If you already have Jeevan Azad, the useful question is how your existing policy will pay, rather than whether you can buy it today. LIC lists this version among withdrawn plans. That does not by itself cancel an existing contract, so use your policy paper to check its cover and dates.
Use the details from your existing contract
The plan was offered with cover from two lakh to five lakh rupees and policy terms from fifteen to twenty years. The cover limit applies per life under the plan rules. If you have more than one policy, check the combined cover rather than treating each paper as a separate limit.
Eight fewer years of premiums
You pay for eight years less than the full term, and the basic maturity amount does not depend on annual bonus announcements. Keep that difference in mind when comparing projected totals from other plans. The Bima Jyoti policy calculator explains a different older plan with fixed additions, also for checking existing policies.
Three lakh cover and the final payment
For three lakh rupees of cover over twenty years, premiums run for twelve years. The remaining eight years do not require further base premiums once all scheduled premiums have been paid. At maturity on survival, the base amount is three lakh rupees; do not add a yearly bonus to this example.
FAQ
Q: Can I take two Jeevan Azad policies to exceed five lakh cover?
A: The stated highest basic cover is five lakh rupees per life under the plan, so separate policies do not remove that limit.
Q: Does three lakh cover guarantee that no health checks are needed?
A: No blanket promise should be made. Acceptance and any required health information depend on LIC rules and the individual application, not just the cover amount.
Q: How many premiums belong to a fifteen year Azad policy?
A: The paying period is seven years. The remaining eight years complete the term after scheduled base premiums finish, subject to the contract conditions.