LIC Premium Calculator
Enter your age, the term you want and the cover you need. Every LIC plan that accepts those inputs is priced on its own tabular rates and listed below, cheapest first.
How this comparison is worked out
Our modelEvery plan below is priced from its own benefit schedule — its real payout years, bonus rates, premium paying term and rebate bands — on a basis calibrated to that plan's reference premium. Plans with fixed terms snap to their nearest available one, and whole-life plans run to age 100, so the term column tells you what each was actually priced on. The annualised return is the internal rate of return on your own cash flows, which is the only fair way to line up a 20-year endowment against a plan running to 100. Term plans show none because they pay nothing on survival. Every figure here is a base policy premium. Most of these plans also offer optional riders — accident, term or premium-waiver cover — which are separate contracts that cost extra on top. Each plan's own calculator page lists the riders LIC allows on it.
These are produced by our own model, not lifted from an LIC document. There is no official source to link, and they are estimates.
| Plan | Yearly premium | Monthly | Total paid | Maturity | Annualised return |
|---|
Estimates only. Maturity figures for participating plans assume the current declared bonus rate holds for the whole term; only the sum assured is guaranteed. The annualised return is the internal rate of return on your own cash flows — premiums out, survival benefits and maturity in — which is the only fair way to compare a 20-year endowment against a whole-life plan running to age 100. Term plans show no return because they pay nothing on survival; that is the point of them.
How the LIC premium calculation works
LIC does not price policies from a single formula. Each plan has its own premium table, built by its actuaries from the specific benefits that plan promises. The table gives a rate per ₹1,000 of sum assured for every combination of entry age, policy term and premium paying term.
The calculation from that rate is short:
- Take the tabular rate for your age, term and premium paying term.
- Subtract the high sum assured rebate — a reduction of ₹1.50 to ₹3 per thousand on larger policies.
- Multiply by your sum assured divided by 1,000.
- Apply the mode rebate: 2% off for yearly, 1% for half-yearly, nothing for quarterly or monthly.
- Add any extra premium loaded after medical or occupational underwriting, and any rider premium.
Why the same age and term give different premiums
Because the plans promise different things. A 20-year endowment funds one payment at the end. A 20-year money back plan funds that payment and three payouts along the way, while keeping the full sum assured at risk the whole time — so it costs more. Jeevan Labh funds a 21-year policy out of 15 premiums instead of 21, so each premium is larger. Jeevan Anand funds cover that continues after the policy matures.
The comparison table above holds age, term and sum assured constant so you can see exactly what each extra feature costs. Open any plan's own calculator for the full maturity build-up and the FAQ specific to it.
What the table does not include
- Underwriting loadings. If LIC rates you as a substandard life on health or occupation grounds, an extra premium is added to the tabular rate.
- Rider premiums. Accidental Death and Disability, Term Assurance, Critical Illness and Premium Waiver riders each carry their own charge.
- Tobacco and gender rating on term plans. The term calculators on their own pages let you set both; this comparison assumes a male non-smoker.
LIC premium calculator — common questions
How do I calculate my LIC premium?
Take the tabular premium rate for your plan, age at entry, policy term and premium paying term — a rupee amount per ₹1,000 of sum assured. Multiply it by your sum assured divided by 1,000. Then subtract the high sum assured rebate (a reduction in the rate per thousand for larger policies) and the mode rebate (2% for yearly, 1% for half-yearly). The calculator above does all of that for every plan at once.
Which LIC plan has the lowest premium?
Term plans, by a wide margin. New Tech-Term buys ₹1 crore of cover for roughly what a ₹5 lakh endowment costs, because it funds only the death benefit and pays nothing on survival. Among savings plans, the plain New Endowment Plan is usually the cheapest per ₹1,000 of sum assured, since it has no money back, no post-maturity cover and no shortened premium term to fund.
Why is my LIC premium different from the calculator?
Three common reasons. First, LIC may have loaded your premium after medical underwriting or because of your occupation. Second, riders such as accidental death benefit carry their own premium. Third, the calculator uses the standard tabular rate; special campaigns, staff terms or online discounts can change it. Treat the result as a close estimate and confirm with LIC.
Is it cheaper to pay LIC premium yearly or monthly?
Yearly, always. LIC gives a 2% rebate on the tabular premium for the yearly mode and 1% for half-yearly. Quarterly and monthly modes get no rebate at all, so twelve monthly instalments add up to about 2% more than a single yearly payment for exactly the same cover.
Does the LIC premium include GST?
The premiums shown here include no GST, because individual life insurance premiums have been exempt from GST since 22 September 2025. If you are looking at an older policy document or an illustration from before that date, it will show 4.5% on the first year and 2.25% on renewals for savings plans, or 18% for term plans.