LIC Jeevan Kiran Plan 870 Calculator: Premium, Return of Premium and Death Benefit

What is LIC Jeevan Kiran Plan 870?

LIC Jeevan Kiran (Plan 870, UIN 512N353V01) is a term insurance plan with a twist: if you are alive at the end of the term, LIC gives back every rupee of basic premium you paid. It is a non-linked, non-participating, individual savings-cum-protection plan, launched on 27 July 2023.

In a regular term plan, a policyholder who survives the term gets nothing back. Jeevan Kiran removes that “wasted premium” feeling, but the refund is not free. You pay a noticeably higher premium, and the refund carries no interest.

Our sources show the plan has since been withdrawn from new sales, though they disagree on the exact date, so we do not quote one. If you already hold a Jeevan Kiran policy, it runs as normal until maturity or claim, and the calculator above shows what you pay and what comes back.

Jeevan Kiran 870 at a glance

Feature	Details
Plan number / UIN	870 / 512N353V01
Plan type	Term plan with return of premium
Entry age	18 to 65 years
Policy term	10 to 40 years
Maximum maturity age	80 years
Minimum sum assured	₹15,00,000 (no upper limit)
Premium rates	Separate rates for smokers and non-smokers
Maturity benefit	Total premiums paid (no bonus, no interest)
Premium modes	Yearly, half-yearly, quarterly, monthly

How the Jeevan Kiran premium is calculated

The calculator uses a rate chart for ₹20 lakh cover by age and term, then:

1. scales it to your sum assured;
2. adds a 25% loading for smokers;
3. deducts a high sum assured rebate for covers of ₹50 lakh and above (the rebate is bigger for younger buyers and bigger covers);
4. converts the yearly figure into your chosen instalment.

There is no GST on the result. Individual life insurance premiums became GST-exempt from 22 September 2025. Before that date, term plans like Jeevan Kiran carried 18% GST, so old premium receipts will show a higher total.

Worked examples from the calculator:

• A 30-year-old non-smoker, ₹20 lakh cover, 20 years: ₹12,080 a year. Total paid and returned at maturity: ₹2,41,600.
• The same person as a smoker: ₹15,100 a year.
• Paying monthly instead: ₹1,027 a month, a total of ₹2,46,480 over 20 years, all of which comes back at maturity.
• A 35-year-old non-smoker taking ₹50 lakh for 25 years: ₹36,311 a year after a rebate of ₹4,952. Refund at maturity: ₹9,07,775.

Tip: the premium chart shows that a 20 or 30-year term costs far less per year than a 10-year term at the same age, because the refund is spread over more years.

Maturity benefit: return of premium

If the life assured survives the term, LIC pays the total premiums paid. Extra premiums charged for health reasons, rider premiums and taxes are not refunded. There is no bonus because the plan is non-participating.

Remember that money loses value over time. ₹2.4 lakh returned after 20 years buys much less than ₹2.4 lakh today. Look at the refund as a way to get back what you spent on cover, not as an investment return.

Death benefit

If the insured person dies during the term, the nominee receives the sum assured on death, which is the highest of:

• the basic sum assured,
• 7 times the annualised premium, or
• 105% of all premiums paid up to the date of death.

For a ₹20 lakh policy the nominee gets ₹20 lakh. The policy then ends and there is no separate refund of premiums.

Tax benefits

Premiums qualify under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) in the old tax regime. The death claim is tax-free. The maturity refund is generally exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)) when the premium stays within the prescribed share of the sum assured.

Who does Jeevan Kiran suit?

It suits people who want life cover but dislike the idea of a term plan that pays nothing on survival. It is less efficient for those who want the most cover for each rupee. A pure term plan plus a separate investment of the saved premium often leaves you with more money at the end. Compare both with our term plan calculator.

Jeevan Kiran vs LIC’s plain term plans

LIC’s online New Tech Term 954 offers pure cover at a lower premium but refunds nothing. Offline buyers can look at Yuva Term 875. Jeevan Kiran sits between term and savings: higher premium, full refund, no growth. To see what your own premiums would earn if invested elsewhere, try the return calculator.

How to use this calculator

1. Choose smoker or non-smoker.
2. Enter your age and policy term. Age plus term cannot exceed 80.
3. Enter the sum assured (₹15 lakh or more).
4. Select the premium mode.
5. Read the yearly premium, the refund at maturity and the death cover. These are estimates, and your actual policy schedule is final.