Formula
P = (T − R) × S / 1000
I = P × (1 + l) / f
T = (1 + s) × A / (ä × (1 − λ))
M = T × k × 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: a percentage of T set by entry age and sum assured (nil on smaller policies)
- S
- Basic Sum Assured
- I
- each instalment
- l
- modal loading: nil yearly, 2% half-yearly
- f
- instalments a year: 1 or 2
- s
- smoker loading, 40% for a smoker and nil otherwise
- A
- present value, per ₹1,000 of sum assured, of everything the policy pays
- 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: every basic premium paid, returned
- r
- annualised return: the rate that makes both sides equal
- n
- policy term, in years
- k
- premium paying term, in years
*Source LIC Jeevan Kiran brochure (PDF)
In short (tl;dr)
Jeevan Kiran is a term plan with return of premium. Die during the term and the family gets the sum assured; survive it and you get all your premiums back.
Worked example: at 30, ₹15,00,000 of cover over 30 years costs ₹8,700 a year for 30 years and is projected to pay ₹2,61,000 at maturity, a return of -0.00% a year.
What is LIC Jeevan Kiran?
Jeevan Kiran (Plan 870) is a non-linked, non-participating term assurance with a Return of Premium maturity benefit. The death benefit works exactly like an ordinary term plan. The difference is at the end: if the life assured survives the policy term, LIC returns the total premiums paid, excluding taxes, rider premiums and any extras charged for substandard health.
That refund is not free. The premium for Jeevan Kiran runs roughly three to five times the equivalent New Tech-Term premium, because LIC has to hold and return your money as well as carry the risk. The refund is also nominal — you get back the rupees you paid, with no interest, thirty years later.
It is worth running the numbers on the alternative: buy New Tech-Term and invest the difference. Over a 30-year term the invested difference will usually exceed the premium refund comfortably. Jeevan Kiran's argument is behavioural — the money comes back automatically, whether or not you would have actually invested it.
Key features
- Full term life cover with a return of all premiums paid on survival
- Both Level and Increasing Sum Assured options available
- Minimum sum assured ₹15 lakh
- Separate smoker and non-smoker rates; lower rates for female lives
- Surrender value available, unlike a pure term plan
Jeevan Kiran at a glance
- Plan number
- 870
- Category
- Term Insurance
- Entry age
- 18 to 65 years
- Policy term
- 10 to 40 years
- Premium paying term
- Same as policy term
- Sum assured
- ₹15 Lakh and above
- Maximum maturity age
- 80 years
- UIN
- 512N353V01
We checked the plan number and UIN above against LIC's own page for this plan on 2026-09-02. Check it on licindia.in
What are the benefits of LIC Jeevan Kiran?
What does LIC Jeevan Kiran pay on death?
The Sum Assured on Death — the higher of 7 times the annualised premium and the absolute amount assured, never less than 105% of premiums paid — payable as a lump sum.
What do you get at maturity?
The total premiums paid, excluding taxes, extra premiums for substandard lives and rider premiums, returned in full on survival to the end of the term. No interest is added.
Who is LIC Jeevan Kiran for?
Someone who genuinely will not buy term cover unless they get something back, and who would not otherwise invest the premium difference.
What should you watch out for?
The refund carries no interest. ₹4 lakh returned in 2056 buys far less than ₹4 lakh does today. Compare against term cover plus a recurring deposit before choosing.
What does LIC Jeevan Kiran cost?
Worked out on a 30-year term with premiums paid for 30 years, for a non-smoker. 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 |
|---|---|---|---|
| ₹15,00,000 | ₹8,700 | ₹2,61,000 | ₹2,61,000 |
| ₹30,00,000 | ₹17,400 | ₹5,22,000 | ₹5,22,000 |
| ₹75,00,000 | ₹33,060 | ₹9,91,800 | ₹9,91,800 |
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 ₹15,00,000 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 | ₹7,197 | ₹2,15,913 | ₹2,15,913 | 55 |
| 30 years | ₹8,700 | ₹2,61,000 | ₹2,61,000 | 60 |
| 40 years | ₹15,966 | ₹4,78,986 | ₹4,78,986 | 70 |
| 50 years | ₹31,794 | ₹9,53,818 | ₹9,53,818 | 80 |
Age moves this premium a long way: ₹7,197 at 25 becomes ₹31,794 at 50, 4.4 times as much. Most of it pays for the risk of dying during the term, and that risk climbs with age.
LIC's own sample premium, from the brochure
From the sourceNot modelled: this is the table LIC prints in its own brochure (Sales brochure, section 6 Sample Illustrative Premium, regular premium, non-smoker, offline), 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 | 10 years | 20 years | 30 years | 40 years |
|---|---|---|---|---|
| 20 | ₹20,060 | ₹9,440 | ₹8,000 | ₹8,280 |
| 30 | ₹22,500 | ₹12,080 | ₹11,600 | ₹12,320 |
| 40 | ₹35,140 | ₹21,820 | ₹20,520 | ₹21,300 |
| 50 | ₹72,700 | ₹42,400 | ₹38,160 | Not printed |
| 60 | ₹1,27,220 | ₹75,000 | Not printed | Not printed |
Priced on ₹20,00,000 of cover, exclusive of taxes, standard lives. Our own model is anchored on the age 30, 30-year 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 ₹15,00,000 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)
- ₹2,61,000
- Paid at maturity
- ₹2,61,000
- Return a year on the premiums
- -0.00%
When does LIC Jeevan Kiran 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 30, 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 30 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 Jeevan Kiran?
Age to start
- Minimum
- 18 years
- Maximum
- 65 years
Policy term
- Minimum
- 10 years
- Maximum
- 40 years
Age when the policy matures
- Maximum
- 80 years
Your age at entry plus the policy term cannot come to more than 80.
Years you pay for
- Premium paying term
- Same as the policy term
Sum assured
- Minimum
- ₹15,00,000
- Maximum
- No limit set by LIC
LIC caps this by what underwriting allows rather than with a printed figure. This calculator accepts up to ₹10 Crore.
The calculator applies every limit above. LIC sets them out under "Eligibility Conditions and Other Restrictions" on page 1 of the Jeevan Kiran sales brochure, linked in the form above.
Tax on LIC Jeevan Kiran
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 ₹15,00,000 policy priced above costs ₹8,700 a year, which is 0.6% 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
Jeevan Kiran 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
- ₹5.80 per ₹1,000 at age 30, 30-year term, 30-year premium term
- Discount basis
- 6.00% a year, on LIC (2012-14) Ultimate mortality scaled to 250% for this plan's underwritten pool
- 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:Jeevan Kiran 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 2 optional riders on Jeevan Kiran, 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
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 ₹15,00,000 policy priced above, at age 30. Each cover rider is quoted here for the same ₹15,00,000 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 | ₹15,00,000of rider cover | ₹1,500LIC's stated rate |
| AB RiderAccidental death cover | ₹15,00,000of rider cover | ₹750LIC's stated rate |
Priced on the regular premium basis, because that is how Jeevan Kiran 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. The 30% cap works out at ₹2,610 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 sales brochures.
Source: Jeevan Kiran sales brochure (PDF), Optional Rider Benefits clause.
How LIC Jeevan Kiran 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 |
|---|---|---|---|---|
| Jeevan KiranNo. 870 · this page | 10 to 40 years | The full term | ₹15 Lakh | Term cover that returns every rupee of premium if you survive the policy. |
| New Tech-TermNo. 954 | 10 to 40 years | The full term | ₹50 Lakh | LIC's online term plan: level cover from ₹50 lakh, bought direct with no agent. |
| New Jeevan AmarNo. 955 | 10 to 40 years | The full term | ₹25 Lakh | Tech-Term's agent-sold twin: the same pure cover, sold through agents until LIC withdrew it. |
| Saral Jeevan BimaNo. 859 | 5 to 40 years | The full term | ₹5 Lakh | The standard term plan every insurer must offer, with identical terms across the market. |
| Jeevan AzadNo. 768 | 15 to 20 years | Term minus 8 years | ₹2 Lakh | Short premium term, guaranteed maturity equal to the sum assured. |
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 Jeevan Kiran: frequently asked questions
What do I get back at maturity in Jeevan Kiran?
The total of all premiums you have paid, excluding GST, rider premiums and any extra premium charged for health or occupation. There is no interest and no bonus on top.
How much more expensive is Jeevan Kiran than a plain term plan?
Roughly three to five times the premium of New Tech-Term for the same sum assured, age and term: about 4.6 times on ₹50 lakh at age 30 over 20 years, 3.2 times on ₹1 crore over 30 years. Run both calculators side by side — the gap is the price of the refund.
Is return of premium worth it?
Mathematically, usually not. Buying New Tech-Term and investing the difference in almost any long-term instrument beats a nominal refund thirty years later. Jeevan Kiran wins only if the alternative is that you would have spent the difference rather than invested it.
Does Jeevan Kiran have a surrender value?
Yes, unlike a pure term plan. Because the policy accumulates a reserve to fund the premium refund, it acquires a surrender value once sufficient premiums have been paid.
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 Jeevan Kiran before deciding.
New Tech-Term
No. 954LIC's online term plan: level cover from ₹50 lakh, bought direct with no agent.
Open calculatorNew Jeevan Amar
No. 955Tech-Term's agent-sold twin: the same pure cover, sold through agents until LIC withdrew it.
Open calculatorSaral Jeevan Bima
No. 859The standard term plan every insurer must offer, with identical terms across the market.
Open calculatorJeevan Azad
No. 768Short premium term, guaranteed maturity equal to the sum assured.
Open calculator