Formula
P = (T − R) × S / 1000
I = P × c
T = A / (ä × (1 − λ))
M = G + q × T × Σt=1n min(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, from this plan's table (nil on smaller policies)
- S
- Basic Sum Assured
- I
- each instalment
- c
- instalment as a share of the annual premium: 1 yearly, 0.509 half-yearly, 0.2568 quarterly or 0.0861 monthly
- 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
- q
- guaranteed addition rate, 6% of the tabular premiums paid to date, credited at the end of each policy year
- min(t, k)
- the number of yearly premiums paid by the end of year t
- r
- annualised return: the rate that makes both sides equal
- n
- policy term, in years
- k
- premium paying term, in years
In short (tl;dr)
New Bima Jyoti is LIC's non-participating limited premium endowment. Every year it adds 6% of the premiums you have paid so far, and the maturity value is fixed by contract.
Worked example: at 20, ₹5,00,000 of cover over 20 years costs ₹41,275 a year for 15 years and is projected to pay ₹9,82,917 at maturity, a return of 3.53% a year.
What is LIC New Bima Jyoti?
New Bima Jyoti (Plan 890, UIN 512N395V01) runs for 15 to 20 years and is paid for five years less than that, so a 20-year policy takes 15 premiums. At maturity it pays the Basic Sum Assured plus every Guaranteed Addition credited along the way. There is no bonus and nothing depends on LIC's yearly declaration.
The addition is worked out on your premiums, not on the sum assured. At the end of each policy year LIC credits 6% of the total annualised premium paid up to then. In year one that is 6% of one premium, in year five 6% of five, and once the premiums stop the credit stays at 6% of everything you paid until the policy matures. LIC's own illustration in the brochure, a Rs 10 lakh policy at age 35 for 20 years, adds Rs 11,97,446 on a yearly premium of Rs 84,700 and pays Rs 21,97,446 at maturity.
Bigger policies earn a higher rate. From Rs 3 lakh of sum assured the 6% rises by 0.50% to 1.25%, depending on size and the premium term, and a policy bought online without an agent gets another 1.25% or 1.50%. This calculator applies the plain 6% only, so its maturity figure is low for any policy that qualifies for either.
Key features
- Guaranteed Addition of 6% of the total annualised premiums paid, credited at the end of every policy year
- Additions keep accruing after the last premium, up to maturity
- Premiums payable for five years less than the policy term of 15 to 20 years
- Higher addition rate from Rs 3 lakh of sum assured, and again for online purchase
- Entry from 30 days old; minimum Basic Sum Assured Rs 1,25,000
New Bima Jyoti at a glance
- Plan number
- 890
- Category
- Endowment
- Entry age
- 0 to 60 years
- Policy term
- 15 to 20 years
- Premium paying term
- Policy term minus 5 years
- Sum assured
- ₹1.25 Lakh and above
- Maximum maturity age
- 75 years
- UIN
- 512N395V01
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 New Bima Jyoti?
What does LIC New Bima Jyoti pay on death?
Sum Assured on Death, the higher of 125% of the Basic Sum Assured and 7 times the annualised premium, plus the Guaranteed Additions accrued, never less than 105% of the premiums paid to the date of death. The addition for the year of death is credited for the full year.
What do you get at maturity?
The Basic Sum Assured plus all Guaranteed Additions accrued over the policy term. Every rupee of it is contractual.
Who is LIC New Bima Jyoti for?
A saver who wants a fixed, known maturity amount on a date 15 to 20 years out, and who can commit to paying for five years fewer than that.
What should you watch out for?
The addition is a percentage of premiums, so the maturity value is set by what you pay in, not by the sum assured alone. Compare the implied return in the projection with a PPF or a government bond before committing.
What does LIC New 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 20
| Sum assured | Premium a year | Total paid in | Projected maturity |
|---|---|---|---|
| ₹5,00,000 | ₹41,275 | ₹6,19,125 | ₹9,82,917 |
| ₹10,00,000 | ₹82,550 | ₹12,38,250 | ₹19,65,835 |
| ₹25,00,000 | ₹2,06,375 | ₹30,95,625 | ₹49,14,587 |
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 | ₹41,338 | ₹6,20,074 | ₹9,83,658 | 45 |
| 30 years | ₹41,438 | ₹6,21,567 | ₹9,84,822 | 50 |
| 40 years | ₹42,213 | ₹6,33,192 | ₹9,93,890 | 60 |
| 50 years | ₹44,891 | ₹6,73,358 | ₹10,25,219 | 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.
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 8 Sample Illustrative Premium (offline, standard lives)), at ₹10,00,000 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 | 13 years | 15 years |
|---|---|---|---|
| 20 | ₹1,22,300 | ₹93,200 | ₹82,550 |
| 30 | ₹1,22,850 | ₹93,900 | ₹83,400 |
| 40 | ₹1,25,600 | ₹97,200 | ₹87,150 |
| 50 | ₹1,34,300 | ₹1,06,650 | ₹97,500 |
Priced on ₹10,00,000 of cover, exclusive of taxes, standard lives. Our own model is anchored on the age 20, 20-year term, 15-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)
- ₹5,00,000
- Guaranteed additions
- ₹4,82,917
- Paid at maturity
- ₹9,82,917
- Return a year on the premiums
- 3.53%
When does LIC New 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 New Bima Jyoti?
Age to start
- Minimum
- 30 days
- Maximum
- 60 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
- 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
- ₹1,25,000
- 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 New Bima Jyoti sales brochure, linked in the form above.
Tax on LIC New 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 ₹41,275 a year, which is 8.3% 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
New 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
- ₹82.55 per ₹1,000 at age 20, 20-year term, 15-year premium term
- Discount basis
- 4.40% a year, on LIC (2012-14) Ultimate mortality
- Guaranteed additions
- 6% of the tabular premiums paid to date, added at the end of every policy year for the whole term.
- 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:New Bima Jyoti on licindia.inLIC valuation and bonus declarationsIRDAI regulations
How LIC New 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 |
|---|---|---|---|---|
| New Bima JyotiNo. 890 · this page | 15 to 20 years | Term minus 5 years | ₹1.25 Lakh | Non-participating endowment that adds 6% of the premiums paid so far to the policy every year. |
| 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. |
| 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. |
| Jeevan LabhNo. 736 | 16, 21, 25 years | 10, 15, 16 years | ₹2 Lakh | Limited premium endowment. You finish paying years before the policy matures. |
| AmritbaalNo. 774 | 10 to 25 years | 5, 6, 7 years | ₹2 Lakh | A child plan with ₹80 per ₹1000 guaranteed addition every year. |
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 New Bima Jyoti: frequently asked questions
How is the guaranteed addition worked out in New Bima Jyoti?
At the end of each policy year LIC adds 6% of the total annualised premium you have paid so far. With a yearly premium of Rs 84,700, the first year adds Rs 5,082 at 6%, the second Rs 10,164, and so on, until the premiums stop and the yearly credit levels off. LIC's brochure illustration runs at 7.25% because a Rs 10 lakh policy on a 15-year premium term earns the 1.25% high sum assured incentive.
What is the maturity amount of New Bima Jyoti for Rs 10 lakh?
LIC's own illustration, entry age 35, 20-year term, 15 years of premiums at Rs 84,700 a year, pays Rs 21,97,446 at maturity: the Rs 10 lakh sum assured plus Rs 11,97,446 of guaranteed additions. Total premiums paid are Rs 12,70,500.
Is New Bima Jyoti the same plan as Bima Jyoti?
No. Bima Jyoti (Plans 860 and 760, UIN 512N339) added a flat Rs 50 per Rs 1,000 of sum assured each year. New Bima Jyoti (Plan 890) carries a new UIN, 512N395V01, and works its addition out on the premiums paid instead. LIC's withdrawn plans page lists the last Bima Jyoti version, Plan 760, as withdrawn in 2026-27.
What are the term and premium paying term options?
Policy terms of 15 to 20 years, paid for five years less: 15 and 10, 16 and 11, 17 and 12, 18 and 13, 19 and 14, or 20 and 15.
Can I buy New Bima Jyoti for a child?
Yes, from 30 days old, as long as the child is at least 18 at maturity. If the child is under 8 at entry, cover starts two years after the policy date or on the policy anniversary at or after age 8, whichever comes first. A death before that returns the premiums paid, without interest.
Which payment modes are allowed?
Below Rs 1,50,000 of sum assured, only yearly and half-yearly. From Rs 1,50,000 up, quarterly and monthly as well, monthly by NACH or salary deduction. Half-yearly costs 1.8% more a year than yearly, quarterly 2.72% more and monthly 3.32% more.
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 New Bima Jyoti before deciding.
Bima Jyoti
No. 760Non-participating endowment with a guaranteed addition of ₹50 per ₹1000 every year.
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 calculatorJeevan Labh
No. 736Limited premium endowment. You finish paying years before the policy matures.
Open calculatorAmritbaal
No. 774A child plan with ₹80 per ₹1000 guaranteed addition every year.
Open calculator