Formula
P = (T − R) × S / 1000
I = P × (1 + l) / f
T = (1 + s) × 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
- s
- smoker loading, 42% for a smoker and nil otherwise
- A
- present value, per ₹1,000 of sum assured, of everything the policy pays, with a woman rated 3 years younger
- 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%
*Source LIC New Tech-Term brochure (PDF)
In short (tl;dr)
New Tech-Term is sold only through LIC's website. With no agent commission in the rate it prices below New Jeevan Amar, the same cover sold offline. Minimum sum assured is ₹50 lakh.
Worked example: at 30, ₹50,00,000 of cover over 20 years costs ₹5,250 a year for 20 years.
What is LIC New Tech-Term?
New Tech-Term (Plan 954) is a non-participating, non-linked pure risk plan. If the life assured dies during the term, the nominee receives the Sum Assured on Death. If they survive, nothing is paid — that is the bargain, and it is why the premium is a fraction of any savings plan's.
Two sum assured structures are available. Level Sum Assured keeps the cover constant throughout. Increasing Sum Assured holds the cover level for the first five years, then increases it by 10% of the original amount each year from the sixth to the fifteenth, capping at twice the original, which tracks a rising income and a growing family.
Rates are quoted separately for smokers and non-smokers and are lower for female lives. Because the plan is online-only there is no agent commission built into the premium, which is the single biggest reason it undercuts New Jeevan Amar.
Key features
- Sold online only — no agent commission in the premium
- Minimum sum assured ₹50 lakh, no upper limit subject to underwriting
- Level or Increasing Sum Assured options
- Separate, lower rates for non-smokers and for female lives
- Regular, limited or single premium payment
New Tech-Term at a glance
- Plan number
- 954
- Category
- Term Insurance
- Entry age
- 18 to 65 years
- Policy term
- 10 to 40 years
- Premium paying term
- Same as policy term on this calculator; LIC also sells policy term less 5 or 10 years, or a single premium
- Sum assured
- ₹50 Lakh and above
- Maximum maturity age
- 80 years
- UIN
- 512N351V02
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 New Tech-Term?
What does LIC New Tech-Term pay on death?
The Sum Assured on Death, paid as a lump sum. For regular premium policies this is the higher of 7 times the annualised premium and the absolute amount assured, never less than 105% of premiums paid.
What do you get at maturity?
None. This is pure protection — no maturity value, no surrender value, no loan.
Who is LIC New Tech-Term for?
Anyone with dependants and a mortgage. It buys the largest death benefit per rupee of anything LIC sells.
What should you watch out for?
If you survive the term you get nothing back, and that is by design. Do not compare the 'return' against a savings plan — compare the cover you could not otherwise afford.
What does LIC New Tech-Term 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 |
|---|---|---|
| ₹50,00,000 | ₹5,250 | ₹1,05,000 |
| ₹1,00,00,000 | ₹9,135 | ₹1,82,700 |
| ₹2,50,00,000 | ₹20,475 | ₹4,09,500 |
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 ₹50,00,000 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 | ₹4,501 | ₹90,024 |
| 30 years | ₹5,250 | ₹1,05,000 |
| 40 years | ₹10,515 | ₹2,10,294 |
| 50 years | ₹27,496 | ₹5,49,926 |
Age moves this premium a long way: ₹4,501 at 25 becomes ₹27,496 at 50, 6.1 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 (UIN 512N351V02), Sample Illustrative Premium, Option I Level Sum Assured, non-smoker male; regular and limited (term minus 5, minus 10)), at ₹1,00,00,000 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 | 15 years | 20 years |
|---|---|---|---|
| 20 | ₹10,266 | ₹8,091 | ₹7,047 |
| 30 | ₹13,572 | ₹10,527 | ₹9,135 |
| 40 | ₹26,878 | ₹20,737 | ₹17,889 |
Priced on ₹1,00,00,000 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 New Tech-Term?
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
- ₹50,00,000
- 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 2 of the New Tech-Term sales brochure, linked in the form above.
Tax on LIC New Tech-Term
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 ₹50,00,000 policy priced above costs ₹5,250 a year, which is 0.1% 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
New Tech-Term 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
- ₹1.05 per ₹1,000 at age 30, 20-year term, 20-year premium term
- Discount basis
- 7.21% a year, on LIC (2012-14) Ultimate mortality scaled to 85% 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:New Tech-Term 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 one optional rider on New Tech-Term, 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 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 ₹50,00,000 policy priced above, at age 30. Each cover rider is quoted here for the same ₹50,00,000 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 |
|---|---|---|
| AB RiderAccidental death cover | ₹50,00,000of rider cover | ₹2,500LIC's stated rate |
Priced on the regular premium basis, because that is how New Tech-Term 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 ₹1,575 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: AB Rider sales brochures.
Source: New Tech-Term sales brochure (PDF), Optional Rider Benefits clause.
How LIC New Tech-Term 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 Tech-TermNo. 954 · this page | 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 KiranNo. 870 | 10 to 40 years | The full term | ₹15 Lakh | Term cover that returns every rupee of premium if you survive the policy. |
| 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 New Tech-Term: frequently asked questions
How much is LIC New Tech-Term for ₹1 crore at age 30?
For a healthy 30-year-old non-smoking male taking a 30-year term, this site's model prices ₹1 crore of cover at about ₹12,178 a year, the same figure the calculator above returns. LIC's brochure prints ₹9,135 for the same cover over a shorter 20-year term. Female lives pay noticeably less; smokers pay around 40% more. Use the calculator above for your own age and term.
What is the difference between New Tech-Term and New Jeevan Amar?
They are the same product sold through different channels. New Tech-Term (954) is online-only and cheaper because there is no agent commission. New Jeevan Amar (955) is sold through agents and has a lower ₹25 lakh minimum sum assured. If you are comfortable buying online, Tech-Term wins on price. LIC has since withdrawn New Jeevan Amar (2026-27), so Tech-Term is the one of the two still on sale.
Does New Tech-Term have a maturity benefit?
No. It is a pure term plan: the sum assured is paid only if death occurs during the policy term. LIC's term plan that returned the premiums on survival, Jeevan Kiran, has been withdrawn, so on sale today the choice is between pure cover and a savings plan.
What is the minimum sum assured for New Tech-Term?
₹50,00,000. There is no maximum, subject to LIC's medical and financial underwriting.
Is a smoker's premium higher in New Tech-Term?
Yes, substantially — smoker rates typically run about 40% above non-smoker rates for the same age and sum assured. Declaring accurately matters: a non-disclosure discovered at claim stage can void the policy.
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 Tech-Term before deciding.
New 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 Kiran
No. 870Term cover that returns every rupee of premium if you survive the policy.
Open calculatorNew Jeevan Anand
No. 715Endowment savings that keeps paying life cover after the policy matures.
Open calculator