Formula
P = (T − R) × (1 − m) × S / 1000
I = P / f
T = A / (ä × (1 − λ))
M = G
P × Σt=0k−1 (1 + r)−t = M (1 + r)−n
where
- P
- annual premium
- T
- tabular premium per ₹1,000 of sum assured, for your age, term and premium paying term
- R
- high sum assured rebate, ₹ per ₹1,000, from this plan's table (nil on smaller policies)
- m
- mode rebate: 2% yearly, 1% half-yearly, nil quarterly and monthly
- S
- Basic Sum Assured
- I
- each instalment
- f
- instalments a year: 1, 2, 4 or 12
- A
- present value, per ₹1,000 of sum assured, of everything the policy pays: death cover, survival benefits and maturity
- ä
- present value of ₹1 a year, paid at the start of each year of the premium paying term while you are alive
- λ
- expense loading, 10%
- M
- maturity amount
- G
- guaranteed maturity sum, equal to S
- r
- annualised return: the rate that makes both sides equal
- n
- policy term, in years
- k
- premium paying term, in years
*Source LIC Jeevan Azad brochure (PDF)
In short (tl;dr)
Jeevan Azad is a non-participating endowment. Premiums are payable for eight years less than the policy term, and the maturity benefit is fixed at the sum assured.
Worked example: at 30, ₹2,00,000 of cover over 18 years costs ₹10,917 a year for 10 years and is projected to pay ₹2,00,000 at maturity, a return of 4.52% a year.
What is LIC Jeevan Azad?
Jeevan Azad (Plan 768, sold earlier as Plan 868) is the simplest contract in LIC's savings range. Choose a policy term between 15 and 20 years; premiums are payable for eight years less than that, so a 20-year policy is funded in 12 annual instalments. At maturity you receive the Basic Sum Assured. There is no bonus, guaranteed addition or loyalty addition, so the number does not move.
The sum assured is capped at ₹5 lakh, which tells you who the plan is for: it is a small, disciplined savings contract with life cover attached, not a wealth vehicle. The very short premium paying term is the selling point.
Because the maturity benefit equals the sum assured, the return depends entirely on how much premium you paid to get there. Read the total premium payable figure in the result alongside the maturity amount: that comparison is the whole story with this plan.
Key features
- Premiums payable for eight years less than the policy term
- Guaranteed maturity benefit equal to the Basic Sum Assured
- Sum assured range ₹2 lakh to ₹5 lakh
- Entry age from 90 days to 50 years
- Non-participating, so nothing depends on future bonus declarations
Jeevan Azad at a glance
- Plan number
- 768
- Category
- Endowment
- Entry age
- 0 to 50 years
- Policy term
- 15 to 20 years
- Premium paying term
- Policy term minus 8 years
- Sum assured
- ₹2 Lakh to ₹5 Lakh
- Maximum maturity age
- 70 years
- UIN
- 512N348V02
LIC publishes a page for this plan. It does not state the plan number or UIN on the page itself, so treat those two rows here as unconfirmed. Check it on licindia.in
Is it 768 or 868?
LIC's withdrawn plans list records Plan 868 (UIN 512N348V01) withdrawn in 2024-25 and Plan 768 (UIN 512N348V02) withdrawn in 2025-26. This page follows the Plan 768 brochure. If your policy document says 868, that document governs your policy; a later version does not change the terms yours was sold on.
What are the benefits of LIC Jeevan Azad?
What does LIC Jeevan Azad pay on death?
Sum Assured on Death, the higher of 7 times the annualised premium and the Basic Sum Assured, subject to a minimum of 105% of the total premiums paid to the date of death.
What do you get at maturity?
The Basic Sum Assured, payable at the end of the policy term. Guaranteed and fixed.
Who is LIC Jeevan Azad for?
A small, self-completing savings goal (a two-wheeler, a deposit, a course fee) on a date you can name, with cover in the meantime.
What should you watch out for?
With no bonus or guaranteed addition, the return here is modest. Check the maturity value against the total premium payable before you sign.
What does LIC Jeevan Azad cost?
Worked out on a 18-year term with premiums paid for 10 years. Change any of these in the calculator above for your own figures.
By sum assured, at age 30
| Sum assured | Premium a year | Total paid in | Projected maturity |
|---|---|---|---|
| ₹2,00,000 | ₹10,917 | ₹1,09,172 | ₹2,00,000 |
| ₹4,00,000 | ₹21,834 | ₹2,18,344 | ₹4,00,000 |
Premiums are modelled on this plan's own tabular rates. The additions on this plan are contractual rather than declared, so unlike a with-profits plan the figure does not rest on a bonus declaration.
By age, on ₹2,00,000 of cover
Sum assured moves the premium almost in a straight line, so the table above is easy to read across. Age does not, and it is the input people most often want to test before filling anything in.
| Age at entry | Premium a year | Total paid in | Projected maturity | Age when it pays |
|---|---|---|---|---|
| 25 years | ₹10,906 | ₹1,09,057 | ₹2,00,000 | 43 |
| 30 years | ₹10,917 | ₹1,09,172 | ₹2,00,000 | 48 |
| 40 years | ₹11,027 | ₹1,10,270 | ₹2,00,000 | 58 |
| 50 years | ₹11,462 | ₹1,14,623 | ₹2,00,000 | 68 |
The premium barely moves across the rows. Mortality is a small part of a savings premium and the savings part is the same at any age. What age changes is the last column: when the money arrives, and how old you are when it does.
Where the maturity figure comes from
Taken apart, on the ₹2,00,000 policy in the first table. Every line is contractual on this plan: the additions are written into the policy at a stated rate rather than declared each year, so none of this depends on how LIC's investments do.
- Basic sum assured (guaranteed)
- ₹2,00,000
- Paid at maturity
- ₹2,00,000
- Return a year on the premiums
- 4.52%
When does LIC Jeevan Azad pay for itself?
The grey line is what you have paid in by each policy year. The yellow line is what the policy has paid back by then. They cross in year 18, which is the point the policy has returned everything it cost.
That return counts everything the policy pays back, income included, against everything you put in, after the cost of the life cover it carried for 18 years. It is not a market return. On this plan the figures behind it are contractual, so it moves only with the age and term you enter.
Who can take LIC Jeevan Azad?
Age to start
- Minimum
- 30 days
- Maximum
- 50 years
Policy term
- Minimum
- 15 years
- Maximum
- 20 years
Age when the policy matures
- Maximum
- 70 years
Your age at entry plus the policy term cannot come to more than 70.
Years you pay for
- Premium paying term
- Policy term minus 8 years
Sum assured
- Minimum
- ₹2,00,000
- Maximum
- ₹5,00,000
The calculator applies every limit above. LIC sets them out under "Eligibility Conditions and Other Restrictions" on page 3 of the Jeevan Azad sales brochure, linked in the form above.
Tax on LIC Jeevan Azad
Two provisions do the work, and both turn on the size of the premium rather than on the plan. The Income-tax Act, 2025 renumbered both from 1 April 2026 without changing the rules, so each is given here under its old number and its new one.
Section 80C, now Section 123, on what you pay in
Premiums count towards the ₹1.5 lakh limit, in the year they are paid, if you are on the old regime. The deduction is restricted where the annual premium is more than 10% of the sum assured.
Section 10(10D), now Schedule II, on what comes back
Maturity proceeds are exempt where the premium in every year stays inside 10% of the sum assured, and, for a policy issued on or after 1 April 2023, where the premiums on all such policies together stay inside ₹5 lakh a year. Death proceeds are exempt either way.
Where this policy sits
The ₹2,00,000 policy priced above costs ₹10,917 a year, which is 5.5% of the sum assured. That is inside the 10% test, on both provisions. A larger sum assured moves the ratio down.
GST
Nil. Individual life insurance premiums have been exempt since 22 September 2025, so the instalment the calculator shows is the amount that leaves your account.
None of this is tax advice. Which regime you are on, what else you hold and when the policy was issued all change the answer, so confirm your own position with a tax adviser before you rely on it.
How this calculator works
Jeevan Azad is priced here on its own parameters, not a generic formula. We build the plan's full cash-flow schedule, meaning the death benefit in each policy year, every survival payout and the maturity value, then discount it on a basis calibrated to a reference premium for this plan. That reference is checked two ways: against LIC's published tabular rate, and against the return the plan's own benefits imply for the policyholder.
- Reference premium
- ₹55.70 per ₹1,000 at age 30, 18-year term, 10-year premium term
- Discount basis
- 5.28% a year, on LIC (2012-14) Ultimate mortality
- GST
- Nil. Individual life insurance premiums have been exempt from GST since 22 September 2025, so the instalments shown are what you actually pay.
Bonus rates are declared annually and are not guaranteed; only the sum assured and any contractual guaranteed additions are. Read our editorial and methodology policyfor the full basis, and confirm every figure with LIC before you buy.
Check the source:Jeevan Azad on licindia.inLIC valuation and bonus declarationsIRDAI regulations
What this premium does not include
The figure above is the premium for the base policy. LIC allows 3 optional riders on Jeevan Azad, each a separate contract with its own sum assured, term and premium. Take one and you pay more than the figure above, and the base premium itself does not change.
- LIC's Accidental Death and Disability Benefit Rider (AD & DB Rider)UIN 512B209V02
- LIC's Accident Benefit Rider (AB Rider)UIN 512B203V03
- LIC's Premium Waiver Benefit Rider (PWB Rider)UIN 512B204V04
Premiums for all the life insurance riders put together cannot exceed 30% of the premium under the base plan. That cap is the useful number to hold an agent to: whatever riders are proposed, the total should stay inside it.
What they cost
On the ₹2,00,000 policy priced above, at age 30. Each cover rider is quoted here for the same ₹2,00,000 of rider cover, or its own ceiling if that is lower; the premium waiver rider is quoted against the base premium it would waive. The plan brochure does not print these rates, so they come from each rider's own brochure instead.
| Rider | Quoted on | Premium a year |
|---|---|---|
| AD & DB RiderAccidental death and disability | ₹2,00,000of rider cover | ₹240interpolated |
| AB RiderAccidental death cover | ₹2,00,000of rider cover | ₹100LIC's stated rate |
| PWB RiderWaives future premiums | ₹10,917of premium waived | ₹348interpolated |
Priced on the limited premium basis, because that is how Jeevan Azad is paid for. LIC prints a separate rate table for each basis, and the same rider costs materially more on a limited premium policy than on a regular premium one. Where LIC publishes a sample grid rather than a rate for every age and term, the figure between grid points is interpolated and marked as such above. The 30% cap works out at ₹3,275 a year on this policy.
Tick a rider in the calculator above and enter the cover you want, and the result page prices it on your own age, term and sum assured rather than on this reference policy.
Rate sources: AD & DB Rider, AB Rider, PWB Rider sales brochures.
Source: Jeevan Azad sales brochure (PDF), Optional Rider Benefits clause.
How LIC Jeevan Azad compares
The plans people weigh this one against, and what separates each from it.
| Plan | Policy term | You pay for | Cover from | What is different |
|---|---|---|---|---|
| Jeevan AzadNo. 768 · this page | 15 to 20 years | Term minus 8 years | ₹2 Lakh | Short premium term, guaranteed maturity equal to the sum assured. |
| Bima JyotiNo. 760 | 15 to 20 years | Term minus 5 years | ₹1 Lakh | Non-participating endowment with a guaranteed addition of ₹50 per ₹1000 every year. |
| New Endowment PlanNo. 714 | 12 to 35 years | The full term | ₹2 Lakh | LIC's plainest savings-and-cover contract: the sum assured plus bonus at maturity, and nothing paid out before it. |
| Jeevan LabhNo. 736 | 16, 21, 25 years | 10, 15, 16 years | ₹2 Lakh | Limited premium endowment. You finish paying years before the policy matures. |
| Saral Jeevan BimaNo. 859 | 5 to 40 years | The full term | ₹5 Lakh | The standard term plan every insurer must offer, with identical terms across the market. |
To price several of these against each other on the same age and sum assured, the LIC premium calculator runs every plan on the site through the same engine and puts the answers in one table.
LIC Jeevan Azad: frequently asked questions
What is the maturity benefit of Jeevan Azad?
The Basic Sum Assured, and nothing more. A ₹5 lakh Jeevan Azad pays ₹5 lakh at maturity regardless of term, bonus declarations or market conditions.
What is the premium paying term in Jeevan Azad?
Policy term minus eight years. A 15-year policy is paid over 7 years, a 20-year policy over 12.
What is the maximum sum assured under Jeevan Azad?
₹5,00,000. The minimum is ₹2,00,000. If you need more cover than that, look at New Endowment Plan or a term plan.
Is Jeevan Azad a good investment?
It is a savings contract with cover, not an investment. The maturity value is fixed at the sum assured, so the implied return is low compared with PPF or a long-dated deposit. Its appeal is the short payment window and the certainty.
Spot something wrong?
If a figure on this page disagrees with an LIC premium notice, bonus statement or benefit illustration, tell us and we will check it against the brochure. Anything else you think this page gets wrong is just as welcome.
Related calculators
Plans people usually weigh up against Jeevan Azad before deciding.
Bima Jyoti
No. 760Non-participating endowment with a guaranteed addition of ₹50 per ₹1000 every year.
Open calculatorNew Endowment Plan
No. 714LIC's plainest savings-and-cover contract: the sum assured plus bonus at maturity, and nothing paid out before it.
Open calculatorJeevan Labh
No. 736Limited premium endowment. You finish paying years before the policy matures.
Open calculatorSaral Jeevan Bima
No. 859The standard term plan every insurer must offer, with identical terms across the market.
Open calculator