An LIC term plan pays your family a fixed sum if you die during the term and nothing on survival, which keeps the premium low. By this calculator's estimate, a 30-year-old non-smoking man buying ₹1 crore of cover under New Tech-Term 954 for 30 years pays about ₹11,837 a year. Individual term premiums carry no GST from 22 September 2025.
LIC Term Insurance 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
- Cost per ₹1 lakh cover a year
- ₹118
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 does the LIC term plan calculator do?
A term plan is the simplest life insurance: you pay a premium, and if you die during the policy term your nominee receives the sum assured. If you survive, nothing is paid. Because there is no savings element, it gives the most cover per rupee.
LIC sells several individual term plans. They differ in how you buy them, entry age limits and minimum cover. This calculator estimates the premium for four current plans. Withdrawn plans such as New Jeevan Amar 955 are not included:
| Plan | How to buy | Entry age | Max cover age | Minimum cover |
|---|---|---|---|---|
| New Tech-Term 954 | Online | 18–65 | 80 | ₹50 lakh |
| Digi Term 876 | Online | 18–45 | 75 | ₹50 lakh (max ₹5 crore) |
| Yuva Term 875 | Agent / branch | 18–45 | 75 | ₹50 lakh (max ₹5 crore) |
| Saral Jeevan Bima 859 | Agent / online | 18–65 | 70 | ₹5 lakh (max ₹25 lakh) |
For each plan you get the yearly premium, the total premium over the paying term and the cover-till age, plus the instalment and cost per ₹1 lakh of cover where they apply. With increasing cover you also get a year-wise cover table. LIC’s loan-cover plans (Yuva Credit Life 877 and Digi Credit Life 878) reduce cover as a loan is repaid and are not modelled here.
How the premium is estimated
Each plan option runs that plan’s own calculator on this site, so the premium here is the same as on the plan page.
- New Tech-Term 954, Digi Term 876 and Yuva Term 875 each follow the sample premiums in their own LIC sales brochure (male non-smoker, 20-year term, ages 20, 30 and 40), which the calculator reproduces exactly. For example, LIC quotes ₹9,135 a year for ₹1 crore under New Tech-Term at age 30. Each plan’s age-banded high sum assured rebate from ₹1 crore is applied (for example 13% under New Tech-Term and 18% under Digi Term up to age 30). At ₹1 crore Digi Term comes out cheapest; Yuva Term’s brochure rates run about 27% above Digi Term’s. Women and smokers are our estimates (about 10% less and 20% more).
- Saral Jeevan Bima 859 follows its own brochure samples (agent rates, ₹10 lakh, 25-year term). Its premium does not depend on gender or smoking.
- Limited pay, single pay and increasing cover use each plan’s own rates, so the extra cost depends on the plan, your age and the term.
No GST is added: individual term insurance is GST-exempt from 22 September 2025. The 18% GST applied before that date is why older quotes look more expensive.
Outside the published brochure points these are modelled estimates, not LIC quotes. Your actual premium will depend on medical tests, income and occupation.
Premium snapshot (New Tech-Term 954, man, non-smoker, ₹1 crore, level cover)
| Age | 10 years | 20 years | 30 years | 40 years |
|---|---|---|---|---|
| 20 | ₹5,252 | ₹7,047 | ₹9,132 | ₹11,468 |
| 30 | ₹6,809 | ₹9,135 | ₹11,837 | ₹14,866 |
| 40 | ₹13,333 | ₹17,889 | ₹23,181 | ₹29,112 |
| 50 | ₹25,524 | ₹34,245 | ₹44,375 | — |
A dash means the combination exceeds the plan’s maximum cover age of 80.
Worked example
Rohan, 30, non-smoker, wants ₹1 crore of cover until age 60 under New Tech-Term 954.
| Choice | Premium | Total paid |
|---|---|---|
| Regular, yearly | ₹11,837 a year for 30 years | ₹3,55,110 |
| Regular, half-yearly | ₹6,037 every six months | ₹3,62,220 |
| Limited (term − 10) | ₹13,657 a year for 20 years | ₹2,73,140 |
| Single premium | ₹1,53,048 once | ₹1,53,048 |
| Increasing cover, regular | ₹18,728 a year | ₹5,61,840 (cover rises to ₹2 crore) |
That works out to about ₹118 a year per ₹1 lakh of cover. If Rohan smoked, the regular premium would be about ₹14,205. His wife, 35, buying ₹50 lakh for 25 years, would pay about ₹7,473 a year.
For covers below ₹50 lakh, Saral Jeevan Bima 859 is the option, but it costs about four times as much per lakh: a 40-year-old man taking ₹25 lakh for 20 years pays about ₹17,909 a year, while ₹1 crore under New Tech-Term 954 at the same age and term is about ₹17,889.
Tip: Buy term cover as early as you can. At 30 the ₹1 crore, 20-year premium is about ₹9,135. Waiting until 40 almost doubles it to ₹17,889, and a health issue in between could make cover harder to get.
How to read the results
- Yearly (or single) premium: the estimated premium for a year, or the one-time amount for single pay. There is no GST on top.
- Instalment: shown when you pick a non-yearly mode the plan allows: half-yearly for New Tech-Term; half-yearly, quarterly or monthly for Yuva Term; half-yearly or monthly for Saral Jeevan Bima. Digi Term is yearly only. Instalments add up to slightly more than the yearly premium.
- Life cover: the sum assured. With increasing cover you also see the highest cover it reaches.
- Premium paying term / total premium: how many years you pay and the overall cost.
- Cover till age: the age at which the policy ends. Choose a term that covers your working years and major loans.
- High sum assured rebate (New Tech-Term) or maturity benefit (₹0 on the other plans): shown to explain the premium and remind you that nothing is paid on survival.
- Cost per ₹1 lakh: shown for regular pay, handy for comparing covers and plans on the same footing.
- Cover by year: shown for increasing cover on New Tech-Term, Digi Term and Yuva Term, so you can see the cover step up from year 6 to year 15.
Tips and common mistakes
- Under-insuring. A ₹25 lakh cover rarely replaces a salary for long. Most earners need ₹1 crore or more.
- Stopping cover too early. A term ending at 50 may leave your family exposed when children are still in college.
- Hiding smoking or health history. It can lead to a claim being rejected. Disclose everything.
- Choosing single premium without thinking. It locks in a large amount upfront. Regular pay keeps cash free for other goals.
- Mixing savings and protection. Endowment plans give far less cover for the same money. Buy term for protection and invest the difference separately.
Related calculators
- LIC plans calculator: compare a term plan with Jeevan Anand or Jeevan Tarun in one place.
- Saral Jeevan Bima, Digi Term and Yuva Term each have their own plan page on this site with full eligibility and benefit details.
All figures are estimates for comparison. Final premiums are set by LIC after underwriting. This site is independent and not affiliated with LIC.
Frequently asked questions
What is the LIC term plan premium for ₹1 crore?
For New Tech-Term 954, the calculator estimates about ₹11,837 a year for a 30-year-old non-smoking man with a 30-year term. The same cover costs about ₹9,135 for a 20-year term, or ₹17,889 at age 40 for 20 years. Smokers pay about 20% more. Actual LIC quotes depend on underwriting.
Which is the best LIC term plan?
It depends on how you buy. New Tech-Term 954 and Digi Term 876 are online plans. Yuva Term 875 is sold through agents and branches and, on LIC's own brochure figures, costs about 27% more than Digi Term. Saral Jeevan Bima 859 is a simple standard plan for covers of ₹5 lakh to ₹25 lakh. Compare premiums here, then check each plan's features.
Is GST charged on LIC term insurance?
No. From 22 September 2025, premiums on individual life insurance, including term plans, are exempt from GST. Before that date term premiums attracted 18% GST, so older quotes and receipts look higher than today's premium for the same cover.
What is increasing cover in LIC term plans?
With increasing cover, the sum assured stays level for the first five years, then rises by 10% of the original amount each year from year 6 to year 15. It reaches twice the starting cover and stays there. In this calculator it costs about 58% more than level cover for a 30-year-old over 30 years, and more at older ages.
Should I choose regular, limited or single premium?
Regular premium has the lowest yearly cost and is the most common. Limited pay (on New Tech-Term, term minus 5 or 10 years) finishes payments before retirement but costs more each year. Single premium is one lump sum. For a 30-year ₹1 crore cover, regular is about ₹11,837 a year, and paying over 20 years is about ₹13,657.
Do I get money back at the end of an LIC term plan?
No. A pure term plan has no maturity benefit; that is why it is cheap. If you want premiums back, LIC has separate return-of-premium or savings plans, but they cost many times more for the same cover.
How much term cover do I need?
A common rule is 10 to 15 times your annual income, plus outstanding loans, minus existing cover and savings. Choose a term that runs until your dependants are self-sufficient, usually to age 60 or 65.
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.