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 = Σt Ct (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, 50% of S (the rest is paid out earlier as survival benefits)
- at
- guaranteed addition credited in policy year t, ₹ per ₹1,000 of sum assured
- Ct
- survival benefit at the end of year t: 25% of S in year n − 2, 25% of S in year n − 1
- r
- annualised return: the rate that makes both sides equal
- n
- policy term, in years
- k
- premium paying term, in years
*Source LIC Bima Ratna brochure (PDF)
In short (tl;dr)
Bima Ratna is a non-participating savings plan whose guaranteed additions rise from ₹50 to ₹60 per ₹1000 as the policy ages, with 25% of the sum assured paid out in each of the last two years before maturity.
Worked example: at 30, ₹5,00,000 of cover over 25 years costs ₹28,015 a year for 21 years and is projected to pay ₹9,62,500 at maturity, a return of 4.77% a year.
What is LIC Bima Ratna?
Bima Ratna (Plan 764, sold earlier as Plan 864) credits Guaranteed Additions on a rising scale: ₹50 per ₹1000 of Basic Sum Assured for the first five policy years, ₹55 for years six to ten, and ₹60 from year eleven to the end of the term. The longer the policy runs, the faster it accumulates.
It also pays out early. In each of the two years before maturity, 25% of the Basic Sum Assured is released, and the remaining 50% arrives at maturity along with all the accrued additions. A 20-year policy therefore pays in years 18, 19 and 20.
Premiums are payable for four years less than the term: 11 years on a 15-year policy, 16 on 20 years and 21 on 25. The minimum sum assured is ₹5 lakh, which places the plan a rung above LIC's entry-level savings contracts. Entry runs to age 55 on the 15-year term, 50 on 20 and 45 on 25, and the policy must mature by 70.
Key features
- Guaranteed Additions rising from ₹50 to ₹60 per ₹1000 with policy duration
- 25% of the sum assured paid in each of the two years before maturity
- Premiums payable for four years less than the policy term: 11, 16 or 21 years
- Terms of 15, 20 or 25 years
- Non-participating: the entire benefit schedule is contractual
Which Bima Ratna term should you pick?
The term is the choice that moves everything else, and the brochure lists the options without ever setting them beside each other. Here they are at age 30 on ₹5,00,000 of cover, so the rows differ only by the term and the premium term that goes with it.
| Policy term | You pay for | Premium a year | Total paid in | Projected maturity | Return a year |
|---|---|---|---|---|---|
| 15 years | 11 years | ₹53,957 | ₹5,93,522 | ₹6,62,500 | 4.49% |
| 20 years | 16 years | ₹37,330 | ₹5,97,274 | ₹8,12,500 | 4.67% |
| 25 years | 21 years | ₹28,015 | ₹5,88,320 | ₹9,62,500 | 4.77% |
The gap between the first two columns is how long the cover runs on after the last premium: 4, 4, 4 years, in the order above.
Bima Ratna at a glance
- Plan number
- 764
- Category
- Endowment
- Entry age
- 0 to 55 years
- Policy term
- 15, 20, 25 years
- Premium paying term
- Policy term minus 4 years
- Sum assured
- ₹5 Lakh and above
- Maximum maturity age
- 70 years
- UIN
- 512N345V02
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 764 or 864?
LIC's withdrawn plans list records Plan 864 (UIN 512N345V01) withdrawn in 2024-25 and Plan 764 (UIN 512N345V02) withdrawn in 2025-26. This page follows the Plan 764 brochure. If your policy document says 864, that document governs your policy; a later version does not change the terms yours was sold on.
What are the benefits of LIC Bima Ratna?
What does LIC Bima Ratna pay on death?
Sum Assured on Death, the higher of 125% of the Basic Sum Assured and 7 times the annualised premium, plus accrued Guaranteed Additions, subject to a minimum of 105% of premiums paid. Survival benefits already paid are not deducted.
What do you get at maturity?
50% of the Basic Sum Assured plus the full Guaranteed Additions accrued over the term, following the two 25% survival payouts.
Who is LIC Bima Ratna for?
Someone who wants a contractual return with cash arriving in stages at the end rather than all on one date.
What should you watch out for?
The ₹5 lakh minimum sum assured makes this a larger commitment than Bima Jyoti or Jeevan Azad. The rising GA scale only pays off if you hold the policy to term.
What does LIC Bima Ratna cost?
Worked out on a 25-year term with premiums paid for 21 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 | ₹28,015 | ₹5,88,320 | ₹9,62,500 |
| ₹10,00,000 | ₹55,345 | ₹11,62,235 | ₹19,25,000 |
| ₹25,00,000 | ₹1,37,014 | ₹28,77,290 | ₹48,12,500 |
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 | ₹27,892 | ₹5,85,737 | ₹9,62,500 | 50 |
| 30 years | ₹28,015 | ₹5,88,320 | ₹9,62,500 | 55 |
| 40 years | ₹28,796 | ₹6,04,710 | ₹9,62,500 | 65 |
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.
LIC's own sample premium, from the brochure
From the sourceNot modelled: this is the table LIC prints in its own brochure (Sales brochure (UIN 512N345V02), section 6 Sample Illustrative Premium (offline, standard lives)), at ₹20,00,000 of cover, the sum assured LIC chose to illustrate. Everywhere else on this page the premium is worked out for the sum assured you enter; here it is fixed at that figure, because that is what LIC published.
These figures are taken from the document linked below. Check them there.
| Age at entry | 11 years | 16 years | 21 years |
|---|---|---|---|
| 20 | ₹2,10,454 | ₹1,44,598 | ₹1,07,652 |
| 30 | ₹2,11,238 | ₹1,45,872 | ₹1,09,612 |
| 40 | ₹2,15,158 | ₹1,51,262 | ₹1,16,570 |
| 50 | ₹2,27,212 | ₹1,65,766 | Not printed |
Priced on ₹20,00,000 of cover, exclusive of taxes, standard lives. Our own model is anchored on the age 30, 25-year term, 21-year premium term cell in this table; the other cells are the real test of the model, and the editorial and methodology policy publishes how far off they run.editorial and methodology policy publishes how far off they run.
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)
- ₹2,50,000
- Guaranteed additions
- ₹7,12,500
- Paid at maturity
- ₹9,62,500
- Income paid before then, 2 payments of ₹1,25,000 from year 23
- ₹2,50,000
- Return a year on the premiums
- 4.77%
When does LIC Bima Ratna 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 25, 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 25 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 Ratna?
Age to start
- Minimum
- 30 days
- Maximum
- 55 years
These are the widest limits the plan allows. The range narrows once you choose a policy term, and the calculator applies whichever range fits your answers.
Policy term
- Terms sold
- 15, 20 or 25 years
Age when the policy matures
- Maximum
- 70 years
Your age at entry plus the policy term cannot come to more than 70.
Years you pay for
- Premium paying term
- Policy term minus 4 years
Sum assured
- Minimum
- ₹5,00,000
- 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 3 of the Bima Ratna sales brochure, linked in the form above.
Tax on LIC Bima Ratna
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 ₹28,015 a year, which is 5.6% 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 Ratna 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
- ₹57.17 per ₹1,000 at age 30, 25-year term, 21-year premium term
- Discount basis
- 5.48% a year, on LIC (2012-14) Ultimate mortality
- Guaranteed additions
- ₹50 per ₹1,000 for years 1 to 5; ₹55 per ₹1,000 for years 6 to 10; ₹60 per ₹1,000 from year 11 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 Ratna 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 Ratna, 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 | ₹28,015of premium waived | ₹1,163interpolated |
Priced on the limited premium basis, because that is how Bima Ratna 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 ₹8,405 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 Ratna sales brochure (PDF), Optional Rider Benefits clause.
How LIC Bima Ratna 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 RatnaNo. 764 · this page | 15, 20, 25 years | Term minus 4 years | ₹5 Lakh | Guaranteed additions that step up over time, plus two payouts before maturity. |
| Bima JyotiNo. 760 | 15 to 20 years | Term minus 5 years | ₹1 Lakh | Non-participating endowment with a guaranteed addition of ₹50 per ₹1000 every year. |
| Dhan RekhaNo. 863 | 20, 30, 40 years | 10, 15, 20 years | ₹2 Lakh | Non-participating money back: payouts keyed to the term, guaranteed additions from year six, and the full sum assured at maturity. |
| New Money Back Plan - 20 YearsNo. 720 | 20 years | 15 years | ₹2 Lakh | 20% of the sum assured back in years 5, 10 and 15, and the rest at maturity. |
| Jeevan ShiromaniNo. 947 | 14, 16, 18, 20 years | Term minus 4 years | ₹1 Crore | A high net worth money back plan, minimum sum assured ₹1 crore. |
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 Ratna: frequently asked questions
What are the guaranteed additions in Bima Ratna?
₹50 per ₹1000 sum assured per year for policy years 1 to 5, ₹55 for years 6 to 10, and ₹60 from year 11 onwards. A 20-year, ₹10 lakh policy accrues ₹2.5 lakh, ₹2.75 lakh and ₹6 lakh across the three bands, ₹11.25 lakh in total.
When does Bima Ratna pay the survival benefit?
25% of the Basic Sum Assured at the end of the second-last policy year and another 25% at the end of the last year before maturity. For a 20-year term that is years 18 and 19.
What is the minimum sum assured in Bima Ratna?
₹5,00,000, in multiples of ₹25,000. There is no upper limit subject to underwriting.
What is the premium paying term in Bima Ratna?
Four years less than the policy term: 11 years for a 15-year policy, 16 years for 20 and 21 years for 25. LIC's brochure prints ₹1,45,872 a year for ₹20 lakh at age 30 on the 20-year term, paid for 16 years.
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 Ratna before deciding.
Bima Jyoti
No. 760Non-participating endowment with a guaranteed addition of ₹50 per ₹1000 every year.
Open calculatorDhan Rekha
No. 863Non-participating money back: payouts keyed to the term, guaranteed additions from year six, and the full sum assured at maturity.
Open calculatorNew Money Back Plan - 20 Years
No. 72020% of the sum assured back in years 5, 10 and 15, and the rest at maturity.
Open calculatorJeevan Shiromani
No. 947A high net worth money back plan, minimum sum assured ₹1 crore.
Open calculator