Formula
P = (T − R) × (1 − m) × S / 1000
I = P / f
T = A / (ä × (1 − λ))
M = G + (Σt=1n at) × S / 1000
P × Σt=0k−1 (1 + r)−t = M (1 + r)−n
where
- P
- annual premium
- T
- tabular premium per ₹1,000 of sum assured, for your age, term and premium paying term
- R
- high sum assured rebate, ₹ per ₹1,000, from this plan's table (nil on smaller policies)
- m
- mode rebate: 2% yearly, 1% half-yearly, nil quarterly and monthly
- S
- Basic Sum Assured
- I
- each instalment
- f
- instalments a year: 1, 2, 4 or 12
- A
- present value, per ₹1,000 of sum assured, of everything the policy pays: death cover, survival benefits and maturity
- ä
- present value of ₹1 a year, paid at the start of each year of the premium paying term while you are alive
- λ
- expense loading, 10%
- M
- maturity amount
- G
- guaranteed maturity sum, equal to S
- at
- guaranteed addition credited in policy year t, ₹ per ₹1,000 of sum assured
- r
- annualised return: the rate that makes both sides equal
- n
- policy term, in years
- k
- premium paying term, in years
*Source LIC Bima Jyoti brochure (PDF)
In short (tl;dr)
Bima Jyoti credits a contractual ₹50 per ₹1000 every year in place of a declared bonus, so the maturity value is fixed when the policy is issued.
Worked example: at 30, ₹5,00,000 of cover over 20 years costs ₹35,525 a year for 15 years and is projected to pay ₹10,00,000 at maturity, a return of 4.80% a year.
What is LIC Bima Jyoti?
Bima Jyoti (Plan 760, sold earlier as Plan 860) is a non-participating limited premium endowment. Instead of a reversionary bonus that LIC declares each year and can change, the policy credits a Guaranteed Addition of ₹50 per ₹1000 of Basic Sum Assured at the end of every policy year, for the whole term. That addition is written into the contract.
The arithmetic is therefore fixed the day the policy is issued. A 20-year Bima Jyoti accrues ₹1,000 of guaranteed addition per ₹1000 of sum assured, so the maturity value is exactly twice the sum assured. A 15-year term accrues ₹750 per ₹1000, giving 1.75 times.
Premiums are payable for five years less than the term, so a 20-year policy is funded over 15 years. What you give up in exchange for the certainty is upside: a participating plan with a good bonus run and a Final Additional Bonus can end up ahead over a long term.
Key features
- Guaranteed Addition of ₹50 per ₹1000 sum assured every policy year
- Maturity value known with certainty when the policy is issued
- Non-participating, so no dependence on LIC's annual bonus declaration
- Premiums payable for five years less than the policy term
- Entry age from 90 days, so it can be written on a child's life
Bima Jyoti at a glance
- Plan number
- 760
- Category
- Endowment
- Entry age
- 0 to 60 years
- Policy term
- 15 to 20 years
- Premium paying term
- Policy term minus 5 years
- Sum assured
- ₹1 Lakh and above
- Maximum maturity age
- 75 years
- UIN
- 512N339V03
LIC publishes a page for this plan. It does not state the plan number or UIN on the page itself, so treat those two rows here as unconfirmed. Check it on licindia.in
Is it 760 or 860?
LIC's withdrawn plans list records three versions of this plan: Plan 860 (UIN 512N339V01) withdrawn in 2021-22, Plan 860 (UIN 512N339V02) withdrawn in 2024-25, and Plan 760 (UIN 512N339V03) withdrawn in 2026-27. This page follows the Plan 760 brochure. If your policy document says 860, that document governs your policy; a later version does not change the terms yours was sold on.
What are the benefits of LIC Bima Jyoti?
What does LIC Bima Jyoti pay on death?
Sum Assured on Death — the higher of 125% of the Basic Sum Assured and 7 times the annualised premium, never less than 105% of premiums paid — plus the Guaranteed Additions accrued to the date of death.
What do you get at maturity?
Basic Sum Assured plus the Guaranteed Additions accrued over the full policy term. Nothing is estimated: the amount is contractual.
Who is LIC Bima Jyoti for?
Anyone who would rather have a smaller number they can count on than a larger one that depends on a bonus declaration.
What should you watch out for?
Guaranteed does not mean high. Work out the internal rate of return on the projection below and compare it against a PPF or a long-dated government security before committing.
What does LIC Bima Jyoti cost?
Worked out on a 20-year term with premiums paid for 15 years. Change any of these in the calculator above for your own figures.
By sum assured, at age 30
| Sum assured | Premium a year | Total paid in | Projected maturity |
|---|---|---|---|
| ₹5,00,000 | ₹35,525 | ₹5,32,875 | ₹10,00,000 |
| ₹10,00,000 | ₹71,050 | ₹10,65,750 | ₹20,00,000 |
| ₹25,00,000 | ₹1,77,625 | ₹26,64,375 | ₹50,00,000 |
Premiums are modelled on this plan's own tabular rates. The additions on this plan are contractual rather than declared, so unlike a with-profits plan the figure does not rest on a bonus declaration.
By age, on ₹5,00,000 of cover
Sum assured moves the premium almost in a straight line, so the table above is easy to read across. Age does not, and it is the input people most often want to test before filling anything in.
| Age at entry | Premium a year | Total paid in | Projected maturity | Age when it pays |
|---|---|---|---|---|
| 25 years | ₹35,489 | ₹5,32,336 | ₹10,00,000 | 45 |
| 30 years | ₹35,525 | ₹5,32,875 | ₹10,00,000 | 50 |
| 40 years | ₹35,840 | ₹5,37,604 | ₹10,00,000 | 60 |
| 50 years | ₹37,014 | ₹5,55,217 | ₹10,00,000 | 70 |
The premium barely moves across the rows. Mortality is a small part of a savings premium and the savings part is the same at any age. What age changes is the last column: when the money arrives, and how old you are when it does.
Where the maturity figure comes from
Taken apart, on the ₹5,00,000 policy in the first table. Every line is contractual on this plan: the additions are written into the policy at a stated rate rather than declared each year, so none of this depends on how LIC's investments do.
- Basic sum assured (guaranteed)
- ₹5,00,000
- Guaranteed additions
- ₹5,00,000
- Paid at maturity
- ₹10,00,000
- Return a year on the premiums
- 4.80%
When does LIC Bima Jyoti pay for itself?
The grey line is what you have paid in by each policy year. The yellow line is what the policy has paid back by then. They cross in year 20, which is the point the policy has returned everything it cost.
That return counts everything the policy pays back, income included, against everything you put in, after the cost of the life cover it carried for 20 years. It is not a market return. On this plan the figures behind it are contractual, so it moves only with the age and term you enter.
Who can take LIC Bima Jyoti?
Age to start
- Minimum
- 30 days
- Maximum
- 60 years
Policy term
- Minimum
- 15 years
- Maximum
- 20 years
Age when the policy matures
- Maximum
- 75 years
Your age at entry plus the policy term cannot come to more than 75.
Years you pay for
- Premium paying term
- Policy term minus 5 years
Sum assured
- Minimum
- ₹1,00,000
- Maximum
- No limit set by LIC
LIC caps this by what underwriting allows rather than with a printed figure. This calculator accepts up to ₹5 Crore.
The calculator applies every limit above. LIC sets them out under "Eligibility Conditions and Other Restrictions" on page 2 of the Bima Jyoti sales brochure, linked in the form above.
Tax on LIC Bima Jyoti
Two provisions do the work, and both turn on the size of the premium rather than on the plan. The Income-tax Act, 2025 renumbered both from 1 April 2026 without changing the rules, so each is given here under its old number and its new one.
Section 80C, now Section 123, on what you pay in
Premiums count towards the ₹1.5 lakh limit, in the year they are paid, if you are on the old regime. The deduction is restricted where the annual premium is more than 10% of the sum assured.
Section 10(10D), now Schedule II, on what comes back
Maturity proceeds are exempt where the premium in every year stays inside 10% of the sum assured, and, for a policy issued on or after 1 April 2023, where the premiums on all such policies together stay inside ₹5 lakh a year. Death proceeds are exempt either way.
Where this policy sits
The ₹5,00,000 policy priced above costs ₹35,525 a year, which is 7.1% of the sum assured. That is inside the 10% test, on both provisions. A larger sum assured moves the ratio down.
GST
Nil. Individual life insurance premiums have been exempt since 22 September 2025, so the instalment the calculator shows is the amount that leaves your account.
None of this is tax advice. Which regime you are on, what else you hold and when the policy was issued all change the answer, so confirm your own position with a tax adviser before you rely on it.
How this calculator works
Bima Jyoti is priced here on its own parameters, not a generic formula. We build the plan's full cash-flow schedule, meaning the death benefit in each policy year, every survival payout and the maturity value, then discount it on a basis calibrated to a reference premium for this plan. That reference is checked two ways: against LIC's published tabular rate, and against the return the plan's own benefits imply for the policyholder.
- Reference premium
- ₹75.50 per ₹1,000 at age 30, 20-year term, 15-year premium term
- Discount basis
- 5.22% a year, on LIC (2012-14) Ultimate mortality
- Guaranteed additions
- ₹50 per ₹1,000 from year 1 onwards
- GST
- Nil. Individual life insurance premiums have been exempt from GST since 22 September 2025, so the instalments shown are what you actually pay.
Bonus rates are declared annually and are not guaranteed; only the sum assured and any contractual guaranteed additions are. Read our editorial and methodology policyfor the full basis, and confirm every figure with LIC before you buy.
Check the source:Bima Jyoti on licindia.inLIC valuation and bonus declarationsIRDAI regulations
What this premium does not include
The figure above is the premium for the base policy. LIC allows 4 optional riders on Bima Jyoti, each a separate contract with its own sum assured, term and premium. Take one and you pay more than the figure above, and the base premium itself does not change.
- LIC's Accidental Death and Disability Benefit Rider (AD & DB Rider)UIN 512B209V02
- LIC's Accident Benefit Rider (AB Rider)UIN 512B203V03
- LIC's New Term Assurance Rider (Term Rider)UIN 512B210V02
- LIC's Premium Waiver Benefit Rider (PWB Rider)UIN 512B204V04
Premiums for all the life insurance riders put together cannot exceed 30% of the premium under the base plan. That cap is the useful number to hold an agent to: whatever riders are proposed, the total should stay inside it.
What they cost
On the ₹5,00,000 policy priced above, at age 30. Each cover rider is quoted here for the same ₹5,00,000 of rider cover, or its own ceiling if that is lower; the premium waiver rider is quoted against the base premium it would waive. The plan brochure does not print these rates, so they come from each rider's own brochure instead.
| Rider | Quoted on | Premium a year |
|---|---|---|
| AD & DB RiderAccidental death and disability | ₹5,00,000of rider cover | ₹600interpolated |
| AB RiderAccidental death cover | ₹5,00,000of rider cover | ₹250LIC's stated rate |
| Term RiderExtra life cover | ₹5,00,000of rider cover | ₹1,535interpolated |
| PWB RiderWaives future premiums | ₹35,525of premium waived | ₹1,226interpolated |
Priced on the limited premium basis, because that is how Bima Jyoti is paid for. LIC prints a separate rate table for each basis, and the same rider costs materially more on a limited premium policy than on a regular premium one. Where LIC publishes a sample grid rather than a rate for every age and term, the figure between grid points is interpolated and marked as such above. The 30% cap works out at ₹10,658 a year on this policy.
Tick a rider in the calculator above and enter the cover you want, and the result page prices it on your own age, term and sum assured rather than on this reference policy.
Rate sources: AD & DB Rider, AB Rider, Term Rider, PWB Rider sales brochures.
Source: Bima Jyoti sales brochure (PDF), Optional Rider Benefits clause.
How LIC Bima Jyoti compares
The plans people weigh this one against, and what separates each from it.
| Plan | Policy term | You pay for | Cover from | What is different |
|---|---|---|---|---|
| Bima JyotiNo. 760 · this page | 15 to 20 years | Term minus 5 years | ₹1 Lakh | Non-participating endowment with a guaranteed addition of ₹50 per ₹1000 every year. |
| Jeevan AzadNo. 768 | 15 to 20 years | Term minus 8 years | ₹2 Lakh | Short premium term, guaranteed maturity equal to the sum assured. |
| Bima RatnaNo. 764 | 15, 20, 25 years | Term minus 4 years | ₹5 Lakh | Guaranteed additions that step up over time, plus two payouts before maturity. |
| New Endowment PlanNo. 714 | 12 to 35 years | The full term | ₹2 Lakh | LIC's plainest savings-and-cover contract: the sum assured plus bonus at maturity, and nothing paid out before it. |
| New Jeevan AnandNo. 715 | 15 to 35 years | The full term | ₹2 Lakh | Endowment savings that keeps paying life cover after the policy matures. |
To price several of these against each other on the same age and sum assured, the LIC premium calculator runs every plan on the site through the same engine and puts the answers in one table.
LIC Bima Jyoti: frequently asked questions
What is the guaranteed addition in Bima Jyoti?
₹50 per ₹1000 of Basic Sum Assured at the end of each policy year, for the whole policy term. On a ₹5 lakh sum assured that is ₹25,000 credited every year.
What will I get at maturity in Bima Jyoti for ₹5 lakh?
For a 20-year term, ₹5 lakh sum assured plus ₹5 lakh of guaranteed additions — ₹10 lakh exactly. For a 15-year term, ₹5 lakh plus ₹3.75 lakh, or ₹8.75 lakh. These are contractual, not projections.
Is Bima Jyoti better than Jeevan Anand?
Bima Jyoti is certain; Jeevan Anand is participating and, on current bonus rates over a long term, usually projects higher. If bonus rates hold, Jeevan Anand wins on a 25-year view. If they fall, Bima Jyoti's contractual addition protects you. Bima Jyoti also has the shorter premium paying term.
What are the term options in Bima Jyoti?
15 to 20 years, with premiums payable for five years less — so 15/10, 16/11, 17/12, 18/13, 19/14 or 20/15.
Spot something wrong?
If a figure on this page disagrees with an LIC premium notice, bonus statement or benefit illustration, tell us and we will check it against the brochure. Anything else you think this page gets wrong is just as welcome.
Related calculators
Plans people usually weigh up against Bima Jyoti before deciding.
Jeevan Azad
No. 768Short premium term, guaranteed maturity equal to the sum assured.
Open calculatorBima Ratna
No. 764Guaranteed additions that step up over time, plus two payouts before maturity.
Open calculatorNew Endowment Plan
No. 714LIC's plainest savings-and-cover contract: the sum assured plus bonus at maturity, and nothing paid out before it.
Open calculatorNew Jeevan Anand
No. 715Endowment savings that keeps paying life cover after the policy matures.
Open calculator