LIC Jeevan Azad Plan 868

LIC Jeevan Azad Plan 868 - Premium and Maturity Calculator


LIC Jeevan Azad Plan 868

LIC Jeevan Azad Plan 868

LIC Jeevan Azad Plan 868 100% Guaranteed returns policy

Description


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.

Key Features


  • 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

 Also Read this : LIC's Best Lifetime Money Back plan

Rebates

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(%)

Yearly Mode

2%

Half yearly Mode

1%

Quarterly and Monthly

Nil

Sum Assured Rebate Rebate given based on Sum Assured amount chosen.

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)

 Benefits


Maturity Benefits

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.

Death Benefits

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.

LIC Jeevan Azad Plan 868 Surrender, Loan and Paid-up value


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

Also Read this : LIC new Jeevan Anand plan 915 lifetime plan

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

Age (Years)

34

Policy Term (Years)

20

Premium Paying Term

12

Purchase Year

2023

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.

Maturity Details

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.)

2043

54

2,95,478

5,00,000

 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

34

25,120

500000

1000000

35

24,578

500000

1000000

36

24,578

500000

1000000

37

24,578

500000

1000000

38

24,578

500000

1000000

39

24,578

500000

1000000

40

24,578

500000

1000000

41

24,578

500000

1000000

42

24,578

500000

1000000

43

24,578

500000

1000000

44

24,578

500000

1000000

45

24,578

500000

1000000

46

24,578

500000

1000000

47

24,578

500000

1000000

48

24,578

500000

1000000

49

--

500000

1000000

50

--

500000

1000000

51

--

500000

1000000

52

--

500000

1000000

53

--

500000

1000000

54

--

5,00,000
(Maturity)

1000000

Additional information


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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