LIC Whole Life Policy – Limited Payment (Table 5, UIN 512N035V01) is an old with-profit plan that covers you for life while premiums stop after a term you choose, no later than age 70. The claim is the sum assured plus all bonuses. A 30-year-old with ₹5 lakh cover paying for 20 years pays about ₹29,100 a year, based on the plan's rate table.
Whole Life Limited Payment (Plan 05) Premium Calculator
Your estimate
illustration at the assumed bonus rate; cover is for whole life
- Premium per instalment
- ₹29,100
- Premium paying term
- 20 years
- Total premium paid
- ₹5,82,000
- Bonus added each year
- ₹22,500
- Sum assured on deathplus all bonuses accrued till death
- ₹5,00,000
- Premiums end at age
- 50 years
- Total premium paid₹5,82,00036%
- Net gain₹10,43,00064%
Claim value (sum assured + bonus) by policy year
| Policy year | Age at entry | Premium paid | Death benefit |
|---|---|---|---|
| 5 | 35 | ₹1,45,500 | ₹6,12,500 |
| 10 | 40 | ₹2,91,000 | ₹7,25,000 |
| 15 | 45 | ₹4,36,500 | ₹8,37,500 |
| 20 | 50 | ₹5,82,000 | ₹9,50,000 |
| 25 | 55 | ₹5,82,000 | ₹10,62,500 |
| 30 | 60 | ₹5,82,000 | ₹11,75,000 |
| 35 | 65 | ₹5,82,000 | ₹12,87,500 |
| 40 | 70 | ₹5,82,000 | ₹14,00,000 |
| 45 | 75 | ₹5,82,000 | ₹15,12,500 |
| 50 | 80 | ₹5,82,000 | ₹16,25,000 |
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 Whole Life Policy – Limited Payment (Plan 05)?
LIC Whole Life Policy – Limited Payment (Table 5, UIN 512N035V01) is one of LIC’s classic life plans. It gives life cover for your whole life, but you pay premiums only for a limited number of years that you pick at the start. It is a with-profit plan, so LIC adds bonuses every year, and the family receives the sum assured plus all bonuses on death.
The plan is no longer sold. Many policies bought years ago are still in force, and this page helps those policyholders check the premium, the bonus build-up and the likely claim value. For a new lifelong plan, see Jeevan Umang 745.
Plan 05 at a glance
| Feature | Details |
|---|---|
| Table number / UIN | 5 / 512N035V01 |
| Plan type | With-profit whole life, limited premium |
| Entry age | 12 to 60 years |
| Premium paying term | Chosen at entry (5 to 30 years in this calculator) |
| Latest age premiums can end | 70 years |
| Minimum sum assured | ₹50,000 (no maximum) |
| Premium modes | Yearly, half-yearly, quarterly, monthly |
| Cover | Whole of life |
| Bonus | Simple reversionary bonus + final bonus |
| Loan | Available once there is a surrender value |
| Status | No longer sold |
How the premium works
LIC set a fixed rate per ₹1,000 sum assured for each entry age and premium term. The calculator uses the plan’s rate table, fills in ages between table points, and applies mode factors for half-yearly (51% of yearly), quarterly (26%) and monthly (8.8%) payment. No GST is added. Individual life insurance premiums are GST-exempt from 22 September 2025; before that, traditional plans carried 4.5% GST in the first year and 2.25% after.
Example 1: a 30-year-old with ₹5 lakh sum assured and a 20-year premium term.
- Yearly premium: ₹29,100, paid until age 50 (₹5,82,000 in total)
- Bonus at an assumed ₹45 per ₹1,000: ₹22,500 a year
- Sum assured plus bonus by age 80: about ₹16,25,000
Example 2: a 42-year-old with ₹2 lakh cover and a 10-year premium term pays ₹5,836 a quarter, or ₹2,33,440 in total. By age 80, sum assured plus bonus comes to about ₹5,42,000.
A shorter premium term means a much higher yearly premium but less paid overall. At age 30, ₹1 lakh of cover costs ₹18,180 a year for 5 years or ₹4,390 a year for 30 years.
Tip: the bonus never stops while the policy is in force. Every extra year of life adds another year of bonus to the claim, even long after premiums end.
Death benefit
On death at any age, the nominee receives:
- the full sum assured, plus
- all simple reversionary bonuses added so far, plus
- any final (terminal) bonus LIC declares at the time of claim.
The table under the calculator shows the claim value every five policy years up to age 80, as an illustration. Cover itself does not end at 80.
Loan, surrender and paid-up value
- Loan: available against the surrender value. It lets you raise money without losing the cover.
- Surrender: possible, but it ends lifelong cover that is expensive to replace at an older age. Check a rough figure with our surrender value calculator first.
- Paid-up: if premiums stop after the policy has acquired a surrender value, it usually continues with a reduced sum assured instead of lapsing.
Plan 05 vs other whole life options
The Whole Life Policy (Plan 02) asked for premiums over a much longer period, while Plan 05 let you finish early. Jeevan Umang 745 is LIC’s current whole life plan and works differently: it pays a yearly survival benefit after the premium term as well as a death or maturity benefit.
How to use this calculator
Enter your entry age, premium term and sum assured from the policy, choose the mode, and put in the bonus rate from your latest LIC statement. The results show the premium, the total you pay, the yearly bonus, and the growing claim value. All figures are estimates.
Frequently asked questions
Can I still buy LIC Whole Life Limited Payment Plan 05?
No. Table 5 belongs to LIC's older generation of plans and is no longer sold. Existing policies stay in force for life. If you want lifelong cover with limited premiums today, look at LIC Jeevan Umang (Plan 745) instead.
How long do I pay premiums in Plan 05?
You chose the premium paying term at the start. The calculator covers 5 to 30 years, and premiums had to stop by age 70. After the last premium, cover and bonus accrual continue for the rest of your life.
What does my family get on death under Plan 05?
The nominee receives the full sum assured plus all bonuses added up to the date of death, including any final bonus declared. Because it is a whole life plan, this is paid whenever death happens, even decades after premiums stop.
How much bonus does a Whole Life Limited Payment policy earn?
LIC declares the bonus each year per ₹1,000 sum assured. At an assumed ₹45, a ₹5 lakh policy earns ₹22,500 a year. Over 50 years that adds ₹11,25,000 to the claim. Check your LIC bonus statement for the actual rate.
Can I take a loan against Plan 05?
Yes. Once the policy has a surrender value, LIC offers a loan against it. For a long-running whole life policy this can be a useful source of low-cost funds without giving up the cover.
Is the claim from Plan 05 tax-free?
Premiums qualified under Section 123 of the Income-tax Act, 2025 (earlier Section 80C). A death claim is fully tax-free for the nominee. Any amount received during your lifetime, such as a surrender value, is generally exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)) when the premium conditions are met.
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.