LIC Jeevan Raksha Plan 894 Calculator
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The LIC Jeevan Raksha Plan 894 Calculator helps estimate the premium of the Jeevan Raksha policy by using basic details such as age, gender, smoking status, life cover, Policy Term, and Payment Term. It calculates the premium for the selected payment frequency, the annual base premium, and the total premiums scheduled during the payment period.
LIC Jeevan Raksha is a pure term insurance plan. Its launched on September 7, 2026, on the mark of LIC’s 70th anniversary. This plan is designed to provide financial support to the family if the life assured dies while the policy is active and the claim is accepted. It is not a savings plan, so no maturity amount or bonus is paid when the life assured survives the complete Policy Term.
LIC Jeevan Raksha Plan 894 Calculator
The calculator gives a quick premium estimate. It checks whether the entered age, life cover, Policy Term, and Payment Term fit the main rules of Plan 894 before showing a result. It is not the money returned at maturity. The estimate result by this calculator is based on the details we entered. The final premium can change after LIC checks health, occupation, income, and other proposal information.
What Is LIC Jeevan Raksha Plan 894?
LIC Jeevan Raksha Plan 894, UIN 512N368V01, is a non-linked, non-participating individual pure-risk plan. In simple words, the policy is not connected to market investments and does not earn bonuses.
This plan can be purchased through an LIC agent or another approved sales channel. It can also be purchased directly through LIC’s website. An eligible online purchase completed without help from an agent or intermediary receives an online rebate.
Premiums can be paid throughout the Policy Term, for 10 years, for 15 years or once at the beginning. The selected Basic Sum Assured is used to calculate the death benefit according to the policy rules.
LIC Jeevan Raksha Plan 894 Highlights
| Plan detail | Available option |
|---|---|
| Plan number | 894 |
| UIN | 512N368V01 |
| Plan type | Pure term insurance |
| Purchase method | Online or through an approved offline channel |
| Life cover | ₹5 lakh to ₹24 lakh |
| Payment choices | Regular, Limited Pay 10 years, Limited Pay 15 years or Single Premium |
| Payment frequency | Yearly or Half-Yearly; one-time for Single Premium |
| Death-benefit instalments | Available for 5, 10 or 15 years |
| Optional rider | LIC Accident Benefit Rider, subject to conditions |
| Maturity benefit | Not available |
| Bonus | Not available |
| Policy loan | Not available |
The plan also provides special premium rates for women, separate smoker and non-smoker rates, a rebate for higher life cover and an online purchase rebate.
LIC Jeevan Raksha Plan 894 Eligibility
| Condition | Plan rule |
|---|---|
| Minimum entry age | 18 years, age last birthday |
| Maximum entry age | 45 years, age of last birthday |
| Minimum age at the end of the policy | 33 years |
| Maximum age at the end of the policy | 60 years |
| Minimum Policy Term | 15 years for Regular, Single and Limited Pay 10 |
| Minimum term for Limited Pay 15 | 20 years |
| Maximum Policy Term | 42 years, subject to the maximum age of 60 |
| Minimum Basic Sum Assured | ₹5 lakh |
| Maximum Basic Sum Assured | ₹24 lakh per life under this plan |
| Minimum instalment premium | ₹2,000 for Regular and Limited Premium |
The life cover must follow the permitted steps. From ₹5 lakh to ₹7 lakh, it can be selected in multiples of ₹50,000. Above ₹7 lakh, it must be selected in multiples of ₹1 lakh. Both age limits must be satisfied. For example, a person aged 40 can select a maximum term of 20 years because the cover must end by age 60.
Details Required in the Calculator
The calculator asks for age, gender, and smoker or non-smoker status because these details affect the premium rate. It also requires the Basic Sum Assured, which is the selected life cover between ₹5 lakh and ₹24 lakh.
The Policy Term shows how long the insurance cover will continue. The Payment Term shows how long premiums must be paid. Under Regular Premium, both periods are the same. Under Limited Pay, premium payments finish after 10 or 15 years while the life cover continues for the complete Policy Term. Under Single Premium, the base premium is paid once.
Yearly and Half-Yearly frequencies are available for Regular and Limited Premium options. A purchase completed online without assistance may qualify for the online rebate.
Factors That Affect the Jeevan Raksha Premium
The premium mainly depends on:
- Age at entry
- Gender
- Smoker or non-smoker status
- Basic Sum Assured
- Policy Term
- Payment Term
- Yearly, Half-Yearly or Single Premium payment
- Online or offline purchase
- Health and other details checked by LIC
A larger cover normally increases the premium, although a higher cover can also receive a better rebate. Paying the premium over fewer years usually makes each instalment higher. Two Half-Yearly instalments can total slightly more than one Yearly premium because a 2% adjustment applies to Half-Yearly payments.
How to Use LIC Jeevan Raksha Plan 894?
- Go to the calculator page.
- Enter the age and select gender.
- Choose smoker or non-smoker status.
- Enter the required life cover.
- Select the Policy Term and Payment Term.
- Choose Yearly, Half-Yearly, or Single payment as applicable.
- Select online or offline purchase and press Calculate Premium.
The result remains hidden until valid details are entered. If an age, cover, or term is outside the allowed range, the calculator displays an error so that the entry can be corrected.
Formula Used in This Calculator
The starting premium depends on the selected policy details:
Tabular Premium = Premium rate for the selected age, gender, smoking status, life cover, Policy Term and Payment Term
The High Sum Assured rebate and online purchase rebate are both calculated from the Tabular Premium:
High Sum Assured Rebate = Tabular Premium × Applicable Rebate Rate
Online Purchase Rebate = Tabular Premium × Applicable Online Rebate Rate
Annual Base Premium
= Tabular Premium − High Sum Assured Rebate − Online Purchase Rebate
For Half-Yearly payment:
Half-Yearly Base Premium = Annual Base Premium × 1.02 ÷ 2
For Regular and Limited Premium policies:
Total Scheduled Base Premiums
= Base Premium Per Payment × Number of Payments Each Year × Payment Term
For Single Premium:
Total Scheduled Base Premiums = One-Time Base Premium
The total scheduled amount shows the planned base premiums only. It should not be treated as a return or maturity value.
Available Premium Rebates in Plan 894
Plan 894 provides a High Sum Assured rebate for eligible cover amounts. The rate changes according to age, cover range and whether the policy uses Regular, Limited, or Single Premium payment.
An online proposal completed without the help of an agent or intermediary receives a rebate equal to 7.50% of the Tabular Premium for Regular and Limited Premium policies. The online rebate for Single Premium is 3% of the Tabular Single Premium.
Women may receive special premium rates. Half-Yearly payment does not receive a discount; instead, the annual premium after rebates is increased by 2% and divided into two instalments.
LIC Jeevan Raksha Premium Calculation Example
In this calculation, we consider the following details:
- Age: 30 years
- Gender: Male
- Smoking status: Non-smoker
- Life cover: ₹5 lakh
- Policy Term: 20 years
- Payment Term: Regular
- Payment frequency: Yearly
- Purchase method: Agent or approved offline channel
The official sample annual premium for this combination is ₹2,730.
Total Scheduled Base Premiums = ₹2,730 × 20 years = ₹54,600
| Result | Amount |
|---|---|
| Yearly base premium | ₹2,730 |
| Selected life cover | ₹5,00,000 |
| Total scheduled base premiums | ₹54,600 |
| Maturity benefit | ₹0 |
The life cover and total premium have different meanings. The ₹5 lakh is the selected protection amount used in the death-benefit calculation. The ₹54,600 is the total of scheduled base premiums and is not returned when the policy ends.
Death Benefit under LIC Jeevan Raksha
For Regular and Limited Premium policies, the Sum Assured on Death is the higher of seven times the Annualised Premium or the Basic Sum Assured. The death benefit cannot be less than 105% of the Total Premiums Paid up to the date of death.
Sum Assured on Death = Higher of: 7 × Annualised Premium or Basic Sum Assured
The result is also checked against:
105% of Total Premiums Paid
For a Single Premium policy:
Sum Assured on Death = Higher of: 125% of Single Premium or Basic Sum Assured
Base premium figures used in these formulas do not include tax, rider premium, or an extra premium charged after LIC’s assessment.
Optional Accident Benefit Rider
The LIC Accident Benefit Rider may be added to Regular and Limited Premium policies by paying an additional premium, subject to the rider conditions. If an eligible accidental death occurs while the rider cover is active, the rider amount is paid in addition to the base-plan death benefit.
The rider is not available with Single Premium. Its cover normally continues only during the Premium Paying Term of the base policy. The rider premium should be shown separately and should not be included in the base-premium calculation.
Death Benefit in Instalments
The life assured can choose to have all or part of the death benefit paid to the nominee over 5, 10 or 15 years instead of one lump sum.
| Payment frequency | Minimum instalment |
|---|---|
| Monthly | ₹5,000 |
| Quarterly | ₹15,000 |
| Half-Yearly | ₹25,000 |
| Yearly | ₹50,000 |
If the selected claim amount is too small to provide the required minimum instalment, it is paid as a lump sum.
How to Understand the Results
- Premium payable now is the amount due for the selected Yearly, Half-Yearly or one-time payment.
- Annual base premium is the base cost for one policy year. Under Half-Yearly mode, the total of two instalments includes the 2% adjustment.
- Life cover is the Basic Sum Assured entered in the calculator. The actual Sum Assured on Death is calculated according to the death-benefit rules.
- Total scheduled base premiums is the estimated amount paid over the full Payment Term if every scheduled premium is paid. It is not a savings balance.
Tax Benefits and Tax Rules in Plan 894
Premiums may qualify for a deduction under Section 80C, subject to the conditions and limits under the tax law. An eligible death benefit may receive tax treatment under Section 10(10D), subject to the policy details and the law in force.
Individual life-insurance policies are currently exempt from GST. If any tax becomes applicable in the future, it will be collected separately and will not increase the life cover or death benefit.
Who Should Consider LIC Jeevan Raksha 894?
Plan 894 may suit someone looking for basic family protection between ₹5 lakh and ₹24 lakh. Its lower minimum cover makes it more accessible than LIC term plans that begin at ₹50 lakh.
It may also suit applicants who prefer buying through an LIC agent or approved offline channel instead of completing the full process online. The different payment choices can help match the premium schedule with the available budget.
The plan may not suit someone who needs cover above ₹24 lakh, wants insurance beyond age 60 or expects a maturity return. In such cases, another term plan or a separate savings product may be more suitable.
LIC Jeevan Raksha Plan 894 vs Other LIC Term Plans
| Comparison point | Jeevan Raksha 894 | Digi Term 876 | New Tech-Term 954 |
|---|---|---|---|
| Purchase method | Online or approved offline channel | Online only | Online only |
| Minimum life cover | ₹5 lakh | ₹50 lakh | ₹50 lakh |
| Standard maximum cover | ₹24 lakh | ₹5 crore; higher may be considered | No fixed limit, subject to LIC’s decision |
| Maximum age when cover ends | 60 years | 75 years | 80 years |
| Cover choice | Level Basic Sum Assured | Level or Increasing | Level or Increasing |
| Maturity benefit | Not available | Not available | Not available |
Jeevan Raksha mainly serves lower-cover needs and supports both online and offline purchase. Digi Term and New Tech-Term begin at ₹50 lakh and provide a choice between Level and Increasing Sum Assured. Premiums should be compared only after selecting a suitable cover amount, term and payment option.
How to Buy LIC Jeevan Raksha Plan 894
LIC Jeevan Raksha Plan 894 can be purchased online through LIC official website or offline through a licensed LIC agent, corporate agent, broker or Insurance Marketing Firm. Basic details such as age, required life cover, Policy Term, Payment Term and smoking status must be selected while applying. LIC may also request identity, address, income and medical documents. The policy is issued after LIC reviews the proposal, completes any required medical checks and accepts the application.
Important Points
- Plan 894 provides protection and does not build a maturity value.
- The maximum total cover under this plan is ₹24 lakh per life.
- The Policy Term must end by age 60.
- No paid-up value or policy loan is available.
- A 30-day grace period applies to Yearly and Half-Yearly premiums.
- A lapsed policy may be considered for revival within five complete years, subject to LIC’s conditions.
- Regular Premium policies pay nothing on surrender. A possible Unexpired Risk Premium Value may apply to eligible Single and Limited Premium policies.
- Final policy acceptance and premium depend on LIC’s assessment.
Frequently Asked Questions
What does the LIC Jeevan Raksha Plan 894 Calculator calculate?
It estimates the premium for the selected policy details and shows the payment amount, annual base premium, selected life cover, rebates and total scheduled base premiums.
What is the minimum and maximum life cover?
The minimum Basic Sum Assured is ₹5 lakh. The maximum total Basic Sum Assured under all Plan 894 policies on one life is ₹24 lakh.
Is any maturity benefit available?
No. LIC Jeevan Raksha is a pure term plan. It does not provide a normal maturity amount or bonus when the life assured survives the complete term.
What is the difference between Policy Term and Payment Term?
The Policy Term is the period during which life cover continues. The Payment Term is the period during which premiums are paid. Under Limited Pay, premium payments finish before the life cover ends.
Why can Half-Yearly payment cost more than Yearly payment?
LIC applies a 2% adjustment before dividing the annual amount into two Half-Yearly instalments. Therefore, the total of both instalments can be slightly higher than the Yearly premium.
Conclusion
The LIC Jeevan Raksha Plan 894 Calculator provides a simple way to estimate the premium for cover between ₹5 lakh and ₹24 lakh. It explains the payment amount, available rebates, total scheduled premiums and the difference between insurance cover and maturity value.
The calculator is useful for comparing payment choices before applying. LIC’s accepted proposal and issued policy document determine the final premium and benefits.
Amit Kushwaha is a financial content creator and SaaS tool developer based in Lucknow, Uttar Pradesh. He has more than seven years of experience creating insurance-related content, online calculators, and practical digital tools for LIC policyholders, insurance buyers, and LIC agents.
Through LICPolicyCalculator.com, he focuses on simplifying complex LIC policy information into easy-to-understand guides and calculators. His work covers LIC premium estimates, maturity calculations, surrender value tools, policy return calculations, term insurance planning, and plan-specific calculator pages.