LIC Protection Plus Plan 886 Calculator: Fund Value, Life Cover and Returns

What is LIC Protection Plus Plan 886?

LIC Protection Plus (Plan 886) is a non-participating, unit-linked, individual savings plan launched by LIC on 3 December 2025. It works like any ULIP: after charges, your premiums buy units in the investment funds you pick, and your money grows or falls with those funds. What sets it apart is the protection in its name:

• life cover is set as a multiple of your yearly premium, and you can choose a high multiple;
• if the policy runs to the end of the term, LIC refunds all the mortality charges it deducted for that cover.

The refund means the cost of the life cover comes back to you if you survive the term, as long as you stay invested. The calculator above estimates how much you might build up and what your family would receive if something happened to you.

Protection Plus 886 at a glance

Feature	Details
Plan number	886
Plan type	Non-participating, unit-linked individual savings plan
Launched	3 December 2025
Entry age	18 to 65 years (up to 50 for 5-year payment)
Policy term	10, 15, 20 or 25 years
Premium paying term	5, 7, 10 or 15 years (15 only with a term of 15+ years)
Minimum premium	₹60,000 a year (₹36,000 for 15-year payment)
Sum assured	At least 7× yearly premium (5× from age 50), up to a maximum set by age, payment term and premium
Funds	Bond, Secured, Balanced, Growth, Flexi Growth, Flexi Smart Growth
Lock-in	5 years
Special feature	Mortality charges refunded at maturity
Status	Active

Eligibility

Policy term	Maximum age at maturity
10 years	75
15 years	80
20 years	85
25 years	90

Minimum entry age is 18. Maximum entry age is 50 for 5-year payment and 65 for 7, 10 or 15-year payment.

Premiums can be paid yearly, half-yearly, quarterly or monthly; each instalment is the yearly premium divided by 2, 4 or 12. The minimums are ₹30,000 half-yearly, ₹15,000 quarterly and ₹5,000 monthly (₹18,000, ₹9,000 and ₹3,000 for 15-year payment).

Maximum cover multiple (yearly premium ₹60,000 or more):

Entry age	5-year pay	7-year pay	10-year pay	15-year pay
18–30	20×	22×	22×	40×
31–40	12×	12×	12×	25×
41–45	12×	12×	12×	20×
46–50	8×	8×	8×	10×
51–55	NA	7×	7×	10×
56–65	NA	7×	7×	7×

Below ₹60,000 a year (15-year payment only) the maximum is 30×, 20×, 15×, 10×, 7× and 7× for the same age bands.

How the calculator estimates your fund

ULIP returns are not guaranteed, so the calculator projects your fund month by month using the return you enter. It follows the charges and method in LIC’s published sales brochure:

1. Premium allocation charge is deducted from each premium: 8% in year 1, 5.5% in years 2–5 and 3% after that if you buy through an agent, or 3%, 2% and 1% if you buy online. Top-ups carry 2.5% (agent) or 1.5% (online).
2. Mortality charge is deducted monthly on the sum at risk, using LIC’s age-wise table. For example, the yearly rate per ₹1,000 is ₹1.17 at age 25, ₹1.50 at 35, ₹3.22 at 45, ₹5.55 at 50 and ₹13.95 at 60.
3. The fund grows at your assumed return, and a fund management charge of 1.35% a year is taken on all six funds.
4. A policy administration charge is nil for the first five years, then ₹85 a month (yearly premium below ₹60,000) or ₹100 a month (₹60,000 or more) from year 6, rising 5% a year.
5. At maturity, all mortality charges are added back. There are no guaranteed additions in this plan.

The only assumption is the gross return. The calculator reproduces the brochure’s sample benefit illustration: for a 35-year-old paying ₹40,000 a year for 15 years under a 20-year policy with 10× cover (₹4 lakh), bought through an agent, in the Bond Fund, LIC shows a maturity value (including the mortality charge refund) of ₹7,81,306 at 4% and ₹13,20,333 at 8%, and the calculator matches to within ₹1. LIC’s benefit illustration at the time of purchase is still the final word.

Worked example: a 30-year-old pays ₹1,00,000 a year for 10 years under a 20-year policy, with cover of 10× premium (₹10 lakh), through an agent.

Assumed gross return	Estimated maturity value
4%	₹13,92,531
8%	₹25,40,606

At 8%, the internal rate of return works out to about 6.1% a year, and the maturity value includes a mortality charge refund of ₹5,253. Total premiums paid are ₹10 lakh.

High cover version: the same person choosing the maximum 22× cover (₹22 lakh) would see a maturity estimate of about ₹25,07,085 at 8%, including a mortality charge refund of about ₹32,745. The extra ₹12 lakh of protection costs relatively little because the charges come back at maturity.

A 35-year-old paying ₹60,000 a year for 15 years under a 25-year policy with 10× cover could reach about ₹27,18,859 at 8%.

Tip: the refund only comes if you stay till maturity. Choose a premium you can keep paying for the full premium term.

Death benefit

If the life assured dies during the term, the nominee receives the highest of:

• the basic sum assured (reduced by any partial withdrawals, as per policy terms);
• the base fund value; or
• 105% of total base premiums paid.

Top-up premiums, if any, add the highest of the top-up sum assured, the top-up fund value or 105% of top-ups paid.

Partial withdrawal, top-ups and surrender

• Partial withdrawals: allowed after the 5-year lock-in, subject to minimum balance rules.
• Top-ups: extra lump sums (minimum ₹1,000) can be added, each with its own cover of 1.25 times the top-up.
• Fund switches: you can move money between the six funds a limited number of times each year.
• Surrender: in the first five years, the fund moves to a discontinued policy fund and is paid after the lock-in ends. After five years, you receive the fund value.

Tax benefits

• Premiums qualify under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) (old regime), limited to 10% of the sum assured.
• Maturity is exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)) only if the yearly premium stays within 10% of the sum assured and total ULIP premiums across policies stay within ₹2.5 lakh a year. The minimum 7× cover fails the 10% test, so pick 10× or more if tax-free maturity matters.
• The death benefit is tax-free.
• No GST applies to individual life insurance from 22 September 2025.

Who should consider Protection Plus?

It can suit you if you:

• want market-linked growth and meaningful life cover in one policy;
• are comfortable leaving money invested for 10 years or more;
• value getting the cost of cover back at maturity.

It may not suit you if you want the cheapest pure protection. A separate term plan often gives far more cover for the money; see our LIC term plan calculator.

Protection Plus vs other LIC ULIPs

LIC’s other current ULIPs are built mainly for investing, with cover as a secondary feature. LIC Index Plus 873 is aimed at index-linked equity growth, and LIC SIIP 752 is designed for systematic, SIP-style investing. Protection Plus leans the other way: it lets you choose a much larger cover multiple and gives the mortality charges back at maturity, so it fits someone who wants the life cover to matter as much as the fund.

To project LIC’s current ULIPs, SIIP 752 or Nivesh Plus 749, with their published charges, try our ULIP calculator.

How to use this calculator

1. Enter your age at entry.
2. Choose the premium paying term and policy term.
3. Enter the yearly premium and the mode.
4. Pick the life cover multiple and whether you buy through an agent or online.
5. Set an expected return, then read the maturity value, the refund of mortality charges, total charges and the year-wise table of fund value and death benefit.

All projections are illustrations, not promises. Fund values can fall as well as rise.