LIC Tech Term 854 was an online pure term plan from LIC, sold from 1 September 2019 to 22 November 2022 and then replaced by New Tech Term 954. It covered ages 18–65 for 10–40 years, from ₹50 lakh upwards. Our calculator estimates about ₹8,229 a year for ₹1 crore of level cover for a 30-year-old male non-smoker over 30 years.
Tech Term 854 Premium Calculator
Your estimate
no GST on individual life policies from 22 Sep 2025
- Premium paying term
- 30 years
- Total premium paid
- ₹2,46,870
- High sum assured rebate
- 12%
- 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 Tech Term Plan 854?
LIC Tech Term Plan 854 (UIN 512N333V01) was an online, non-linked, non-participating pure term insurance plan. It paid the sum assured to the nominee if the life assured died during the term, and nothing if the life assured survived. LIC sold it from 1 September 2019 until 22 November 2022, when it was replaced by New Tech Term Plan 954.
If you hold an 854 policy, it remains valid on its original terms. The calculator above helps you check what your cover would cost under the plan’s rate structure, or compare it with the current plan.
Tech Term 854 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 854 / 512N333V01 |
| Sold | 1 Sep 2019 to 22 Nov 2022 (withdrawn) |
| Entry age | 18 to 65 years |
| Maximum age at end of cover | 80 years |
| Policy term | 10 to 40 years |
| Minimum sum assured | ₹50 lakh, no upper limit |
| Cover options | Level or increasing sum assured |
| Premium payment | Regular, limited (term − 5 or term − 10) or single |
| Maturity benefit | None |
How the premium estimate works
The source rate table gives premiums per ₹1 crore at ages 20, 30 and 40 for each cover option and payment type. The calculator interpolates between those ages, adds 8% a year beyond age 40, scales the rate to your policy term, then applies:
- a female discount of 10% and a smoker loading of 30%;
- a high sum assured rebate that depends on age band, cover option and whether cover is below ₹1 crore, ₹1–2 crore or ₹2 crore and above;
- 51% of the yearly premium per instalment for half-yearly payment.
No GST is added: individual life premiums have been GST-exempt since 22 September 2025, although receipts from earlier years include 18% GST.
Worked example. A 30-year-old male non-smoker with ₹1 crore of level cover for 30 years pays an estimated ₹8,229 a year. A woman of the same age pays about ₹7,406 and a male smoker about ₹10,697. Choosing increasing cover (rising to ₹2 crore) takes the premium to about ₹12,071. At ₹2 crore of level cover the rebate rises to 20% and the premium is about ₹14,961.
Tip: your 854 premium was fixed at entry and does not rise with age. That makes an old term policy valuable; think twice before letting it lapse.
Benefits for existing policyholders
- Death benefit: the sum assured on death (level, or increased amount under Option II) is paid to the nominee, and for regular or limited premium policies it is not less than 105% of premiums paid.
- Increasing cover: under Option II the cover stays flat for five years, then rises by 10% of the basic amount each year from year 6 to 15, reaching twice the original.
- Payout choice: the benefit could be taken as a lump sum or in instalments, as chosen when the policy was bought.
- No maturity or surrender value for regular-premium policies: the premium buys cover only.
Tax benefits
Premiums qualify under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) (old tax regime), and the death benefit is generally tax-free under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)).
Tech Term 854 vs New Tech Term 954
| Tech Term 854 | New Tech Term 954 | |
|---|---|---|
| Status | Withdrawn 22 Nov 2022 | Available |
| Premium, age 30, ₹1 crore, 30 years (estimate) | ₹8,229 | ₹11,837 |
| Female rates | 10% below male rate | Separate female table |
| Smoker rates | 30% loading | Separate smoker table |
| High cover rebate | Up to 20% from ₹2 crore | About 11–13% from ₹1 crore, up to 22% from ₹2 crore |
New buyers can only take Plan 954 or other current LIC term plans. Compare the options with our LIC term plan calculator.
How to use this calculator
- Enter gender, smoking status and age at entry.
- Set the term, sum assured and cover option.
- Pick regular, limited or single premium and the payment mode.
- Read the estimated premium, the total over the term and the age at which cover ends. Your policy bond shows your actual premium, which may differ from this estimate.
Frequently asked questions
Is LIC Tech Term 854 still available?
No. LIC stopped selling Plan 854 on 22 November 2022 and launched New Tech Term 954 the next day. Existing 854 policies continue at their original premium and terms until the end of the policy term.
What was the premium of LIC Tech Term 854 for ₹1 crore?
Our calculator estimates about ₹8,229 a year for a 30-year-old male non-smoker with level cover for 30 years, and about ₹6,350 for a 20-year term. Women paid about 10% less and smokers about 30% more.
What rebate did Tech Term 854 give on high cover?
There was no rebate below ₹1 crore. Between ₹1 crore and ₹2 crore the rebate on level cover was up to 12% for younger entrants, and from ₹2 crore it was up to 20%, with smaller rebates at older ages and on increasing cover.
Should I switch from Tech Term 854 to 954?
Usually not. Your 854 premium was fixed at your entry age, and a new policy would be priced at your current age with fresh underwriting. Keep the 854 policy in force, and buy additional cover only if your needs have grown.
What happens if I miss a Tech Term 854 premium?
A grace period applies after the due date. If the premium is still unpaid, the policy lapses and the cover stops, since a term plan has no paid-up value. You can usually revive it within the revival period by paying arrears and meeting health requirements.
Does Tech Term 854 pay anything at maturity?
No. It is a pure term plan, so nothing is paid if the life assured survives the term. The nominee receives the sum assured only if death occurs during the policy term.
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.