LIC Premium Calculator
Formula
P = (T − R) × (1 − my) × S / 1000
T = A / (ä × (1 − λ))
Total premium = P × k
P × Σt=0k−1 (1 + r)−t = Σt Ct (1 + r)−t
where
- P
- yearly 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 each plan's own table
- my
- yearly mode rebate, a percentage set by each plan
- S
- sum assured
- A
- present value, per ₹1,000 of sum assured, of everything the plan 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
- the plan's expense loading
- k
- premium paying term, in years
- Ct
- what the plan pays back in year t: survival benefits and the maturity amount
- r
- annualised return: the rate that makes both sides equal
Enter your age, the term you want and the cover you need. Compare and every LIC plan that accepts those inputs is priced on its own tabular rates and listed cheapest first.
What this comparison accepts
Age at entry
- Minimum
- 30 days
- Maximum
- 65 years
The widest any one plan allows. Each plan is then checked against its own limits, so a plan that closes earlier simply drops out of the table.
Policy term
- Minimum
- 5 years
- Maximum
- 82 years
Plans sold at fixed terms snap to their nearest one, and whole-life plans run to age 100 whatever you enter.
Sum assured
- Minimum
- ₹1,00,000
₹1,00,000 is the lowest any plan here accepts. Plans with a higher minimum stay out of the table until you clear theirs.
Every plan is checked against its own eligibility table before it is priced, so your comparison lists only the plans that would actually accept your answers.
LIC premium by plan, at age 30 for ₹10,00,000 of cover
Every plan open to a 30-year-old for ₹10,00,000 on a 20-year term (or the nearest term it actually sells), cheapest first. 19 of the 30 plans on the site accept this combination; the rest set a minimum age, term or sum assured this case falls outside.
| Plan | Yearly premium | Total paid in | Maturity |
|---|---|---|---|
| Saral Jeevan BimaPlan 859 · 20-year term | ₹3,359 | ₹67,177 | No maturity |
| Jeevan RakshaPlan 894 · 20-year term | ₹4,914 | ₹98,280 | No maturity |
| Jeevan UmangPlan 745 · 70-year term | ₹28,211 | ₹8,46,344 | ₹66,20,000 |
| New Endowment PlanPlan 714 · 20-year term | ₹50,775 | ₹10,15,493 | ₹19,30,000 |
| Jeevan LakshyaPlan 733 · 20-year term | ₹56,967 | ₹9,68,431 | ₹19,90,000 |
| Bima PlatinumPlan 770 · 20-year term | ₹59,333 | ₹10,67,998 | ₹17,10,218 |
| New Money Back Plan - 25 YearsPlan 721 · 25-year term | ₹59,927 | ₹11,98,540 | ₹17,35,000 |
| New Jeevan AnandPlan 715 · 20-year term | ₹61,133 | ₹12,22,665 | ₹19,90,000 |
| Jeevan UtsavPlan 771 · 70-year term | ₹61,250 | ₹9,79,993 | ₹16,40,000 |
| Jeevan LabhPlan 736 · 21-year term | ₹62,083 | ₹9,31,245 | ₹20,55,000 |
See all 19 plans, or run it for your own age, term and cover →
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: on older plans like the one below, 2% off for yearly, 1% for half-yearly, nothing for quarterly or monthly. Term plans and the newer savings plans adjust by mode differently, and each plan page shows its own rule.
- Add any extra premium loaded after medical or occupational underwriting, and any rider premium.
Worked on New Endowment Plan, ₹10,00,000 of cover, age 30, a 20-year term: the tabular rate is ₹55.81 per ₹1,000. The high sum assured rebate on a policy this size is ₹4.00 per ₹1,000, leaving ₹51.81. Multiply that by 1000 units of ₹1,000 and apply the yearly mode's 2% rebate, and the instalment comes to ₹50,775 a year, ₹10,15,493 paid in across the 20-year term. That is the same figure the New Endowment Plan row shows in the table above, and what the plan's own calculator gives for these inputs.
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, which 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.
Run the comparison above and it holds your age, term and sum assured constant across every plan, so you 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. We ran one such comparison in full, at ₹50 lakh of cover, age 30, over 20 years, in why term insurance costs 68 times less than an endowment for the same cover.
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.
A premium is one half of what a policy costs and pays. Once you have one, the LIC maturity calculator projects what that same policy pays out and turns the two into an annual rate you can hold against a deposit, and the LIC surrender value calculator prices what you would get back if you stopped it early.
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 apply the plan's mode adjustment: on older plans such as New Endowment 2% off for yearly and 1% for half-yearly, while term plans add 2% for half-yearly instead. 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. On this page's own reference case, age 30, ₹10,00,000 of cover over 20 years, Saral Jeevan Bima costs ₹3,359 a year against ₹50,775 for the New Endowment Plan, because a term plan funds only the death benefit and pays nothing on survival. New Tech-Term buys ₹1 crore of cover for about a third of what a ₹5 lakh endowment costs, for the same reason. Among savings plans, 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.
Can I see LIC premiums without filling in the calculator?
Yes. The table above this section prices every plan open to a 30-year-old for ₹10,00,000 of cover over 20 years, cheapest first, without any input from you. It is one fixed case; enter your own age, term and sum assured in the calculator above for a table priced on your own numbers instead.
What is the LIC premium for a ₹10 lakh or ₹5 lakh policy?
It depends on the plan more than anything else. At age 30 over 20 years, ₹10,00,000 of cover costs ₹3,359 a year on Saral Jeevan Bima, a term plan, and ₹50,775 a year on the New Endowment Plan, a savings plan. A ₹5,00,000 policy on the New Endowment Plan costs ₹26,122 a year, a little more than half, because the high sum assured rebate is smaller on a smaller policy. The table above prices every plan at ₹10,00,000; enter ₹5,00,000 in the calculator for the same table at half the cover.
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, on every plan. On older plans such as New Endowment, LIC gives a 2% rebate for yearly and 1% for half-yearly and none for quarterly or monthly, so twelve monthly instalments add up to about 2% more than one yearly payment. Newer plans such as Bima Lakshmi charge up to 3.3% more for monthly, and the term plans, which mostly sell only yearly or half-yearly, add 2% for half-yearly.
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.
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.