LIC New Bima Jyoti 890 is a non-par, limited premium savings plan launched on 10 August 2026. You pick a 15 to 20-year term, pay premiums for five years less, and get the sum assured plus guaranteed additions at maturity. For a 30-year-old with ₹10 lakh cover and a 20-year term, LIC's brochure premium is ₹83,400 a year for 15 years, and the guaranteed maturity works out to ₹21,79,068.
New Bima Jyoti 890 Premium & Maturity Calculator
Your estimate
guaranteed: sum assured + additions
- Premium per instalment
- ₹83,400
- Premium paying term
- 15 years
- Total premium paid
- ₹12,51,000
- Guaranteed addition rateof total annual premiums paid so far, every year
- 7.25%
- Guaranteed additions
- ₹11,79,068
- Sum assured on deathplus guaranteed additions accrued
- ₹12,50,000
- Approx. return (IRR)
- 4.23%
- Age at maturity
- 50 years
- Total premium paid₹12,51,00057%
- Net gain₹9,28,06843%
Year-wise guaranteed benefits
| Policy year | Your age | Premium paid till then | Guaranteed additions accrued | Death benefit in that year |
|---|---|---|---|---|
| 1 | 31 years | ₹83,400 | ₹6,047 | ₹12,56,047 |
| 2 | 32 years | ₹1,66,800 | ₹18,140 | ₹12,68,140 |
| 3 | 33 years | ₹2,50,200 | ₹36,279 | ₹12,86,279 |
| 4 | 34 years | ₹3,33,600 | ₹60,465 | ₹13,10,465 |
| 5 | 35 years | ₹4,17,000 | ₹90,698 | ₹13,40,698 |
| 6 | 36 years | ₹5,00,400 | ₹1,26,977 | ₹13,76,977 |
| 7 | 37 years | ₹5,83,800 | ₹1,69,302 | ₹14,19,302 |
| 8 | 38 years | ₹6,67,200 | ₹2,17,674 | ₹14,67,674 |
| 9 | 39 years | ₹7,50,600 | ₹2,72,093 | ₹15,22,093 |
| 10 | 40 years | ₹8,34,000 | ₹3,32,558 | ₹15,82,558 |
| 11 | 41 years | ₹9,17,400 | ₹3,99,069 | ₹16,49,069 |
| 12 | 42 years | ₹10,00,800 | ₹4,71,627 | ₹17,21,627 |
| 13 | 43 years | ₹10,84,200 | ₹5,50,232 | ₹18,00,232 |
| 14 | 44 years | ₹11,67,600 | ₹6,34,883 | ₹18,84,883 |
| 15 | 45 years | ₹12,51,000 | ₹7,25,580 | ₹19,75,580 |
| 16 | 46 years | ₹12,51,000 | ₹8,16,278 | ₹20,66,278 |
| 17 | 47 years | ₹12,51,000 | ₹9,06,975 | ₹21,56,975 |
| 18 | 48 years | ₹12,51,000 | ₹9,97,673 | ₹22,47,673 |
| 19 | 49 years | ₹12,51,000 | ₹10,88,370 | ₹23,38,370 |
| 20 | 50 years | ₹12,51,000 | ₹11,79,068 | ₹24,29,068 |
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 New Bima Jyoti Plan 890?
LIC New Bima Jyoti Plan 890 is a guaranteed savings policy with life cover, sold by Life Insurance Corporation of India from 10 August 2026 (UIN 512N395V01). It is non-linked (no stock market exposure), non-participating (no bonuses) and limited premium: you pay for five years less than the policy runs.
What makes plan 890 different from the older Bima Jyoti versions is how the extra money is worked out. Bima Jyoti 860 and 760 add a flat ₹50 for every ₹1,000 of sum assured each year. New Bima Jyoti links its guaranteed additions to the premium you pay, with a higher rate for bigger policies and for direct online purchases.
New Bima Jyoti 890 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 890 / 512N395V01 |
| Launched | 10 August 2026 |
| Plan type | Non-par, non-linked, individual savings plan |
| Policy term | 15 to 20 years |
| Premium paying term | Policy term minus 5 years (10 to 15 years) |
| Entry age | 30 days to 60 years |
| Maturity age | 18 to 75 years (65 via POSP-LI / CPSC-SPV) |
| Minimum sum assured | ₹1,25,000, no fixed maximum |
| Guaranteed additions | 6% of total annualised premiums a year, plus incentives |
| Premium modes | Yearly, half-yearly; quarterly and monthly from ₹1.5 lakh cover |
Eligibility
| Policy term | Premium paying term | Maximum entry age |
|---|---|---|
| 15 years | 10 years | 60 years |
| 16 years | 11 years | 59 years |
| 17 years | 12 years | 58 years |
| 18 years | 13 years | 57 years |
| 19 years | 14 years | 56 years |
| 20 years | 15 years | 55 years |
Sum assured goes up in steps of ₹5,000 up to ₹2.75 lakh and in steps of ₹25,000 above that. For children under 8, full risk cover starts later; before that the death benefit is a refund of premiums.
How the premium is calculated
The calculator follows the sample illustrative premiums in LIC’s brochure for ₹10 lakh sum assured: ages 20, 30, 40 and 50 for 15, 18 and 20-year terms (for example ₹83,400 at age 30 for 20 years), plus LIC’s benefit illustration (₹84,700 at age 35). It reproduces every one of these exactly, interpolates in between and extends the trend for younger and older ages and for 16, 17 and 19-year terms. Age matters much less here than in a term plan, because most of your premium goes into savings. There is no premium rebate for a large cover; that incentive raises the addition rate instead. Then it applies LIC’s mode factors (0.509 half-yearly, 0.2568 quarterly, 0.0861 monthly). No GST is added, since individual life insurance premiums are GST-exempt from 22 September 2025.
Worked example: a 30-year-old picks ₹10 lakh sum assured and a 20-year term.
- Yearly premium: ₹83,400 for 15 years (₹12,51,000 in total)
- Monthly instalment: about ₹7,181, with no GST on top
- Guaranteed addition rate: 6% + 1.25% high-cover incentive = 7.25%
A shorter term costs more each year. A 30-year-old taking ₹5 lakh for 15 years pays about ₹61,425 a year for 10 years and gets ₹9,41,799 at maturity.
Tip: the high sum assured incentive jumps at ₹3 lakh, ₹5 lakh and ₹10 lakh. If you are just below one of these steps, check the maturity figure one step higher. The extra return can be worth more than the extra premium.
Guaranteed additions and incentives
Guaranteed additions (GA) are credited at the end of every policy year while premiums are up to date. The rate depends on your cover and how you buy:
| Premium paying term | ₹3 lakh–<5 lakh | ₹5 lakh–<10 lakh | ₹10 lakh+ | Online purchase |
|---|---|---|---|---|
| 10 to 14 years | +0.50% | +0.85% | +1.00% | +1.25% |
| 15 years | +0.75% | +1.10% | +1.25% | +1.50% |
Each year’s addition is the rate times the total annualised premiums paid up to that year. So in year 1 it is 7.25% of one year’s premium, in year 2 of two years’ premiums, and so on; after the paying term it stays level until maturity. This is exactly how LIC’s own benefit illustration builds up (₹6,140.75 in year 1 on a ₹84,700 premium).
Maturity benefit
At the end of the term you get the basic sum assured plus all accrued guaranteed additions, either as a lump sum or in instalments over 5, 10 or 15 years. In the ₹10 lakh, 20-year example the guaranteed additions come to ₹11,79,068 and the maturity value to ₹21,79,068, against ₹12,51,000 paid. That is a return of roughly 4.2% a year. Bought online (8.75% rate), the same policy pays ₹24,23,013, about 5% a year.
Death benefit
If the life assured dies during the term, 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, and the total is never below 105% of premiums paid. For the ₹10 lakh example that is ₹12,50,000 plus additions. The year-wise table in the calculator shows the amount for each year.
Loan, surrender and paid-up value
- Paid-up: stop after at least one full year’s premium and the policy stays alive with a reduced sum assured and future additions at the paid-up rate.
- Surrender: allowed after the first year. The guaranteed surrender value applies after two full years’ premiums. Early exits usually return less than you paid, so check with our surrender value calculator first.
- Loan: up to 50% of the surrender value in year two, and 80% once two full years’ premiums are paid (40% and 75% for paid-up policies).
- Riders: accidental death and disability, accident benefit, new term assurance, premium waiver and critical illness riders are available for an extra premium, except through POSP-LI/CPSC-SPV.
Tax benefits
Premiums qualify for deduction under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) in the old tax regime. Maturity proceeds are generally exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)) if the yearly premium stays within 10% of the sum assured and, for policies issued after April 2023, total premiums across such policies stay within ₹5 lakh a year. Because plan 890’s premium is high compared with its sum assured, check the 10% rule for your case.
Who should consider plan 890?
It suits savers who want a fixed, guaranteed lump sum for a goal 15 to 20 years away, such as a child’s higher education, and who like the discipline of a limited paying term. It is not a substitute for a term plan: ₹10 lakh of cover for ₹83,400 a year is expensive protection. If cover is the priority, compare with the term plan calculator.
New Bima Jyoti 890 vs Bima Jyoti 760
Both have 15 to 20-year terms, a paying term five years shorter and 125% death cover. The difference is the engine. Plan 760 adds ₹50 per ₹1,000 of sum assured a year, so for ₹10 lakh over 20 years a 30-year-old pays about ₹61,740 a year and gets ₹20 lakh. Plan 890 charges more (₹83,400) and pays ₹21,79,068 at maturity, so the extra maturity is modest for the higher premium. Use each calculator with the same inputs to compare.
How to use this calculator
- Enter age and choose the policy term.
- Type the sum assured or use the slider.
- Select the premium mode and, if relevant, the online purchase switch.
- Read the premium, guaranteed addition rate, maturity value and approximate return.
- Scroll to the year-wise table to see premiums paid, additions earned and the death benefit for each year. All figures are estimates and LIC’s quotation is final.
Frequently asked questions
When was LIC New Bima Jyoti Plan 890 launched?
LIC opened Plan 890 (UIN 512N395V01) for sale on 10 August 2026. It is a current plan with no withdrawal date announced. It follows the earlier Bima Jyoti 860 and 760 versions but works differently, because its guaranteed additions are linked to your premium rather than to the sum assured.
How are guaranteed additions calculated in New Bima Jyoti 890?
Each policy year LIC credits 6% of the total annualised premiums paid so far, so the additions grow as you keep paying. Covers of ₹3 lakh or more earn a higher rate (up to 7.25%), and direct online purchases add 1.25% to 1.5% more. For ₹10 lakh over 20 years at age 30, additions total ₹11,79,068.
What is the premium for ₹10 lakh in LIC plan 890?
For a 30-year-old choosing a 20-year term, LIC's brochure shows ₹83,400 a year for 15 years. No GST is added, because individual life policies are GST-exempt from 22 September 2025. Paid monthly, the instalment is about ₹7,181. A 15-year term costs more per year (about ₹1,22,850) because you pay for only 10 years.
Does New Bima Jyoti 890 pay any bonus?
No. It is a non-participating plan, so there is no reversionary or final bonus. Everything you receive is written into the policy: the basic sum assured plus the guaranteed additions. That makes the maturity amount predictable but also fixed.
What is the death benefit under plan 890?
The nominee gets the sum assured on death plus the guaranteed additions accrued till then. Sum assured on death is the higher of 125% of the basic sum assured or 7 times the annualised premium, and the payout is never below 105% of premiums paid.
Can I take a loan or surrender New Bima Jyoti 890?
Yes. After the first policy year, once a full year's premium is paid, you can take a loan of up to 50% of the surrender value, rising to 80% after two full years' premiums. Surrender is allowed on the same condition, but early surrender values are low.
What is the minimum and maximum entry age for plan 890?
Entry age is 30 days to 60 years, and you must be at least 18 and at most 75 at maturity. Through POSP-LI or CPSC-SPV the maximum maturity age is 65. A child as young as 3 can take the 15-year term; younger children need a longer term.
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.