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.
About LIC Jeevan Azad
Jeevan Azad (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. No bonus, no guaranteed addition, no loyalty — 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
- 868
- 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 ₹50 Lakh
- Maximum maturity age
- 70 years
- UIN
- 512N348V01
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
Benefits under Jeevan Azad
Death benefit
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.
Maturity benefit
The Basic Sum Assured, payable at the end of the policy term. Guaranteed and fixed.
Who it suits
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 to 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.
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 — the death benefit in each policy year, every survival payout, and the maturity value — and 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
- 5.29% 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 — 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.
Why we do not price them. A rider premium follows from the rider's own sum assured and term, so it cannot be worked out from a tick-box — and LIC does not publish rider rates in the plan brochure, which tells you to read the rider brochure or ask a branch. We would rather name the riders and their UINs, which you can check, than show a number we cannot source.
Source: Jeevan Azad sales brochure (PDF), Optional Rider Benefits clause.
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.
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