LIC Jeevan Azad Plan 768 - Full Details

LIC of India has launched a new plan on 19th January 2023 named LIC Jeevan Azad Plan 768 (LIC Table No. 768). This is a traditional life insurance plan, meaning it is not linked to market fluctuations, and provides a unique combination of insurance and savings to policyholders. Jeevan Azad Plan 768 is specially designed for individuals who want long-term financial security with the flexibility of limited premium payments and a guaranteed maturity benefit.

This post will provide a complete guide to LIC Jeevan Azad 768, covering its key features, eligibility criteria, benefits, premium structure, optional riders, policy illustrations, surrender and loan facilities, as well as examples to understand the plan better.

What is LIC Jeevan Azad Plan 768?

LIC Jeevan Azad Plan 768 is a Non-Linked, Non-Participating, Individual, Savings Life Insurance plan. It is a limited premium endowment plan where the premium paying term is 8 years less than the total policy term. This unique feature makes it different from many other traditional endowment plans where the premium term equals the policy term.

The plan provides financial protection to the family of the deceased policyholder at any time before maturity. For standard lives, no medical examination is required for sum assured up to ₹3,00,000. For sum assured between ₹3,00,000 and ₹5,00,000, only a video medical is required. The Unique Identification Number (UIN) for LIC Jeevan Azad Plan 768 is 512N348V01.

Key Features of LIC Jeevan Azad Plan 768

• 100% Guaranteed Maturity Returns: The plan provides a guaranteed sum assured at maturity, ensuring financial security and peace of mind.
• Limited Premium Payment Term: Premiums are to be paid for 8 years less than the policy term, reducing the financial burden on policyholders.
• Non-Medical Coverage: No medical tests up to Rs. 3,00,000 of sum assured; video medical for Rs.3,00,000 – Rs.5,00,000.
• Optional Riders: Accidental Death and Disability Benefit Rider, and Premium Waiver Benefit Rider (PWB) are available.
• Tax Benefits: Premiums are eligible for deductions under Section 80C and the maturity benefit is tax-free under Section 10(10D).
• Flexible Payment Modes: Policyholders can choose yearly, half-yearly, quarterly, or monthly (NACH) premium payment options.

Eligibility Criteria / Parameters

Rebates in LIC Jeevan Azad Plan 768

Rebates are discounts on premium available under the plan. There are two types of rebates:

• Mode Rebate: Discount based on chosen premium payment mode.
• Sum Assured Rebate: Discount based on the sum assured amount.

Mode Rebate

Sum Assured Rebate

Benefits of LIC Jeevan Azad Plan 768

Maturity Benefits

The policyholder receives the guaranteed sum assured at maturity.

• Sum Assured on Maturity: On survival to the end of the policy term, the policyholder is entitled to receive the guaranteed sum assured.

Death Benefits

If the life assured dies before maturity, the nominee receives the death benefit, which is the higher of:

• Basic Sum Assured
• 7 times the annualized premium

In case of accidental death, the nominee receives an additional sum equal to the sum assured as per the accidental death rider.

Surrender, Loan, and Paid-up Value

Surrender: Policy can be surrendered after at least 2 full years of premium payments.

Loan Facility: Available after 2 full years of premium payment.

Paid-up Value: If the policyholder stops paying premiums after 2 years or more, the policy automatically becomes eligible for paid-up value.

Paid-up Value Formula:

Example: LIC Jeevan Azad Plan 768

Consider a policyholder, Vinod, purchasing this plan:

Death Claim Example

If the policyholder dies at age 44, the nominee will receive:

• Normal Death: Rs.5,00,000
• Accidental Death: Rs.10,00,000

Additional Information

• Revival: Policy can be revived within 5 years from last unpaid premium.
• Riders Facility: Accidental Death and Disability Benefit Rider, PWB Rider available.
• Suicide Clause: 80% of premium refunded if suicide occurs within 12 months; full sum assured after 1 year.
• Cooling-Off Period: 15 days from receiving the policy.
• Date Backing Facility: Available.
• Proposal Form: Form No. 300 and 360.

Conclusion

LIC Jeevan Azad Plan 768 is a comprehensive traditional insurance plan that provides both savings and protection benefits. With limited premium payment, guaranteed maturity benefits, optional riders, and tax advantages, this plan is suitable for individuals seeking financial security for themselves and their families.

Also Read these:

• LIC's Best Lifetime Money Back Plan
• LIC New Jeevan Anand Plan 715