LIC Jeevan Azad 768 is a non-participating, limited premium endowment plan: you pay for the policy term minus 8 years and get the basic sum assured, guaranteed, at maturity. LIC withdrew it for new sales in FY 2025-26; existing policies continue as normal. Cover ranges from ₹2 lakh to ₹5 lakh and terms from 15 to 20 years. A 30-year-old choosing ₹5 lakh for 20 years pays about ₹24,623 a year for 12 years and receives ₹5,00,000 at 50. New buyers can look at Nav Jeevan Shree 912 or New Endowment 714.
Jeevan Azad 768 Premium & Maturity Calculator
Your estimate
guaranteed, no bonus
- Premium per instalment
- ₹24,623
- Premium paying term
- 12 years
- Total premium paid
- ₹2,95,476
- Net gain
- ₹2,04,524
- Approx. return (IRR)
- 3.64%
- Sum assured on death
- ₹5,00,000
- Age at maturity
- 50 years
- Total premium paid₹2,95,47659%
- Net gain₹2,04,52441%
Year-wise premium paid and cover (yearly mode)
| Year | Age at entry | Premium paid | Death benefit | Estimated maturity amount |
|---|---|---|---|---|
| 1 | 31 years | ₹24,623 | ₹5,00,000 | — |
| 2 | 32 years | ₹49,246 | ₹5,00,000 | — |
| 3 | 33 years | ₹73,869 | ₹5,00,000 | — |
| 4 | 34 years | ₹98,492 | ₹5,00,000 | — |
| 5 | 35 years | ₹1,23,115 | ₹5,00,000 | — |
| 6 | 36 years | ₹1,47,738 | ₹5,00,000 | — |
| 7 | 37 years | ₹1,72,361 | ₹5,00,000 | — |
| 8 | 38 years | ₹1,96,984 | ₹5,00,000 | — |
| 9 | 39 years | ₹2,21,607 | ₹5,00,000 | — |
| 10 | 40 years | ₹2,46,230 | ₹5,00,000 | — |
| 11 | 41 years | ₹2,70,853 | ₹5,00,000 | — |
| 12 | 42 years | ₹2,95,476 | ₹5,00,000 | — |
| 13 | 43 years | ₹2,95,476 | ₹5,00,000 | — |
| 14 | 44 years | ₹2,95,476 | ₹5,00,000 | — |
| 15 | 45 years | ₹2,95,476 | ₹5,00,000 | — |
| 16 | 46 years | ₹2,95,476 | ₹5,00,000 | — |
| 17 | 47 years | ₹2,95,476 | ₹5,00,000 | — |
| 18 | 48 years | ₹2,95,476 | ₹5,00,000 | — |
| 19 | 49 years | ₹2,95,476 | ₹5,00,000 | — |
| 20 | 50 years | ₹2,95,476 | ₹5,00,000 | ₹5,00,000 |
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC Jeevan Azad Plan 768?
LIC Jeevan Azad (Plan 768, UIN 512N348V02) is a non-linked, non-participating, individual savings plan with a simple promise: pay premiums for a few years less than the policy runs, and get a guaranteed lump sum at the end. If the life assured dies during the term, the family receives a fixed death benefit instead.
It was the last version of Jeevan Azad. The original Plan 868 came out in January 2023; LIC relaunched it as Plan 768 in October 2024, when it refiled its savings plans under IRDAI’s revised product regulations. LIC withdrew Plan 768 for new sales in FY 2025-26, so Jeevan Azad is no longer on sale. Existing policies continue as normal, and this calculator is still useful for checking them. New buyers can look at Nav Jeevan Shree 912 (guaranteed additions, limited premium) or New Endowment 714 (with bonuses).
Jeevan Azad 768 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 768 / 512N348V02 |
| Plan type | Non-par, non-linked, limited premium endowment |
| Policy term | 15 to 20 years |
| Premium paying term | Policy term minus 8 years (7 to 12 years) |
| Basic sum assured | ₹2 lakh to ₹5 lakh |
| Maturity benefit | Basic sum assured, guaranteed |
| Bonus | None |
| Premium modes | Yearly, half-yearly, quarterly, monthly |
| Mode rebate | 2% yearly, 1% half-yearly |
| Loan | Available after two full years’ premiums |
| Status | Withdrawn for new sales (FY 2025-26); existing policies continue |
Eligibility
| Condition | Minimum | Maximum |
|---|---|---|
| Age at entry | 90 days | 50 years |
| Age at maturity | 18 years | 70 years |
| Policy term | 15 years | 20 years |
| Basic sum assured | ₹2,00,000 | ₹5,00,000 |
The maturity-age rule matters for children: a newborn needs at least an 18-year term. For adults, the 70-year cap limits the term only for those above 50, and they cannot enter anyway.
How the premium is calculated
LIC fixes a premium for every combination of age and term. The calculator uses the published Jeevan Azad premium table, which works out to a fixed amount per ₹2 lakh of sum assured, and scales it to your cover. Two patterns are worth knowing:
- Term matters more than age. Because you pay for term minus 8 years, a 20-year policy spreads the cost over 12 years while a 15-year policy squeezes it into 7. The yearly premium falls sharply as the term rises.
- Age matters only a little. Most of the premium is savings, so a 40-year-old pays only a few per cent more than a 20-year-old.
Worked example. A 30-year-old buys ₹5 lakh cover for 20 years:
| Item | Amount |
|---|---|
| Yearly premium | ₹24,623 |
| Monthly premium (NACH) | ₹2,094 |
| Premium paying term | 12 years |
| Total paid (yearly mode) | ₹2,95,476 |
| Guaranteed maturity at age 50 | ₹5,00,000 |
| Gain over premiums | ₹2,04,524 |
| Return (IRR) | about 3.64% a year |
For a smaller ₹2 lakh cover over 20 years, a 25-year-old pays about ₹9,810 a year or ₹834 a month. These figures use the Jeevan Azad table from the 868 version, so treat them as close estimates of the 768 premium. Since 22 September 2025 there is no GST on top.
Tip: choose yearly mode if you can. The 2% yearly rebate means 12 monthly payments cost more in total, about ₹3,01,536 against ₹2,95,476 in the example above.
Maturity benefit
On survival to the end of the term, LIC pays the basic sum assured in one go. The amount is fixed on day one and does not depend on bonuses, interest rates or markets. That certainty is the plan’s main selling point; the return is correspondingly modest.
Death benefit
If the life assured dies during the term (after risk commences), the nominee receives the sum assured on death: the higher of the basic sum assured or 7 times the annualised premium. It is never less than 105% of premiums paid till the date of death. In the example above, that means ₹5 lakh from the first year onwards. The year-wise table under the calculator shows how the cover compares with premiums paid in each year.
For a child policyholder, risk begins later; if death happens before that date, LIC refunds the premiums paid.
Loan, surrender and paid-up value
- Surrender: allowed after two full years’ premiums. Under the 2024 rules behind Plan 768, early surrender values are higher than in older plans, although exiting early still costs you part of the gain.
- Paid-up: if you stop after two years, the policy continues with a reduced sum assured instead of lapsing.
- Loan: available once the policy has a surrender value.
Check what you would get with our surrender value calculator.
Tax benefits
Premiums count towards the Section 123 of the Income-tax Act, 2025 (earlier Section 80C) deduction in the old tax regime. The maturity amount is generally tax-free under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)) when the premium stays within 10% of the sum assured, and death claims are always tax-free for the nominee.
Who was Jeevan Azad 768 suited to?
- Savers who want a guaranteed amount on a known date, such as a child’s higher studies.
- People who prefer to finish paying early and let the policy run on its own.
- Parents buying a small, safe policy in a child’s name.
It is not a good fit if you want high returns or large life cover. A term plan gives more protection per rupee, and a with-profit plan like Jeevan Labh 736 can grow further through bonuses. With 768 withdrawn, new buyers who want a guaranteed, limited-premium plan can look at Nav Jeevan Shree 912.
Jeevan Azad 768 vs 868
| Point | Plan 868 | Plan 768 |
|---|---|---|
| UIN | 512N348V01 | 512N348V02 |
| Available | January 2023 to 2024 | October 2024 to FY 2025-26 |
| Benefit design | Term − 8 PPT, SA ₹2–5 lakh | Same |
| Surrender values | Older rules | Revised 2024 rules, better early exit |
If you already hold Plan 868 or Plan 768, nothing changes for you. Both versions are now closed to new buyers.
How to use this calculator
- Enter the age at entry.
- Choose the term; the premium paying term updates automatically.
- Set the sum assured between ₹2 lakh and ₹5 lakh.
- Choose the premium mode.
- Read the premium, total outgo, guaranteed maturity, IRR and year-wise death benefit. All figures are estimates; your policy document shows the exact premium.
Frequently asked questions
What is the premium paying term in Jeevan Azad 768?
Always the policy term minus 8 years. A 15-year policy needs 7 years of premiums, an 18-year policy 10 years and a 20-year policy 12 years. Cover then continues without premiums until maturity.
How much will I get on maturity from Jeevan Azad 768?
You receive the basic sum assured as a lump sum, and this amount is guaranteed. There are no bonuses because the plan is non-participating, so a ₹5 lakh policy pays exactly ₹5,00,000 at maturity.
What is the return on LIC Jeevan Azad 768?
The return is modest. For a 30-year-old with ₹5 lakh cover over 20 years, our calculator shows about ₹2,95,476 paid over 12 years for ₹5 lakh back, an internal return of roughly 3.6% a year. The value lies in the guarantee and life cover, not in high growth.
What is the maximum sum assured under Jeevan Azad?
The basic sum assured runs from ₹2 lakh to ₹5 lakh per life. If you need more cover, you would have to combine it with another plan, such as a term policy for protection or a with-profit endowment for savings.
What is the difference between Jeevan Azad 768 and 868?
Plan 768 is the relaunched version of Plan 868, brought out in October 2024 when LIC refiled its savings plans under IRDAI's revised product rules. The benefit design is the same; the main change is in surrender values, which are more favourable if you exit early.
Can a child be insured under Jeevan Azad 768?
Yes. The minimum entry age was 90 days, so parents could buy it for a baby while the plan was on sale. The policy must mature at age 18 or later, which means very young children need a longer term. For a young child, risk cover starts later, and the nominee gets premiums back if death occurs before that.
Is GST charged on Jeevan Azad 768 premiums?
Not any more. Individual life insurance premiums have been GST-exempt since 22 September 2025. Before that, LIC charged 4.5% in the first year and 2.25% later on this type of plan.
Is LIC Jeevan Azad 768 still available?
No. LIC withdrew Jeevan Azad 768 for new sales in FY 2025-26, and it is on LIC's list of withdrawn plans. Existing policies continue as normal, with the same guaranteed maturity, death benefit, loan and surrender terms. New buyers can look at Nav Jeevan Shree 912 (guaranteed additions, limited premium) or New Endowment 714 (with bonuses).
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.