LIC New Jeevan Amar Plan 955 Calculator: Premium, Cover Options and Premium Chart

What is LIC New Jeevan Amar Plan 955?

LIC New Jeevan Amar (Plan No. 955) is a non-linked, non-participating pure term insurance plan that was sold through LIC agents and branches until LIC withdrew it for new sales in FY 2026-27. Existing policies continue as normal. You pay a modest premium, and if you die during the policy term, your nominee receives a large sum. If you outlive the term, the policy simply ends. There is no maturity or survival benefit and no bonus.

Plan 955 replaced the earlier Jeevan Amar 855. It was LIC’s main offline term product for people who wanted high life cover backed by LIC and preferred dealing with an agent rather than buying online. New buyers can now look at New Tech Term 954 online, or at Yuva Term 875 (entry 18 to 45) and Jeevan Raksha 894 (cover up to ₹24 lakh) through an agent.

New Jeevan Amar 955 at a glance

Feature	Details
Plan number	955
Plan type	Non-linked, non-participating pure term
Entry age	18 to 65 years
Maximum age at maturity	80 years
Policy term	10 to 40 years
Minimum sum assured	₹25,00,000 (no upper limit)
Death benefit options	Level or increasing sum assured
Premium payment	Regular, limited (term − 5 / term − 10) or single
Premium modes	Yearly, half-yearly, quarterly, monthly
Special rates	Women, non-smokers, high sum assured
Rider	Accident benefit rider (optional)
GST	Nil from 22 Sep 2025
Status	Withdrawn for new sales (FY 2026-27); existing policies continue

Eligibility

Condition	Minimum	Maximum
Age at entry	18 years	65 years
Age at end of term	—	80 years
Policy term	10 years	40 years
Limited premium term	Term − 5 years (term 10+)	Term − 10 years (term 15+)
Basic sum assured	₹25 lakh	No limit

How the premium is calculated

Term premiums are priced per ₹1,000 of cover. The calculator follows these steps:

1. Base rate for your age and term, for a male non-smoker with level cover.
2. Adjustments: lower rates for women, higher for smokers, higher for increasing cover.
3. Payment type: limited payment raises the yearly premium (about 16% for term − 5 and 35% for term − 10). Single premium is priced as one lump sum.
4. High sum assured rebate: a percentage off for covers of ₹50 lakh and ₹1 crore or more, larger for younger buyers.
5. Mode loading: half-yearly, quarterly and monthly instalments cost slightly more than paying yearly.

The rate table is calibrated to the published example for this plan: a 30-year-old man, ₹50 lakh, 20 years, pays about ₹7,830 a year. Our calculator gives ₹7,832.

Worked examples (male non-smoker unless stated, level cover, regular premium):

Profile	Cover and term	Yearly premium
Age 30	₹50 lakh, 20 years	₹7,832
Age 30	₹1 crore, 30 years	₹17,702
Age 30, woman	₹1 crore, 30 years	₹15,932
Age 30, smoker	₹1 crore, 30 years	₹26,553
Age 30, increasing cover	₹1 crore rising to ₹2 crore, 30 years	₹25,626
Age 40	₹1 crore, 25 years	₹32,033

Paying monthly, the 30-year-old’s ₹1 crore cover costs about ₹1,564 a month. With limited payment of term − 10 years, he would pay about ₹23,898 a year for 20 years instead of ₹17,702 for 30 years.

Tip: the ₹1 crore slab brings a much larger rebate than ₹50 lakh. At 30, doubling cover from ₹50 lakh to ₹1 crore on a 20-year term costs far less than double the premium. Check both before you decide.

Death benefit

If the life assured dies during the term, the nominee receives the sum assured on death. For regular and limited premium policies, this is the highest of:

• 7 times the annualised premium,
• 105% of all premiums paid up to the date of death, or
• the absolute cover for the year (level, or the stepped-up amount under increasing cover).

For single-premium policies, it is the higher of 125% of the single premium or the sum assured. Your nominee can take it as a lump sum or in instalments.

Maturity and other benefits

There is no maturity benefit. This is the point of a pure term plan: the full premium goes towards protection. There is also no loan or meaningful surrender value on regular-premium policies. You can add the accident benefit rider for extra cover on accidental death.

Tax benefits

Premiums are deductible under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) (old tax regime). The death benefit is tax-free in the nominee’s hands under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)). From 22 September 2025 there is no GST on premiums. Before that, 18% GST applied to term plans.

Who was New Jeevan Amar for?

It was a good fit for earning adults with dependants, a home loan or other large liabilities, particularly people who valued LIC’s brand and an agent’s help at claim time. As 955 is no longer sold, new buyers can compare New Tech Term 954, LIC’s online term plan, with Yuva Term 875 or Jeevan Raksha 894 if they prefer an agent. Private insurers often quote lower premiums too, so compare before buying.

Avoid it if you want money back at the end of the term. In that case you want an endowment plan, not term insurance, and it will cost several times more for the same cover.

New Jeevan Amar 955 vs Jeevan Amar 855

The structure carried over from Jeevan Amar 855: two cover options, three ways to pay, ₹25 lakh minimum and cover up to 80. In the plan data we used, 955 adds quarterly and monthly modes and a larger rebate for ₹1 crore and above (up to 25%). Its base rates were also revised. On our estimates, ₹1 crore at 30 for 30 years costs ₹17,702 under 955 against ₹12,480 under 855. Policies already issued under 855 keep their original premium.

How to use this calculator

1. Set gender, smoking status and age.
2. Enter the policy term and sum assured.
3. Pick level or increasing cover and the premium payment type.
4. Choose the mode. The results show the yearly premium, instalment, rebate, total outgo and cover. The chart below shows yearly premiums for ₹1 crore across ages and terms. To compare with other LIC term options, try the LIC term plan calculator.