LIC Jeevan Azad Calculator: Premium and Maturity Benefits in Seconds

1. Introduction

The LIC Jeevan Azad calculator stands out as a robust online resource that computes your insurance premiums and maturity payouts almost instantly. This limited premium payment endowment option delivers straightforward life coverage alongside assured returns upon maturity. Through this lic jeevan azad calculator, users gain swift and precise figures without stepping into LIC branches or waiting on agents. Simply input details such as age, sum assured, and policy duration, and you receive full clarity on premiums, maturity sums, and death safeguards.

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2. About the Plan - Key Details

Plan Overview: Non-Par, Non-Linked, Life, Individual, Savings Plan. Plan Code: 868. UIN: 512N356V02.

Eligibility Criteria: Minimum entry age: 18 years. Maximum: 50 years (Age Nearer Birthday).

Policy Term Options: 15 to 20 years.

Premium Payment: Limited Premium Payment (Policy Term minus 8 years).

Sum Assured: Minimum ₹2,00,000. Maximum ₹5,00,000.

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3. Key Features & Benefits

Maturity Benefits: You get the Basic Sum Assured when your policy matures. This plan does not offer bonuses. You receive a fixed lump sum payment.

Death Benefits: Your nominee gets the higher amount between Basic Sum Assured OR 7 times your Annualized Premium. Minimum guarantee: 105% of all premiums you paid.

Premium Payment Structure: 15-year term: You pay premiums for only 7 years. 20-year term: You pay premiums for only 12 years. This reduces your financial burden over time.

Tax Benefits: Claim deductions on premiums under Section 80C. Your maturity proceeds are exempt under Section 10(10D).

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4. How to Use the Calculator

Step 1: Enter Date of Birth

Tap the "Date of Birth" area. A calendar appears. Select your exact birth date. The calculator computes your insurance age using LIC's "Nearer Birthday" rule.

Step 2: Enter Sum Assured

Type your desired coverage amount in the "Sum Assured (₹)" field. Minimum amount: ₹2,00,000. Maximum amount: ₹5,00,000.

Step 3: Select Policy Term

Time to pick how long the policy stays active. Two clear choices: fifteen or twenty years. Remember, the real kicker is the paying term gets cut.

Step 4: Choose Premium Mode

This decision changes more than just reminders on your calendar. Go annual for the most competitive rate, but if cash flow is tight, maybe monthly fits better.

Step 5: Click Calculate

Once everything feels good, the bold "Calculate" button pulls up your numbers. The breakdown tells you annual premium and maturity assured.