20 years, then Maturity Sum Assured will be as under.
|Maturity Year||Age at Maturity||Total Premium Paid||Maturity Amount (Approx.)|
Death Claim Details
In case of death during policy term ( Before 20 years ), Guaranteed Sum Assured will be paid to nominee. In case of accidental death, additional amount equal to Sum Assured along with Sum Assured will be paid to nominee. Year-wise and Age-wise Normal Life Cover and Accidental Life Covers will be as follows.
How to Understand given below Table?
Suppose if, unfortunate death of policy holder happens in year 2033 (at age 44), then by that time total premium paid will be Rs. 2,21,744 and nominee will get death claim as Rs. 5,00,000 in case of normal death or Rs. 10,00,000 as accidental death claim in case of death due to accident and policy will be stop.
|Age||Premium||Normal Life Cover||Accidental Life Cover|
|54||—|| 5,00,000 |
Revival : Policy should be revived before 5 years from last unpaid premiums.
Loan Facility : Loan facility is available under LIC Jeevan Azad Plan, after at least 2 full years payment of premiums.
Riders Facility : Accidental Death and Disability Benefit Rider and PWB Rider is available.
Suicide Clause : If Policy Holder Committed Suicide within 12 month from date of taking the policy 80% of paid premium will be returned back. If committed suicide after 1 year. Full Sum assured will be paid by LIC to their nominee.
Cooling off Period : Policy holder can return back policy within 15 days from date of receiving the policy.
Date Backing Facility : Available.
Proposal Form : Form No. 300 and 360.
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