LIC Jeevan Raksha Plan 894 Calculator: Term Insurance Premium, Cover and Features

What is LIC Jeevan Raksha Plan 894?

LIC Jeevan Raksha (Plan 894) is a new non-linked, non-participating pure term plan. It pays your nominee a fixed sum if you die during the policy term. It does not pay bonuses or a maturity amount, which keeps the premium low. LIC announced the plan around its 70th anniversary on 1 September 2026, and sales started on 7 September 2026.

The cover band is deliberately narrow: ₹5 lakh to ₹24 lakh. That makes Jeevan Raksha a simple term plan for families who want basic protection from an LIC policy, rather than a ₹1 crore-plus term plan. It is sold through agents and also online on LIC’s website.

Jeevan Raksha 894 at a glance

Feature	Details
Plan number / UIN	894 / 512N368V01
Plan type	Non-linked, non-par, pure term assurance
Sales start	7 September 2026
Sum assured	₹5,00,000 to ₹24,00,000
Maturity benefit	None
Death benefit	Higher of basic sum assured or 7× annual premium (at least 105% of premiums paid)
Special rates	Lower rates for women
Policy term	15 to 42 years, cover ending by age 60
Premium payment	Regular, limited (10 or 15 years) or single
Premium modes	Yearly, half-yearly
Channel	Agents and online (online is 7.5% cheaper)
GST	Nil from 22 September 2025

Eligibility

Parameter	Minimum	Maximum
Entry age (last birthday)	18 years	45 years
Age at end of cover	33 years	60 years
Policy term: regular, single or 10-year pay	15 years	42 years
Policy term: 15-year pay	20 years	42 years
Sum assured	₹5 lakh	₹24 lakh (all policies under this plan)
Instalment premium	₹2,000	–

Sum assured goes in steps of ₹50,000 up to ₹7 lakh and ₹1 lakh above that. These limits are from LIC’s sales brochure.

How the premium is calculated

The calculator follows the sample premiums in LIC’s Jeevan Raksha sales brochure: ₹5 lakh of cover for a non-smoking man, 20-year term, at ages 20, 30 and 40, for regular, limited (15 or 10 years) and single premium. For example, LIC quotes ₹2,730 a year at age 30, and the calculator gives exactly that. It then:

1. interpolates between those ages and adjusts for your term, since longer cover runs into older ages;
2. scales to your sum assured and deducts LIC’s high sum assured rebate: for regular or limited pay, 5%, 10%, 15% or 18% from ₹7, 10, 15 or 20 lakh up to age 30, and 3%, 6%, 10% or 14% at 31–45 (slightly lower for single premium);
3. deducts LIC’s online rebate of 7.5% (3% for single premium) if you buy online without an agent;
4. adds 2% for half-yearly payment;
5. adds no GST, as term premiums are GST-exempt from 22 September 2025.

Women (about 10% less) and smokers (about 20% more) are our estimates: LIC has separate rates for them but publishes samples only for non-smoking men.

Worked examples from the calculator:

• 30-year-old man, non-smoker, ₹10 lakh for 20 years: ₹4,914 a year, or ₹2,506 every six months. Online it is about ₹4,505.
• 30-year-old woman, same cover and term: ₹4,423 a year. Total paid over 20 years is ₹88,460.
• Same man paying for only 10 years: ₹6,885 a year; or a single premium of ₹43,325.
• 35-year-old man who smokes, the maximum ₹24 lakh for 25 years: ₹19,703 a year, ₹4,92,575 over the term.

The premium chart below the calculator shows a non-smoking man with ₹10 lakh cover. A 40-year-old pays about ₹8,338 for 20 years, and a 45-year-old about ₹9,216 for 15 years (the longest term at 45, as cover must end by 60). Premiums climb quickly after 30, so buying early locks in a much lower rate for the whole term.

Tip: premiums in a term plan stay level for the full term. If you need cover until 60, a 30-year term bought at 30 costs ₹6,368 a year in our chart, about ₹1,450 more than 20 years, and it protects you through your 50s.

Death benefit

If the life assured dies during the term, LIC pays the nominee the higher of the basic sum assured or 7 times the annual premium, and never less than 105% of the premiums paid (for single premium, the higher of the sum assured or 125% of the premium), plus any rider benefit. Premiums are not returned on survival.

Who should consider Jeevan Raksha?

• First-time buyers who want a straightforward LIC term plan, through an agent or online.
• Women, who get lower rates, including homemakers who can obtain cover within the plan’s limits.
• People with an endowment or money back policy who want to add pure protection cheaply.
• Smaller-town families who prefer offline purchase and branch service.

Who should look elsewhere?

If your family needs ₹50 lakh or ₹1 crore of cover, the ₹24 lakh ceiling is too low. Compare New Tech Term 954 (online) or Yuva Term 875 (offline, entry age 18 to 45). New Jeevan Amar 955, LIC’s earlier offline plan for large covers, has been withdrawn. A general term plan calculator is useful for sizing the cover you need, often 10 to 15 times your yearly income.

Tax benefits

Premiums qualify for deduction under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) in the old tax regime. The death benefit paid to the nominee is exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)).

Jeevan Raksha vs other LIC term plans

Plan	Channel	Cover band	Best for
Jeevan Raksha 894	Agent / branch or online	₹5 lakh – ₹24 lakh	Basic cover, women, top-ups
Yuva Term 875	Agent / branch	Higher covers	Large offline term cover, entry up to 45
New Tech Term 954	Online	Higher covers	Large online term cover

How to use this calculator

Pick gender, age, term, cover, smoking status, payment option, mode and channel. The results panel shows your yearly premium, the half-yearly instalment if chosen, the effective monthly cost, the total premium over the term, and the age at which cover ends. Figures are estimates. Your final premium depends on LIC’s rate table, medical underwriting and occupation.