LIC New Bima Kiran Plan 150 Calculator: Premium, Refund of Premiums and Benefits

What is LIC New Bima Kiran?

LIC New Bima Kiran (Plan 150, UIN 512N207V01) is a premium-back term assurance plan. It works like a term policy with a refund:

• if the policyholder dies during the term, the family gets the sum assured;
• if the policyholder survives, LIC returns the premiums paid.

It is a non-linked, non-participating plan, so there are no yearly bonuses, only a possible loyalty addition at LIC’s discretion. The plan has been withdrawn, and this page is written for people who still hold it. New buyers who want the same idea today can compare LIC Jeevan Kiran 870, LIC’s current term plan with return of premium.

New Bima Kiran at a glance

Feature	Details
Plan number / UIN	150 / 512N207V01
Plan type	Premium-back term assurance, non-participating
Minimum sum assured	₹1,00,000
Premium modes	Yearly, half-yearly, quarterly
Maturity benefit	Total premiums paid (excluding extra premiums)
Death benefit	Sum assured + loyalty addition, if any
Accident benefit	In-built, extra cover up to ₹5 lakh
Surrender	After 3 years
Status	Withdrawn, existing policies continue

Eligibility and the limits used here

Published summaries of this plan disagree on entry ages and terms. The calculator follows the old rate sheet, which covers entry ages 18 to 50, terms of 10 to 30 years and a maximum age of 60 at maturity. Some summaries instead quote a fixed 25-year term with entry at 35 to 60. Your policy bond shows what applies to you.

How the premium is calculated

LIC priced New Bima Kiran as a rate per ₹1,000 of sum assured, based on age and term. Longer terms cost less a year because the refund is spread over more years. The calculator:

1. reads the rate for your age and term, interpolating between the rows of the rate sheet;
2. multiplies it by the sum assured ÷ 1,000;
3. applies the mode factor (51% of the yearly premium per half-year, 26% per quarter).

Worked example: a 30-year-old takes ₹5 lakh cover for 20 years. The yearly premium is ₹6,200, and after 20 years LIC returns ₹1,24,000. On ₹10 lakh the same age and term cost ₹12,400 a year. A 40-year-old with ₹10 lakh for 15 years paying half-yearly pays ₹8,364 per instalment, and receives ₹2,50,920 at maturity.

Tip: the refund is the premium itself, with no interest. Think of the plan as life cover whose cost comes back to you later, not as an investment.

Death, accident and extended cover

• Death during the term: the nominee receives the basic sum assured plus any loyalty addition. Loyalty additions are not paid on deaths in the first few policy years.
• Accident benefit: an extra amount of up to ₹5 lakh on accidental death or total permanent disability. The calculator assumes it equals the sum assured within that cap.
• Extended cover: the rate sheet shows cover continuing for 10 years after maturity, at a share of the sum assured (for example 40% on a 20-year policy, which is ₹2 lakh on ₹5 lakh cover).

Surrender, loan and tax

The policy gains a surrender value after three full years. The guaranteed surrender value is at least 30% of the basic premiums paid, excluding the first year’s premium. Surrendering early usually gives back much less than you paid, so try our surrender value calculator before you decide.

Premiums qualify for Section 123 of the Income-tax Act, 2025 (earlier Section 80C) deduction under the old tax regime. The maturity refund and the death claim are generally tax-free under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)). Before 22 September 2025 LIC also collected GST on the premium; that no longer applies.

Who holds this plan and what to do next

If you have a running New Bima Kiran policy, keep paying: stopping in the early years costs you most of the refund. If you only need cover, a plain term plan costs far less. Our term plan calculator shows what the same cover would cost without the refund.