LIC Bima Ratna 864 is a non-participating money back plan launched on 27 May 2022 and replaced by Plan 764 in October 2024. It pays 25% of the sum assured in each of the two years before maturity, then 50% plus guaranteed additions. For ₹5 lakh over 15 years at age 35, we estimate a premium of about ₹52,714 a year and total guaranteed returns of ₹9,12,500.
Bima Ratna 864 Money Back & Maturity 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 864?
LIC Bima Ratna (Plan 864) is a guaranteed money back policy that LIC launched on 27 May 2022. It is non-linked and non-participating: there are no bonuses, but every benefit is fixed in advance. In October 2024, LIC replaced it with Bima Ratna Plan 764, which keeps the same design under IRDAI’s revised product rules.
If you bought Plan 864 between 2022 and 2024, your policy carries on exactly as issued. This page and the calculator are meant to help you see what you will receive and when.
Bima Ratna 864 at a glance
| Feature | Details |
|---|---|
| Plan number | 864 |
| Plan type | Non-linked, non-participating money back plan |
| Launched | 27 May 2022 |
| Replaced by | Plan 764 (October 2024) |
| Policy term | 15, 20 or 25 years |
| Premium paying term | Term minus 4 years |
| Entry age | 5 to 55 (15 years), 90 days to 50 (20 years), 90 days to 45 (25 years) |
| Maximum maturity age | 70 years |
| Minimum sum assured | ₹5,00,000 |
| Money back | 25% at end of years T−2 and T−1 |
| Maturity | 50% of sum assured + guaranteed additions |
Premium estimate
The old Plan 864 calculator on the source site used terms and rates that do not match the plan’s own rules. We have not found a published 864 rate chart, so the premium here uses the Bima Ratna 764 rate chart, which covers the same benefit structure. Treat the premium as an estimate and check it against your policy document. Your payouts, however, depend only on the sum assured and term, so those figures are exact.
Example 1. A 35-year-old has ₹5 lakh for 15 years on yearly mode. The estimated premium is ₹52,714 a year for 11 years, or ₹5,79,854 in total. The policy pays ₹1,25,000 at the end of year 13, ₹1,25,000 at the end of year 14 and ₹6,62,500 at maturity, a total of ₹9,12,500.
Example 2. A 30-year-old has ₹10 lakh for 25 years. The estimated premium is ₹53,014 a year for 21 years (₹11,13,294 in all). Guaranteed additions reach ₹14,25,000, so maturity is ₹19,25,000, and total returns including money back come to ₹24,25,000.
No GST is added; individual life insurance premiums are GST-exempt from 22 September 2025. Policies bought earlier paid 4.5% GST in the first year and 2.25% after.
Tip: the money back instalments arrive two and one year before maturity. If you are saving for a child’s admission, match the policy term so that year T−2 falls in the admission year.
Guaranteed additions
Additions are credited at the end of each policy year while the policy is in force: ₹50 per ₹1,000 sum assured in years 1 to 5, ₹55 in years 6 to 10 and ₹60 from year 11 onwards. They are paid out with the maturity or death claim.
Death benefit
On death during the term, the nominee receives the sum assured on death (the higher of 125% of the basic sum assured or 7 times the annualised premium) plus guaranteed additions accrued so far. It is never less than 105% of premiums paid. For ₹5 lakh cover, the sum assured on death is ₹6,25,000 before additions.
Loan, surrender and paid-up
After two full years’ premiums, the policy acquires a surrender value, and loans are allowed. If you stop paying after that, it continues as paid-up. The surrender value calculator explains how these values are worked out.
Tax benefits
Premiums qualify under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) (old 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 the ₹5 lakh annual premium limit for policies issued from April 2023. Death claims are exempt.
Plan 864 vs Plan 764
The two versions share the same terms, premium paying terms, money back pattern and guaranteed addition rates. Plan 764 was filed under IRDAI’s 2024 product rules with a new UIN, which also brought revised surrender value terms. Plan 764 has since been withdrawn as well, so neither version is open to new buyers. For a current, bonus-based alternative, see New Money Back Plan 720 or the money back policy calculator.
How to use this calculator
- Pick the policy term, then enter the entry age.
- Enter the basic sum assured and the premium mode.
- Read the premium estimate, total returns and death cover.
- Use the year-wise table to see the exact payout years. All figures are estimates.
Frequently asked questions
Can I still buy LIC Bima Ratna 864?
No. LIC replaced Plan 864 with Bima Ratna Plan 764 in October 2024. Existing 864 policies continue unchanged until maturity or claim. Plan 764 has since been withdrawn too, so new buyers looking for a money back plan can consider New Money Back Plan 720 or 721.
How much will my Bima Ratna 864 policy pay at maturity?
Maturity pays 50% of the basic sum assured plus all guaranteed additions. For ₹5 lakh over 15 years, additions total ₹4,12,500, so maturity is ₹6,62,500. Add the two ₹1,25,000 money back instalments and the total is ₹9,12,500.
When do I get money back in Bima Ratna 864?
25% of the basic sum assured comes at the end of the policy year two years before maturity and 25% at the end of the following year. For a 15-year policy that is years 13 and 14; for 20 years, 18 and 19; for 25 years, 23 and 24.
What is the premium paying term in Plan 864?
You pay for four years less than the policy term: 11 years on a 15-year policy, 16 years on a 20-year policy and 21 years on a 25-year policy.
Are Bima Ratna 864 returns guaranteed?
Yes. The plan is non-participating, so it has no bonuses. The money back instalments, guaranteed additions and maturity amount are all fixed at the start, as long as premiums are paid on time.
What happens if I stop paying my Bima Ratna 864 premiums?
If at least two full years' premiums are paid, the policy becomes paid-up with reduced benefits and keeps the guaranteed additions already credited. You can also surrender it or take a loan. Before two years, the policy lapses without value unless revived.
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.