LIC Bima Ratna 764 (UIN 512N345V02) is a non-participating money back plan with guaranteed additions, relaunched in October 2024 and withdrawn for new sales in FY 2025-26; existing policies continue as normal. Terms are 15, 20 or 25 years, with premiums for 4 years less. It pays 25% of the sum assured in each of the last two years before maturity, then 50% plus guaranteed additions. For ₹10 lakh over 20 years at age 30, the premium is about ₹70,781 a year. New buyers can look at New Money Back 720 or, for women, Bima Lakshmi 881.
Bima Ratna 764 Premium & Money Back Calculator
Your estimate
money back + maturity, all guaranteed
- Premium per instalment
- ₹70,781
- Premium paying term
- 16 years
- Total premium paid
- ₹11,32,496
- Survival benefits (money back)25% each at end of years 18 and 19
- ₹5,00,000
- Guaranteed additions
- ₹11,25,000
- Estimated maturity amount50% of sum assured + guaranteed additions
- ₹16,25,000
- Sum assured on deathplus guaranteed additions accrued; at least 105% of premiums paid
- ₹12,50,000
- Age at maturity
- 50 years
- Total premium paid₹11,32,49653%
- Net gain₹9,92,50447%
Year-wise premiums, guaranteed additions and payouts
| Year | Premium paid | Guaranteed additions (total) | Payout |
|---|---|---|---|
| 1 | ₹70,781 | ₹50,000 | ₹0 |
| 2 | ₹70,781 | ₹1,00,000 | ₹0 |
| 3 | ₹70,781 | ₹1,50,000 | ₹0 |
| 4 | ₹70,781 | ₹2,00,000 | ₹0 |
| 5 | ₹70,781 | ₹2,50,000 | ₹0 |
| 6 | ₹70,781 | ₹3,05,000 | ₹0 |
| 7 | ₹70,781 | ₹3,60,000 | ₹0 |
| 8 | ₹70,781 | ₹4,15,000 | ₹0 |
| 9 | ₹70,781 | ₹4,70,000 | ₹0 |
| 10 | ₹70,781 | ₹5,25,000 | ₹0 |
| 11 | ₹70,781 | ₹5,85,000 | ₹0 |
| 12 | ₹70,781 | ₹6,45,000 | ₹0 |
| 13 | ₹70,781 | ₹7,05,000 | ₹0 |
| 14 | ₹70,781 | ₹7,65,000 | ₹0 |
| 15 | ₹70,781 | ₹8,25,000 | ₹0 |
| 16 | ₹70,781 | ₹8,85,000 | ₹0 |
| 17 | ₹0 | ₹9,45,000 | ₹0 |
| 18 | ₹0 | ₹10,05,000 | ₹2,50,000 |
| 19 | ₹0 | ₹10,65,000 | ₹2,50,000 |
| 20 | ₹0 | ₹11,25,000 | ₹16,25,000 |
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 Bima Ratna Plan 764?
LIC Bima Ratna (Plan 764) is a guaranteed-return money back policy. It is non-linked and non-participating, so there are no bonuses and no market link. Instead, every benefit is fixed on day one: guaranteed additions build up each year, you get two money back instalments near the end, and the rest is paid at maturity.
Plan 764 (UIN 512N345V02) is the October 2024 relaunch of Bima Ratna Plan 864, which LIC first introduced in May 2022. The benefit design carried over; the new version was filed under IRDAI’s revised product rules. LIC withdrew plan 764 for new sales in FY 2025-26. Existing policies continue as normal, and this calculator is still useful for checking them. New buyers can look at New Money Back Plan 720 or, for women, Bima Lakshmi 881.
Bima Ratna 764 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 764 / 512N345V02 |
| Plan type | Non-linked, non-participating money back savings plan |
| Policy term | 15, 20 or 25 years |
| Premium paying term | 11, 16 or 21 years (term minus 4) |
| Minimum sum assured | ₹5,00,000, in multiples of ₹25,000 |
| Money back | 25% of sum assured at end of years T−2 and T−1 |
| Maturity | 50% of sum assured + guaranteed additions |
| Guaranteed additions | ₹50 / ₹55 / ₹60 per ₹1,000 a year |
| Premium modes | Yearly, half-yearly, quarterly, monthly |
| Loan and surrender | After two full years’ premiums |
| Status | Withdrawn for new sales (FY 2025-26); existing policies continue |
Eligibility
| Policy term | Premium paying term | Entry age | Max entry age |
|---|---|---|---|
| 15 years | 11 years | 5 years | 55 years |
| 20 years | 16 years | 90 days | 50 years |
| 25 years | 21 years | 90 days | 45 years |
Maximum age at maturity is 70. For children, the plan could be taken on the child’s life by a parent, so the money back instalments can line up with college or other fixed expenses.
How the Bima Ratna 764 premium is calculated
The premium follows LIC’s tabular rate per ₹1,000 of sum assured, which depends on age and term. On top of that, two rebates apply:
- High sum assured rebate: ₹0.70 per ₹1,000 for covers of ₹10 lakh or more, ₹1.00 from ₹15 lakh and ₹1.25 from ₹20 lakh.
- Mode rebate: 2% of the tabular premium for yearly mode and 1% for half-yearly.
Quarterly and monthly instalments are a fixed share of the yearly premium (26% and 8.7%). No GST applies: individual life insurance premiums are GST-exempt from 22 September 2025. Before that date, LIC charged 4.5% GST in year one and 2.25% after.
Worked example. A 30-year-old chooses ₹10 lakh basic sum assured for 20 years on yearly mode. The premium is ₹70,781 a year for 16 years, or ₹11,32,496 in total. The payouts are:
- ₹2,50,000 at the end of year 18 and again at the end of year 19;
- ₹16,25,000 at maturity (₹5 lakh plus ₹11,25,000 of guaranteed additions).
That is ₹21,25,000 in total returns against ₹11.32 lakh paid, all of it guaranteed.
A smaller example: a 35-year-old picks ₹5 lakh for 15 years and pays monthly. The yearly premium works out to ₹53,790, so each monthly instalment is ₹4,680. Over 11 years, the premiums total ₹6,17,760, and the plan returns ₹9,12,500.
Tip: the 25-year term has the lowest yearly premium for the same cover (about ₹53,014 at age 30 for ₹10 lakh). It also earns the most guaranteed additions, because more years are credited at the ₹60 rate.
Guaranteed additions
Guaranteed additions are added at the end of each policy year while premiums are paid up:
| Policy years | Addition per ₹1,000 sum assured |
|---|---|
| 1 to 5 | ₹50 |
| 6 to 10 | ₹55 |
| 11 to maturity | ₹60 |
They are paid with the maturity amount, or with the death claim. If the policy becomes paid-up, additions stop being credited from then on.
Maturity benefit
At the end of the term, LIC pays 50% of the basic sum assured plus all guaranteed additions accrued. The other 50% has already come to you as the two money back instalments.
Death benefit
If the life assured dies during the term, the nominee receives:
- sum assured on death, the higher of 125% of the basic sum assured or 7 times the annualised premium, plus
- guaranteed additions accrued up to the date of death.
The death benefit is never less than 105% of premiums paid. Money back instalments already paid are not deducted. For ₹10 lakh cover, the sum assured on death is ₹12,50,000 before additions.
Loan, surrender and paid-up value
After two full years’ premiums, the policy gains a surrender value and you can take a loan against it. If you stop paying after that point, the policy continues as paid-up with reduced benefits. Our surrender value calculator shows how LIC works out these values. Optional riders (accident benefit, term rider and others) could be added at extra cost when the policy was bought.
Tax benefits
Premiums qualify for deduction under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) in the old tax regime. Money back and maturity amounts are generally tax-free under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)), subject to the premium-to-sum-assured condition and, for policies issued from April 2023, the ₹5 lakh limit on total annual premium. Death claims are exempt.
Who was Bima Ratna 764 suited to?
It suited people who:
- want fully guaranteed returns and do not want to depend on bonus declarations;
- need cash at known dates, for example a child’s higher education in years 18 to 20;
- prefer to stop paying four years before the payouts begin.
It is not a high-return product, and its life cover is modest for the premium. If protection is the main goal, pair it with a term plan. For bonus-based money back options, compare it with New Money Back Plan 720, or use the general money back policy calculator. As 764 is no longer sold, women buyers who want guaranteed additions can also look at Bima Lakshmi 881.
Bima Ratna 764 vs Bima Ratna 864
| Plan 864 | Plan 764 | |
|---|---|---|
| Launched | 27 May 2022 | October 2024 (relaunch) |
| Status | Withdrawn for new sales | Withdrawn for new sales (FY 2025-26) |
| Terms and PPT | 15/20/25 years, PPT term − 4 | Same |
| Money back and maturity | 25% + 25% + 50% with guaranteed additions | Same |
| Rules | Pre-2024 product rules | IRDAI 2024 product rules (new UIN) |
If you already hold Plan 864 or Plan 764, nothing changes for your policy.
How to use this calculator
- Choose the policy term first; the age limits update to match.
- Enter the age at entry and the basic sum assured.
- Select the premium mode.
- Read the premium, premium paying term, total returns and death cover.
- Scroll to the year-wise table to see when each payout arrives. All figures are estimates.
Frequently asked questions
What is LIC Bima Ratna Plan 764?
It is a non-linked, non-participating, individual savings plan with money back features. All benefits are guaranteed: guaranteed additions every year, 25% of the sum assured in each of the last two policy years before maturity, and 50% of the sum assured plus all guaranteed additions at maturity.
How is Bima Ratna 764 different from Bima Ratna 864?
Plan 764 is the October 2024 relaunch of Plan 864, which LIC first launched in May 2022. The benefit structure is the same. The relaunch came with a new UIN under IRDAI's revised product rules, which also changed surrender value terms. Both versions are now closed to new buyers: 764 was withdrawn in FY 2025-26.
What is the premium for ₹10 lakh in Bima Ratna 764?
Our calculator shows about ₹70,781 a year for a 30-year-old on a 20-year term, paid for 16 years. The same cover costs about ₹53,014 a year on a 25-year term (21 years of payment) and about ₹1,02,808 on a 15-year term (11 years). No GST is added.
What are the guaranteed additions in Bima Ratna?
Guaranteed additions are credited at the end of every policy year while the policy is in force: ₹50 per ₹1,000 sum assured for years 1 to 5, ₹55 for years 6 to 10, and ₹60 from year 11 to maturity. On ₹10 lakh over 20 years, they total ₹11,25,000.
When are the money back payments made?
25% of the basic sum assured is paid at the end of the policy year two years before maturity, and another 25% at the end of the year just before maturity. On a 20-year policy, that is at the end of years 18 and 19. The remaining 50% comes at maturity with the guaranteed additions.
What is the death benefit in Bima Ratna 764?
The nominee receives the sum assured on death plus guaranteed additions accrued so far. Sum assured on death is the higher of 125% of the basic sum assured or 7 times the annualised premium. The total is never less than 105% of premiums paid up to the date of death.
Who could buy Bima Ratna 764?
Entry age was from 5 years for the 15-year term and from 90 days for the 20 and 25-year terms. Maximum entry age was 55, 50 and 45 years respectively, so that the policy matures by age 70. Minimum sum assured was ₹5 lakh with no fixed upper limit. The plan is no longer sold.
Is LIC Bima Ratna 764 still available?
No. LIC withdrew Bima Ratna 764 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 additions, money back instalments, maturity and death benefit. New buyers can look at New Money Back 720 (with bonuses) or, for women, Bima Lakshmi 881 (with guaranteed additions).
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.