LIC Jeevan Azad 868 was a guaranteed-return, limited premium endowment plan launched on 19 January 2023 and later replaced by Plan 768. Premiums run for the term minus 8 years and the basic sum assured (₹2 to 5 lakh) is paid at maturity. A 40-year-old with ₹2 lakh cover for 15 years pays about ₹18,159 a year for 7 years.
Jeevan Azad 868 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 868?
LIC Jeevan Azad (Plan 868, UIN 512N348V01) is a non-linked, non-participating savings plan that LIC launched on 19 January 2023. It combines a small life cover with a guaranteed lump sum at maturity, and asks for premiums over a shorter period than the policy runs.
In October 2024 LIC relaunched the plan as Jeevan Azad 768 under IRDAI’s revised product regulations, so Plan 868 is no longer sold. This page is mainly for existing 868 policyholders who want to check their numbers.
Jeevan Azad 868 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 868 / 512N348V01 |
| Launched | 19 January 2023 |
| Status | Replaced by Plan 768 (October 2024) |
| Policy term | 15 to 20 years |
| Premium paying term | Term minus 8 years |
| Basic sum assured | ₹2 lakh to ₹5 lakh (multiples of ₹10,000) |
| Maturity benefit | Basic sum assured, guaranteed |
| Entry age | 90 days to 50 years |
| Maturity age | 18 to 70 years |
How the premium works
The premium comes from a fixed table per ₹2 lakh of sum assured, set by age and term. Yearly payers get a 2% rebate and half-yearly payers 1%.
Example 1. A 40-year-old took ₹2 lakh for 15 years. The calculator gives about ₹18,159 a year for 7 years, or ₹1,27,113 in total, for a guaranteed ₹2,00,000 at age 55. That is a return of about 3.82% a year.
Example 2. Parents bought ₹3 lakh for a 5-year-old child with an 18-year term. They pay about ₹17,876 a year for 10 years (₹1,78,760 in total) and the child receives ₹3,00,000 at 23, a return of about 3.86% a year.
Tip: if you hold an 868 policy and money is tight, keep paying until the premium term ends rather than surrendering. The remaining instalments protect a guaranteed maturity that surrender would cut sharply.
Maturity and death benefit
- Maturity: the basic sum assured, paid in one lump sum. No bonus is added.
- Death: the higher of the basic sum assured or 7 times the annualised premium, and never less than 105% of premiums paid. For a child, risk cover starts later, and premiums are refunded if death happens before that.
Loan, surrender and paid-up value
After two full years of premiums the policy acquires a surrender value, a paid-up value if you stop paying, and loan eligibility. Estimate your exit value with the surrender value calculator.
Tax treatment
Premiums qualify under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) (old regime). Maturity proceeds are generally exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)) as long as the yearly premium is within 10% of the sum assured, and death claims are tax-free.
Jeevan Azad 868 vs 768
Plan 768 keeps the same structure: term minus 8 years of premiums, ₹2 to 5 lakh cover and a guaranteed sum assured at maturity. The key change is the surrender value basis, which under the 2024 rules pays more if you leave in the early years. Nothing changes for existing 868 policyholders. Plan 768 has since been withdrawn too, so new buyers who want a guaranteed plan can look at New Bima Jyoti 890, and those who prefer bonuses can compare a with-profit option using the endowment plan calculator.
How to use this calculator
Enter your age at entry, term, sum assured and premium mode as printed on your policy. The calculator shows the yearly and instalment premium, total paid, maturity amount, return and a year-wise table of premiums and death cover. Figures are estimates; your policy bond has the exact premium.
Frequently asked questions
Is LIC Jeevan Azad 868 still available?
No. Plan 868 was replaced by Jeevan Azad Plan 768 in October 2024, when LIC refiled its savings plans under IRDAI's revised rules. Existing 868 policies continue unchanged until maturity or claim.
What will I get at maturity from Jeevan Azad 868?
Exactly the basic sum assured you chose, paid as a lump sum. It is guaranteed and carries no bonus. A ₹2 lakh policy pays ₹2,00,000 and a ₹5 lakh policy pays ₹5,00,000.
How long do I pay premiums in Jeevan Azad 868?
For the policy term minus 8 years: 7 years on a 15-year policy, up to 12 years on a 20-year policy. Once that period ends, your cover and maturity benefit continue without further payment.
What is the death benefit in Jeevan Azad 868?
The nominee receives the higher of the basic sum assured or 7 times the annualised premium, and never less than 105% of premiums paid till death. For most policies this is simply the basic sum assured.
Should I surrender my Jeevan Azad 868 policy?
Usually not once most premiums are paid, because the remaining cost is small and the maturity is guaranteed. Surrender is allowed after two full years' premiums, but early exit returns noticeably less than the sum assured.
Do I pay GST on my Jeevan Azad 868 renewal premium?
No. From 22 September 2025 individual life insurance premiums are GST-exempt. Receipts from earlier years show 4.5% GST in the first year and 2.25% after that, which applied before the exemption.
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.