Formula
P = (T − R) × S / 1000
I = P × (1 + l) / f
T = A / (ä × (1 − λ))
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
- 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, 81.75%
*Source LIC Jeevan Raksha brochure (PDF)
In short (tl;dr)
Jeevan Raksha is a pure term plan LIC opened for sale on 7 September 2026, for ₹5 lakh to ₹24 lakh of cover ending by age 60. Sold through agents and online. Figures here are for a non-smoking man buying offline.
Worked example: at 30, ₹5,00,000 of cover over 20 years costs ₹2,730 a year for 20 years.
What is LIC Jeevan Raksha?
Jeevan Raksha (Plan 894) is a non-linked, non-participating pure risk plan. If the life assured dies during the term with the policy in force, LIC pays the Sum Assured on Death; nothing is paid on survival.
It is built for smaller amounts than LIC's other term plans: the Basic Sum Assured runs from ₹5 lakh to ₹24 lakh, and ₹24 lakh is the most one person can hold across all Jeevan Raksha policies. Entry is 18 to 45 and cover must end by 60, so the term is 15 to 42 years on regular premium.
There is one death benefit, the sum assured, with no increasing option. Premiums can be regular, limited to 10 or 15 years, or single, and the minimum instalment is ₹2,000. Buying online without an agent takes 7.5% off the tabular premium, or 3% on single premium.
A high sum assured rebate starts at ₹7 lakh: up to 18% of the tabular premium for entry ages 18 to 30 at ₹20 lakh and above, and up to 14% from 31 to 45.
LIC sets special, lower rates for women and separate rates for smokers. The brochure prints only a non-smoking man's premiums, so those are the figures here; a woman's premium will be lower and a smoker's higher.
Key features
- Basic Sum Assured ₹5 lakh to ₹24 lakh per life
- Special rates for women; separate smoker and non-smoker rates
- Entry age 18 to 45, cover ending by age 60
- Regular, 10-year, 15-year or single premium
- Minimum instalment premium ₹2,000
- High sum assured rebate from ₹7 lakh
- 7.5% rebate for buying online without an intermediary
- Accident Benefit Rider on regular and limited premium
Jeevan Raksha at a glance
- Plan number
- 894
- Category
- Term Insurance
- Entry age
- 18 to 45 years
- Policy term
- 15 to 42 years
- Premium paying term
- Same as policy term on this calculator; LIC also sells 10 or 15 years, or a single premium
- Sum assured
- ₹5 Lakh to ₹24 Lakh
- Maximum maturity age
- 60 years
- UIN
- 512N368V01
We checked the plan number and UIN above against LIC's own page for this plan on 2026-10-02. Check it on licindia.in
What are the benefits of LIC Jeevan Raksha?
What does LIC Jeevan Raksha pay on death?
On regular and limited premium, the higher of 7 times the annualised premium and the Basic Sum Assured, never less than 105% of total premiums paid to the date of death. On single premium, the higher of 125% of the single premium and the Basic Sum Assured.
What do you get at maturity?
None. No maturity benefit, no paid-up value and no loan. A regular premium policy has no surrender value; single and limited premium policies may return an Unexpired Risk Premium Value.
Who is LIC Jeevan Raksha for?
Someone who wants modest LIC term cover, below the ₹50 lakh floor of Digi Term and Yuva Term, through their working years.
What should you watch out for?
Cover stops at 60 at the latest, and per ₹1,000 it costs far more than LIC's large-cover term plans. The calculator reads about 9% high at age 40 against LIC's own grid.
What does LIC Jeevan Raksha cost?
Worked out on a 20-year term with premiums paid for 20 years, for a non-smoking man. 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 |
|---|---|---|
| ₹5,00,000 | ₹2,730 | ₹54,600 |
| ₹10,00,000 | ₹4,914 | ₹98,280 |
Premiums are modelled on this plan's own tabular rates. This is a pure protection plan, so there is no maturity value.
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 |
|---|---|---|
| 25 years | ₹2,486 | ₹49,729 |
| 30 years | ₹2,730 | ₹54,600 |
| 40 years | ₹4,818 | ₹96,359 |
Age moves this premium a long way: ₹2,486 at 25 becomes ₹4,818 at 40, 1.9 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 7 Sample Illustrative Premium, regular premium, non-smoker male), at ₹5,00,000 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 | 20 years |
|---|---|
| 20 | ₹2,290 |
| 30 | ₹2,730 |
| 40 | ₹4,435 |
Priced on ₹5,00,000 of cover, exclusive of taxes, standard lives. Our own model is anchored on the age 30, 20-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.
Who can take LIC Jeevan Raksha?
Age to start
- Minimum
- 18 years
- Maximum
- 45 years
Policy term
- Minimum
- 15 years
- Maximum
- 42 years
Age when the policy matures
- Maximum
- 60 years
Your age at entry plus the policy term cannot come to more than 60.
Years you pay for
- Premium paying term
- Same as the policy term
Sum assured
- Minimum
- ₹5,00,000
- Maximum
- ₹24,00,000
The calculator applies every limit above. LIC sets them out under "Eligibility Conditions and Other Restrictions" on page 2 of the Jeevan Raksha sales brochure, linked in the form above.
Tax on LIC Jeevan Raksha
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 ₹2,730 a year, which is 0.5% 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 Raksha 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
- ₹5.46 per ₹1,000 at age 30, 20-year term, 20-year premium term
- Discount basis
- 11.41% a year, on LIC (2012-14) Ultimate mortality
- 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 Raksha on licindia.inLIC valuation and bonus declarationsIRDAI regulations
How LIC Jeevan Raksha 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 RakshaNo. 894 · this page | 15 to 42 years | The full term | ₹5 Lakh | LIC's small-cover term plan: ₹5 lakh to ₹24 lakh, cover to age 60. |
| 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. |
| Yuva TermNo. 875 | 15 to 40 years | The full term | ₹50 Lakh | The agent-sold twin of Digi Term: ₹50 lakh and up of cover for ages 18 to 45. |
| Digi TermNo. 876 | 15 to 40 years | The full term | ₹50 Lakh | LIC's online-only term plan for buyers aged 18 to 45, from ₹50 lakh of cover. |
| Bima KavachNo. 887 | 10 to 82 years | The full term | ₹2 Crore | High-value term cover from ₹2 crore, running as long as age 100. |
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 Raksha: frequently asked questions
How much is LIC Jeevan Raksha for ₹5 lakh?
LIC's brochure prints ₹2,290 a year at age 20, ₹2,730 at 30 and ₹4,435 at 40, for a 20-year term on regular premium, non-smoking man, before tax.
What is the most cover I can buy under Jeevan Raksha?
₹24 lakh, and that is the total across every Jeevan Raksha policy on one life. The minimum is ₹5 lakh, in steps of ₹50,000 up to ₹7 lakh and ₹1 lakh above that.
Is Jeevan Raksha the same as Jeevan Rakshak?
No. Jeevan Rakshak was Plan 827 (UIN 512N289V01), which LIC lists among plans withdrawn in 2019-20. Jeevan Raksha is Plan 894, a pure term plan on sale from 7 September 2026.
Does Jeevan Raksha give a discount for higher cover?
Yes, from ₹7 lakh. For entry ages 18 to 30 it is 5%, 10%, 15% and 18% of the tabular premium from ₹7, ₹10, ₹15 and ₹20 lakh; for 31 to 45 it is 3%, 6%, 10% and 14%.
Can I add accident cover to Jeevan Raksha?
LIC's Accident Benefit Rider, on regular and limited premium, while at least five years of premiums remain and before age 55. Its sum assured cannot exceed three times the Basic Sum Assured and it covers during the premium paying term.
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 Raksha before deciding.
Saral Jeevan Bima
No. 859The standard term plan every insurer must offer, with identical terms across the market.
Open calculatorYuva Term
No. 875The agent-sold twin of Digi Term: ₹50 lakh and up of cover for ages 18 to 45.
Open calculatorDigi Term
No. 876LIC's online-only term plan for buyers aged 18 to 45, from ₹50 lakh of cover.
Open calculatorBima Kavach
No. 887High-value term cover from ₹2 crore, running as long as age 100.
Open calculator