LIC New Tech Term 954 is LIC's online pure term plan with cover from ₹50 lakh, entry age 18–65, terms of 10–40 years and maturity up to age 80. There is no maturity benefit. LIC's brochure quotes ₹9,135 a year for ₹1 crore of level cover for a 30-year-old male non-smoker over 20 years; our calculator estimates about ₹11,837 for a 30-year term, with no GST since September 2025.
New Tech Term 954 Premium Calculator
Your estimate
no GST on individual life policies from 22 Sep 2025
- Premium paying term
- 30 years
- Total premium paid
- ₹3,55,110
- High sum assured rebate
- 13%
- Cover till age
- 60 years
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 Tech Term Plan 954?
LIC New Tech Term Plan 954 is an online-only pure term insurance policy. It is non-linked and non-participating: you pay a premium, and if the life assured dies during the policy term, the nominee receives the sum assured. If the life assured survives the term, nothing is paid back. Because there is no savings component, a large cover costs relatively little.
The plan (UIN 512N351V02) replaced Tech Term Plan 854 in November 2022 and is open for new policies. It keeps the same broad design as 854 but uses separate rate tables for men and women and for smokers and non-smokers.
New Tech Term 954 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 954 / 512N351V02 |
| Plan type | Non-linked, non-participating pure term (online) |
| Entry age | 18 to 65 years |
| Maximum age at expiry | 80 years |
| Policy term | 10 to 40 years |
| Minimum sum assured | ₹50,00,000 (no upper limit) |
| Death benefit options | Level sum assured or increasing sum assured |
| Premium payment | Regular, limited (term − 5 or term − 10) or single |
| Maturity benefit | None |
| Free-look period | 30 days |
Eligibility conditions
| Condition | Minimum | Maximum |
|---|---|---|
| Age at entry | 18 years | 65 years |
| Age at end of cover | – | 80 years |
| Policy term | 10 years | 40 years |
| Sum assured | ₹50 lakh | No limit |
Sum assured goes in steps of ₹5 lakh up to ₹75 lakh and in steps of ₹25 lakh above that.
How the premium is calculated
The calculator follows the sample premiums published in LIC’s New Tech-Term sales brochure: ₹1 crore of cover for a male non-smoker, 20-year term, at ages 20, 30 and 40, for regular, limited and single premium and for both cover options. For example, LIC quotes ₹9,135 a year for a 30-year-old taking level cover, and the calculator gives exactly that. It then:
- interpolates between those ages and extends the trend beyond age 40;
- adjusts for policy term, because a longer cover carries you into higher-risk ages;
- converts to limited or single premium from LIC’s own limited and single samples;
- applies LIC’s high sum assured rebate, which depends on age: 13% (up to age 30), 11% (31–50) or 6% (51+) from ₹1 crore, and 22%, 17% or 9% from ₹2 crore (slightly lower for increasing cover);
- adds LIC’s 2% loading for half-yearly payment.
Women and smokers are estimates (about 10% less and 20% more), since LIC does not publish samples for them.
There is no GST to add. Individual life insurance premiums have been GST-exempt since 22 September 2025; before that, 18% was charged on term premiums.
Worked example. A 30-year-old male non-smoker wants ₹1 crore of level cover until age 60 (30-year term), paying yearly. The estimated premium is ₹11,837 a year, or about ₹3,55,110 over 30 years. If he pays half-yearly, each instalment is about ₹6,037. A woman aged 35 buying ₹50 lakh for 25 years pays about ₹7,473 a year.
Premium for ₹1 crore by age and term
Male, non-smoker, level cover, regular yearly premium (estimates):
| Age | 10 years | 20 years | 30 years | 40 years |
|---|---|---|---|---|
| 25 | ₹5,980 | ₹8,023 | ₹10,397 | ₹13,057 |
| 30 | ₹6,809 | ₹9,135 | ₹11,837 | ₹14,866 |
| 40 | ₹13,333 | ₹17,889 | ₹23,181 | – |
| 50 | ₹25,524 | ₹34,245 | – | – |
A dash means the cover would run past age 80. The full chart is below the calculator.
Tip: choose a term that covers your working years and loan tenure, usually until 60 or 65. Longer is not always better: cover to 80 costs much more, and most families need the money while children are dependent and loans are outstanding.
Level vs increasing cover
- Level sum assured: the payout stays the same throughout the term.
- Increasing sum assured: cover is flat for five years, then rises by 10% of the basic amount each year from year 6 to year 15, reaching twice the original. It stays at that level afterwards.
For our 30-year-old, increasing cover of ₹1 crore (rising to ₹2 crore) costs about ₹18,728 a year against ₹11,837 for level cover. It suits people who expect their family’s needs, or inflation, to grow faster than their savings.
Regular, limited or single premium
| Payment option | Years paid | Estimated premium (₹1 crore, age 30, 30-year term) |
|---|---|---|
| Regular | 30 | ₹11,837 a year |
| Limited (term − 10) | 20 | ₹13,657 a year |
| Single | 1 | ₹1,53,048 once |
Limited pay finishes premiums before retirement at a modestly higher yearly cost. Single pay is rarely efficient for term cover because you pay everything up front, yet the policy has no maturity value.
Smoker vs non-smoker
Smoking status makes a real difference. At age 30, ₹1 crore for 30 years costs about ₹14,205 a year for a smoker against ₹11,837 for a non-smoker (our estimate). Declare your habits honestly: a claim can be rejected if tobacco use was hidden at proposal stage.
Death benefit
If the life assured dies during the term, the nominee receives the sum assured on death as per the chosen option (level or increased amount at that time). For regular and limited premium policies it is never less than 105% of the premiums paid. Cover ends at the end of the term, with no refund if you survive.
Tax benefits
Premiums qualify for deduction under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) in the old tax regime, and the death benefit received by the nominee is generally tax-free under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)).
Who should buy LIC New Tech Term?
It suits you if you:
- have dependants and loans, and want high cover at a known, fixed cost;
- prefer buying from LIC and are comfortable with an online process;
- want the option of increasing cover or finishing premiums early.
It is not a savings product. If you want money back at the end, look at endowment or money back plans, or pair this term plan with separate investments. Compare it with LIC’s other term options, such as Digi Term Plan 876, using the LIC term plan calculator.
New Tech Term 954 vs Tech Term 854
| New Tech Term 954 | Tech Term 854 | |
|---|---|---|
| Status | Available | Withdrawn (November 2022) |
| Rate tables | Separate for men, women, smokers, non-smokers | Unisex base with loadings |
| Premium, age 30, ₹1 crore, 30 years (estimate) | ₹11,837 | ₹8,229 |
| Options | Level / increasing; regular, limited, single | Same |
Existing Tech Term 854 policies continue at their original rates. The newer plan is somewhat costlier in our estimates; the switch in 2022 was linked to higher reinsurance costs for term cover.
How to use this calculator
- Select gender, smoking status and age.
- Set the policy term and sum assured.
- Choose level or increasing cover and a premium payment option.
- Read the premium, total premiums over the term and the age until which you are covered. Figures are estimates; LIC’s online quote after underwriting is final.
Frequently asked questions
What is the premium of LIC New Tech Term for ₹1 crore?
For a 30-year-old male non-smoker, level cover of ₹1 crore for 30 years costs about ₹11,837 a year in our calculator. The same cover for 20 years is ₹9,135, and for a 40-year-old over 20 years ₹17,889, both exactly as in LIC's brochure. Smokers and older buyers pay more.
Is GST charged on LIC New Tech Term premium?
No. From 22 September 2025, premiums for individual life insurance, including term plans, are exempt from GST. Earlier, 18% GST was added to the term premium, so older receipts will show a higher total for the same cover.
What is the increasing sum assured option in LIC 954?
Cover stays at the basic sum assured for the first five years. From the sixth to the fifteenth year it rises by 10% of the basic sum assured each year, reaching double the original amount, and then stays there until the policy ends. It costs about 58% more than level cover in our example.
Can I pay LIC New Tech Term premium for fewer years?
Yes. Besides regular premium, you can choose limited premium for the policy term minus 5 years, or minus 10 years if the term is at least 15 years, or a single premium. For ₹1 crore, 30-year cover at age 30, paying for 20 years costs about ₹13,657 a year.
Do women and non-smokers get lower rates in LIC 954?
Yes. The plan has separate rate tables for men and women and for smokers and non-smokers. LIC publishes sample premiums only for male non-smokers, so our calculator assumes women pay about 10% less and smokers about 20% more.
Does LIC New Tech Term 954 return premiums at maturity?
No. It is a pure protection plan with no maturity or survival benefit. That is why the premium is low: the entire amount buys life cover for your family.
Can I buy LIC New Tech Term offline through an agent?
The plan is designed for online purchase on LIC's website, which keeps costs low. For offline purchase through an agent, LIC sells separate term plans with different rates.
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.