LIC The Whole Life Policy (Plan 02) is an old with-profit whole life plan that LIC no longer sells. Premiums run for 35 years or until age 80, and the sum assured plus bonuses is paid on death or at 80. By our estimate, ₹2 lakh of cover taken at 30 costs about ₹5,300 a year and grows to about ₹6.5 lakh by age 80 at a ₹45 bonus.
Whole Life Plan 02 Premium & Bonus Calculator
Your estimate
illustration at the assumed bonus rate
- Premium per instalment
- ₹5,300
- Premium paying term
- 35 years
- Total premium paid
- ₹1,85,500
- Bonus added each year
- ₹9,000
- Sum assured on deathplus all bonuses accrued till death
- ₹2,00,000
- Premiums end at age
- 65 years
- Total premium paid₹1,85,50029%
- Net gain₹4,64,50071%
Claim value (sum assured + bonus) by policy year
| Policy year | Your age | Premium paid | Death benefit |
|---|---|---|---|
| 5 | 35 | ₹26,500 | ₹2,45,000 |
| 10 | 40 | ₹53,000 | ₹2,90,000 |
| 15 | 45 | ₹79,500 | ₹3,35,000 |
| 20 | 50 | ₹1,06,000 | ₹3,80,000 |
| 25 | 55 | ₹1,32,500 | ₹4,25,000 |
| 30 | 60 | ₹1,59,000 | ₹4,70,000 |
| 35 | 65 | ₹1,85,500 | ₹5,15,000 |
| 40 | 70 | ₹1,85,500 | ₹5,60,000 |
| 45 | 75 | ₹1,85,500 | ₹6,05,000 |
| 50 | 80 | ₹1,85,500 | ₹6,50,000 |
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 The Whole Life Policy (Plan 02)?
LIC The Whole Life Policy (Plan 02, also called Table 2) is one of LIC’s oldest products. It is a with-profit whole life plan: you pay a regular premium, your policy earns yearly bonuses, and the sum assured plus bonuses goes to your family when you die. The aim is lifelong protection and an estate for heirs rather than a payout on a fixed date.
The plan is no longer sold. LIC withdrew its old table-number plans around the end of 2013, when revised IRDA product rules came into force. If you hold a Plan 02 policy, it continues on its original terms. This page is written for you: to check your premium, see how bonuses build up and understand what the policy pays.
Plan 02 at a glance
| Feature | Details |
|---|---|
| Plan number | 02 (Table 2) |
| Type | With-profit whole life, regular premium |
| Entry age | Up to 60 years |
| Premium paying term | 35 years or to age 80, whichever is earlier |
| End of term in source table | Age 80 |
| Minimum sum assured | ₹50,000 |
| Bonus | Simple reversionary bonus (plus final bonus if declared) |
| Status | Withdrawn; existing policies continue |
Eligibility and premium term by age
| Entry age | Premium paying term | Premiums end at |
|---|---|---|
| 20 | 35 years | 55 |
| 30 | 35 years | 65 |
| 45 | 35 years | 80 |
| 50 | 30 years | 80 |
| 60 | 20 years | 80 |
How the Plan 02 premium works
Premium = rate per ₹1,000 × sum assured ÷ 1,000. The rate rises with age at entry, from about ₹21.50 per ₹1,000 at age 20 to about ₹50.90 at 60.
Worked example. A 30-year-old takes ₹2,00,000 of cover:
- Yearly premium: about ₹5,300, paid for 35 years (to age 65)
- Total premiums: about ₹1,85,500
- Bonus at ₹45 per ₹1,000: ₹9,000 added each year
- Claim value after 20 years: about ₹3,80,000
- Sum assured + bonus by age 80: about ₹6,50,000
For ₹5 lakh at the same age, the monthly premium is about ₹1,153.
Tip: your actual bonus rate is printed on LIC’s yearly bonus statement. Enter it in the calculator to get a figure that matches your own policy much more closely than the default.
No GST applies to these premiums today; before 22 September 2025, traditional plans carried 4.5% GST in the first year and 2.25% afterwards.
Death benefit and bonuses
On death, the nominee receives the basic sum assured plus every bonus added so far. Because bonuses are added for each year the policy is in force, the claim value grows steadily. The table under the calculator shows it at five-year steps.
Loan, surrender and paid-up value
- Loan: available against the surrender value once the policy has run long enough.
- Surrender: you get the higher of the guaranteed or special surrender value. Whole life policies build value slowly, so early surrender usually returns less than you paid.
- Paid-up: if you stop paying after the minimum period, the policy continues with a reduced sum assured and the bonuses already added.
Check an estimate with our surrender value calculator before deciding.
How Plan 02 differs from Plans 05 and 08
| Plan | How premiums are paid |
|---|---|
| Plan 02 (this plan) | Regular, for 35 years or to age 80 |
| Plan 05 | Limited period of your choice, ending by age 70 |
| Plan 08 | One single premium |
New buyers who want lifelong cover with bonuses today can look at Jeevan Umang 745.
How to use this calculator
- Enter your age at entry and sum assured from the policy bond.
- Pick the premium mode.
- Adjust the bonus rate to match your bonus statement.
- Read the premium, total premiums and the claim value by year.
All results are approximate estimates from an independent calculator, not LIC figures.
Frequently asked questions
Is LIC Whole Life Plan 02 still available?
No. Plan 02 belongs to LIC's old table-number series, which was withdrawn around the end of 2013 under the revised IRDA product rules. Existing policies continue with their original benefits.
How long do I pay premiums under Plan 02?
Premiums are payable for 35 years or until age 80, whichever comes first. Someone who joined at 30 pays until 65; someone who joined at 50 pays for 30 years, until 80.
What does my family get on death under Plan 02?
The nominee receives the basic sum assured plus all bonuses added to the policy up to the date of death. For ₹2 lakh taken at 30 with a ₹45 bonus, a claim after 20 years would be about ₹3.8 lakh.
Can I get money from a whole life policy while alive?
Yes, through a policy loan or surrender once the policy has acquired a surrender value. The illustration in our calculator also shows the sum assured plus bonus at age 80, where the source eligibility table ends the policy term.
Is there GST on Plan 02 premiums now?
No. Individual life insurance premiums have been GST-exempt since 22 September 2025. Earlier receipts for this plan showed GST at 4.5% in the first year and 2.25% after that.
Which current LIC plan is closest to Plan 02?
For lifelong cover with bonuses, LIC's current whole life option is Jeevan Umang Plan 745, which also pays a yearly survival benefit after the premium 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.