LIC Calculator: premium, maturity and surrender value

On a participating plan it's three amounts added up. The Basic Sum Assured is guaranteed and appears on your policy. Vested Simple Reversionary Bonus: Declared rate per ₹1,000 of the sum assured multiplied by sum assured (in thousands) and years the policy has run. The Final Additional Bonus is a terminal one-off amount, applicable only on policies of around 15 years or more and increases steeply with the term. For a given term and sum assured, the LIC maturity calculator adds all three. Each plan page does the same on that plan's own declared rates.

LIC gives you two figures and pays the higher of the two. The Guaranteed Surrender Value is a percentage of the total premiums paid, first year included: nil in year 1, 30% in year 2, 35% in year 3, 50% from year 4 to year 7, rising to 90% in the last two years, on the IRDAI rules for policies sold from 1 October 2024. Vested bonuses are also surrendered, at a lower percentage. The Special Surrender Value is based on the paid-up value, which is the sum assured scaled to the proportion of the premium paying term you have completed, plus the bonuses already vested, discounted back to today. It is available once one full year's premium is paid, and usually overtakes the guaranteed value in the later years. Both are calculated by the LIC surrender value calculator and are displayed side by side.

LIC surrender value calculator requires four inputs i.e. sum assured, term of policy, annual premium and the number of years for which premiums have been paid. All four are printed on the policy schedule, the first page of the document LIC issued to you. The calculator will give you the guaranteed surrender value and special surrender value and also what the policy would have paid out if you had kept the policy to maturity. To know the exact amount LIC will pay, get a written surrender quotation from your servicing branch, the only figure LIC is bound by.

First price it, then go to the branch. Visit your servicing branch (the branch that issued the policy) with the original policy bond, a completed surrender discharge form (LIC Form No 5074), NEFT mandate form, canceled cheque and photo ID and, if the branch asks for it, a revenue stamp for the discharge. LIC calculates the surrender value, gets you to sign the discharge voucher and credits the money by NEFT, usually within 7 to 10 working days. When you ask for a surrender quotation before you sign, ask for the paid up value. Leaving the policy paid up keeps a reduced sum assured in force to maturity.

LIC publishes a tabular premium for every plan: a rupee amount per ₹1,000 of sum assured for each combination of age at entry, policy term and premium paying term. Your annual premium is that rate multiplied by the sum assured in thousands, less the high sum assured rebate and the mode rebate, plus any extra premium for health or occupation. This site models that tabular rate from each plan's own benefit structure and calibrates it against LIC's published figures.

The figures are close estimates, not quotations. Each plan is priced on its own parameters: its bonus rates, its survival benefit schedule, its premium paying term and its rebate bands, calibrated against LIC's published tabular premium for that plan. The model reproduces the shape of LIC's tables rather than the tables themselves, so it lands close on some plans and drifts on others, particularly at older entry ages and shorter terms. Use it to compare plans against each other and to sanity-check a quote you have been given. For the number you will actually pay, ask LIC.

The monthly premium the calculators here show is what most people mean by one. Pick a plan, enter the age, term and sum assured, and the monthly instalment appears beside the yearly, half-yearly and quarterly figures, on every plan LIC sells monthly. An LIC policy does not behave like a mutual fund SIP: part of every instalment buys life cover rather than savings, the payments are contractual rather than something you pause at will, and stopping in the early years returns less than you put in.

Yes. Every premium result on this site lists the instalment for each mode the plan is sold in. Most LIC savings plans take all four, yearly, half-yearly, quarterly and monthly; most of its term plans take only yearly or half-yearly. The instalments are not the annual premium simply divided up: older plans such as New Jeevan Anand take 2% off for yearly and 1% for half-yearly, newer ones such as Bima Lakshmi charge 1.8% to 3.3% more a year for the more frequent modes, and the term plans add 2% for half-yearly.

On this site's own figures for a 30-year-old buying ₹50 lakh over about 20 years, the highest projected returns are Jeevan Lakshya, New Endowment Plan and the 25-year money back plan, each near 5.8% a year. New Jeevan Anand is near the bottom, about 4.4%, because part of its premium pays for the cover that carries on after maturity. Guaranteed plans are not uniformly lower: Nav Jeevan Shree comes to about 5.5%, well above New Jeevan Anand, while New Bima Jyoti is about 3.5%. The participating figures rest on bonus rates that are not guaranteed, so treat gaps under a percentage point as noise. The full table is in our blog post comparing LIC premiums; run two or three calculators on your own age, term and sum assured before deciding.

No. Individual life insurance premiums have been exempt from GST since 22 September 2025. Before that date, savings policies attracted 4.5% GST on the first year's premium and 2.25% on renewals, and term plans 18%. The premiums shown on this site include no GST.

Yes. You need the sum assured, the policy term and, for surrender value, how many yearly premiums have gone in so far. All three are printed on the policy schedule, which is the first page of the document LIC issued you. The premium calculator asks only for age, term and sum assured. Maturity and surrender figures are both estimates, and LIC's own statement is the authority.