LIC Saral Jeevan Bima 859 is the IRDAI standard pure term plan: cover of ₹5 lakh to ₹25 lakh for 5 to 40 years, entry from 18 to 65, with no maturity benefit. LIC's brochure quotes ₹4,670 a year for ₹10 lakh cover over 25 years at age 30 through an agent, or ₹4,336 online; over 20 years this calculator shows ₹4,090. No GST is added.
Saral Jeevan Bima 859 Premium Calculator
Your estimate
after the 45-day waiting period (accidental death covered from day one)
- Premium per instalment
- ₹4,090
- Premium paying term
- 20 years
- Total premium paid
- ₹81,800
- Estimated maturity amountpure term plan: nothing is paid if you survive the term
- ₹0
- Cover till age
- 50 years
- Total premium paid₹81,8008%
- Life cover₹9,18,20092%
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 Saral Jeevan Bima Plan 859?
LIC Saral Jeevan Bima (Plan 859) is LIC’s version of the standard individual term life insurance product that IRDAI introduced in 2021. Every life insurer offers the same product with the same rules; only the premium differs. It is a non-linked, non-participating, pure risk plan: if the life assured dies during the term, the nominee gets the death benefit. If the life assured survives, nothing is paid.
The word saral means simple, and that is the idea. There are no bonuses, no fund values and no complicated options. You choose the cover, the term and how you want to pay. The calculator above does the rest.
Saral Jeevan Bima 859 at a glance
| Feature | Details |
|---|---|
| Plan number | 859 |
| Plan type | Standard pure term plan (non-linked, non-participating) |
| Sum assured | ₹5 lakh to ₹25 lakh, in multiples of ₹50,000 |
| Policy term | 5 to 40 years |
| Entry age | 18 to 65 years |
| Maximum age at maturity | 70 years |
| Premium payment | Regular, limited (5 or 10 years) or single |
| Modes | Yearly, half-yearly, monthly |
| Waiting period | 45 days (accidental death covered from day one) |
| Maturity benefit | None |
| Grace period | 30 days (15 days for monthly) |
| GST | Nil from 22 Sep 2025 |
Eligibility
| Condition | Minimum | Maximum |
|---|---|---|
| Age at entry | 18 years | 65 years |
| Age at maturity | — | 70 years |
| Policy term | 5 years | 40 years |
| Limited premium, 5 years | Term of 10 years or more | — |
| Limited premium, 10 years | Term of 15 years or more | — |
| Sum assured | ₹5,00,000 | ₹25,00,000 |
Because the product is standardised, insurers are not supposed to restrict it by occupation or education in the way some term plans do, though normal underwriting still applies.
How the premium is calculated
The premium depends on age, term, sum assured and how you pay. LIC’s brochure does not list gender as a pricing factor, so men and women pay the same. The calculator follows the sample premiums in LIC’s Saral Jeevan Bima sales brochure, which it reproduces exactly: for ₹10 lakh cover and a 25-year term at ages 25 to 45 (for example ₹4,670 a year at age 30 through an agent), and for ₹5 lakh at age 30 over 20 years (₹2,095 regular, ₹3,010 for 10-year and ₹4,955 for 5-year payment, ₹20,310 single). It then:
- interpolates between the brochure ages and extends the trend below 25 and above 45;
- adjusts for your term (longer terms cost more each year, because cover runs into older ages);
- deducts LIC’s high sum assured rebate: ₹0.10 per ₹1,000 cover from ₹10 lakh, ₹0.20 from ₹15 lakh and ₹0.25 from ₹20 lakh;
- applies LIC’s online discount if you choose online: 7% of the tabular premium for 15 or more paying years, 6% for 10–14, 5% for 5–9 and 2% for single premium;
- adds LIC’s mode loading: 2% for half-yearly and 3% for monthly (NACH) payment.
Worked example: a 30-year-old man takes ₹10 lakh cover for 20 years.
| How he pays | Premium | Total paid |
|---|---|---|
| Regular, yearly (agent) | ₹4,090 a year | ₹81,800 |
| Regular, yearly (online) | ₹3,797 a year | ₹75,940 |
| Regular, monthly (agent) | ₹351 a month | ₹84,240 |
| Limited 10 years | ₹5,920 a year | ₹59,200 |
| Limited 5 years | ₹9,810 a year | ₹49,050 |
| Single premium | ₹40,520 once | ₹40,520 |
A woman of the same age pays the same. At 40, someone taking the maximum ₹25 lakh cover for 25 years pays about ₹20,475 a year.
Tip: buy early. The same ₹10 lakh, 20-year cover costs about ₹3,370 a year at 25 but about ₹7,314 at 40.
The chart below the calculator shows the yearly premium for ₹10 lakh at different ages and terms. Blank cells mean the combination would take cover beyond age 70.
Death benefit
If the life assured dies during the term, after the waiting period:
- Regular or limited premium: the highest of the sum assured, 10 times the annualised premium, or 105% of all premiums paid.
- Single premium: the higher of the sum assured or 125% of the single premium.
Waiting period: in the first 45 days, only accidental death is covered in full. For death from other causes in that period, the premiums paid are refunded.
Surrender, lapse and revival
- Regular-premium policies have no surrender value. If you stop paying, cover ends after the grace period.
- Single and limited-premium policies may have a small surrender value, as set out in the policy document.
- A lapsed policy can usually be revived within the revival period by paying arrears with interest, subject to health requirements.
Tax benefits
Premiums qualify for deduction under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) in the old tax regime. The death benefit paid to the nominee is exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)). There is no GST on premiums from 22 September 2025. Before that date, term premiums carried 18% GST, so older receipts will show a higher total.
Who should buy Saral Jeevan Bima?
It suits:
- first-time buyers who want simple, basic family protection up to ₹25 lakh;
- people who prefer a standard product whose terms are the same across insurers;
- self-employed or small-income earners who may find the eligibility for large term plans harder to meet.
It is less suitable if you need high cover. A family with a home loan and young children often needs ₹50 lakh to ₹1 crore or more. For that, compare LIC New Tech Term 954 or LIC Digi Term 876.
Saral Jeevan Bima vs regular LIC term plans
| Point | Saral Jeevan Bima 859 | New Tech Term / Digi Term |
|---|---|---|
| Maximum cover | ₹25 lakh | Much higher |
| Product design | IRDAI standard | LIC’s own design |
| Options | Few | More (level/increasing cover, payout options) |
| Best for | Modest, simple cover | Large cover at lower cost per lakh |
For a quick rule-of-thumb on how much cover you need, use our LIC term plan calculator.
How to use this calculator
- Enter your age.
- Enter the policy term. The calculator stops you if cover would go past age 70.
- Set the sum assured.
- Choose regular, limited 5, limited 10 or single premium, and the mode.
- Choose agent or online, then read the premium, total premium paid and death benefit.
These are estimates built on LIC’s brochure sample premiums (₹10 lakh, 25-year term) and extended to other ages and terms. Your actual premium can differ after medical and income underwriting, so confirm with LIC before you buy.
Frequently asked questions
What is the premium for ₹10 lakh in LIC Saral Jeevan Bima?
For a 30-year-old with a 20-year term, this calculator shows ₹4,090 a year through an agent and ₹3,797 online. LIC's own brochure quotes ₹4,670 (agent) and ₹4,336 (online) for a 25-year term. At age 40 the 20-year cover costs about ₹7,314 a year. No GST is added from 22 September 2025.
What is the maximum cover under Saral Jeevan Bima?
The sum assured ranges from ₹5 lakh to ₹25 lakh, in multiples of ₹50,000. If you need more cover, look at a regular term plan such as LIC New Tech Term, which allows much higher sums assured.
Is there a waiting period in Saral Jeevan Bima?
Yes. For the first 45 days only accidental death is covered. If death from any other cause happens in this period, LIC refunds the premiums paid instead of paying the sum assured. After 45 days, full cover applies.
Does Saral Jeevan Bima 859 pay anything at maturity?
No. It is a pure term plan, so nothing is paid if you survive the term. That is why the premium is much lower than an endowment plan with the same cover.
What is the death benefit under Saral Jeevan Bima?
For regular and limited premium policies, the nominee gets the highest of the sum assured, 10 times the annualised premium, or 105% of premiums paid. For single premium, it is the higher of the sum assured or 125% of the single premium.
Can I pay the premium for only 5 or 10 years?
Yes. The limited premium option lets you pay for 5 years (policy term 10 years or more) or 10 years (term 15 years or more). Each instalment is higher, but the total paid is lower. For ₹10 lakh at age 30 over 20 years, 5-year payment costs about ₹9,810 a year.
Who should buy Saral Jeevan Bima instead of a regular term plan?
It suits people who need modest cover and want a simple, standard product with identical terms across insurers, including buyers who may find it hard to qualify for larger term plans because of income proof requirements. Those needing ₹50 lakh or more should compare regular term plans.
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.