LIC New Jeevan Amar Plan 955 Calculator
Enter Policy Details
Optional: Calculate statutory death benefit
Calculation Result
| Eligibility | Eligible |
|---|---|
| Cover Multiplier | 1.00× |
| High Sum Assured Rebate | Nil |
| Premium Mode | Yearly |
| Maturity Benefit | ₹0 – Pure term insurance |
| Policy Loan / Paid-up Value | Not available |
View Year-wise Death Cover Schedule
| Policy Year | Cover |
|---|
This calculator follows LIC New Jeevan Amar UIN 512N350V02 brochure rules. Results are informational estimates. LIC’s official quotation, underwriting decision and policy document will prevail.
LIC New Jeevan Amar Plan 955 at a Glance
| Particular | Details |
|---|---|
| Plan Name | LIC New Jeevan Amar |
| Plan Number | 955 |
| Plan Type | Non-Linked, Non-Participating, Individual Pure Risk Life Insurance Plan |
| Main Purpose | Financial protection on the death of the life assured during the policy term |
| Death Benefit Options | Option I and Option II |
| Premium Types | Single, Regular and Limited Premium |
| Premium Modes | Yearly and Half-Yearly for Regular and Limited Premium |
| Rider | LIC’s Accident Benefit Rider, subject to conditions |
Table of Contents
What is LIC New Jeevan Amar Calculator
The LIC New Jeevan Amar Calculator helps in understanding the premium and death benefit structure of LIC New Jeevan Amar Plan 955. It can show estimated yearly and half-yearly premium, GST impact, high sum assured rebate, maturity age, premium paying term, and death cover under Option I or Option II.
LIC New Jeevan Amar is a pure term insurance plan. Its purpose is to provide financial protection to the nominee if the life assured dies during the policy term, subject to policy conditions and claim admissibility.
This article is useful for existing policyholders, people comparing old LIC term-plan illustrations, and visitors who want to understand how Plan 955 calculations work.
Also Check:
- LIC New Jeevan Anand Calculator
- LIC Jeevan Umang Plan 745 Calculator
- LIC Jeevan Utsav 771 Calculator
What Is LIC New Jeevan Amar Plan 955?
LIC New Jeevan Amar Plan 955 is a non-linked, non-participating, individual pure risk life insurance plan. It was designed to provide financial protection to the family if the life assured dies during the policy term.
The plan offered two death benefit choices:
- Option I – Level Sum Assured
- Option II – Increasing Sum Assured
It also offered single premium, regular premium, and limited premium payment choices. LIC’s brochure confirms that the plan had separate smoker and non-smoker rates, special rates for women, high sum assured rebate, and an optional Accident Benefit Rider in eligible cases.
Who Can Use the LIC New Jeevan Amar Calculator?
The LIC New Jeevan Amar Calculator is useful for:
- Existing Plan 955 policyholders
- Nominees are trying to understand the death benefit structure
- People checking an old LIC illustration
- Insurance advisors explaining Option I and Option II
- Visitors comparing regular, limited, and single premium structures
- Users checking the GST impact on the premium
- People reviewing a high sum assured rebate
What the LIC New Jeevan Amar Calculator Plan 955 Will Show
A well-built New Jeevan Amar Plan 955 Calculator should show clear outputs instead of only displaying a premium figure.
Premium Output
The calculator can display:
- Annualized premium
- Yearly premium
- Half-yearly premium
- GST amount
- Premium including GST
- Premium excluding GST
Policy Output
The calculator can also show:
- Basic Sum Assured
- Policy term
- Premium paying term
- Maturity age
- Death benefit option
- Option I covers the value
- Option II cover value
- Rebate slab
- Rider selection
Death Benefit Output
The calculator can explain the amount assured on death based on:
- 7 times annualized premium
- 105% of total premiums paid
- Absolute amount assured on death
For regular and limited premium policies, LIC defines the death benefit as the highest of these applicable values.
How To Use the LIC New Jeevan Amar Calculator
Enter the following details carefully:
- Age at entry
- Gender
- Smoking status
- Basic Sum Assured
- Policy term
- Premium payment type
- Premium mode
- Death benefit option
- Annual premium without GST
- GST rate
- Rider option, if applicable
After entering the details, the calculator should show estimated premium values and policy information.
The actual LIC premium may differ due to underwriting, medical examination, smoker classification, extra premium, occupation, health history, and LIC-approved quotation rates.
LIC New Jeevan Amar Premium Payment Options
The plan offered three premium payment structures.
Regular Premium
Under a regular premium, the premium is payable throughout the policy term.
For example, if the policy term is 30 years, the premium paying term is also 30 years.
Limited Premium
Under a limited premium, the premium is paid for a shorter period than the policy term.
The brochure mentions these structures:
| Policy Term | Limited Premium Paying Term |
|---|---|
| 10 to 40 years | Policy Term minus 5 years |
| 15 to 40 years | Policy Term minus 10 years |
For example, if the policy term is 30 years:
- Limited premium term under “Policy Term minus 5” will be 25 years.
- Limited premium term under “Policy Term minus 10” will be 20 years.
Single Premium
Under single premium, the premium is paid once at policy purchase.
LIC’s brochure states that the minimum single premium was Rs. 30,000, while the minimum premium under regular and limited premium modes was Rs. 3,000.
LIC New Jeevan Amar Premium Modes
For regular and limited premium policies, LIC allowed only:
- Yearly premium mode
- Half-yearly premium mode
Quarterly and monthly premium payments were not official premium modes under this plan. The calculator may show quarterly and monthly values only as a personal budgeting split, not as an LIC payment option.
This distinction is important because many calculators incorrectly present the monthly premium as an official LIC mode.
Yearly and Half-Yearly Premium Calculation
LIC applied a modal loading of 2% on the tabular annual premium for the half-yearly mode.
| Premium Mode | Loading |
|---|---|
| Yearly | Nil |
| Half-Yearly | 2% loading on tabular annual premium |
The half-yearly installment is calculated as:
Annual Premium × 51%
This is because the annual premium plus 2% loading is divided into two installments.
Example:
Rs. 7,830 × 51% = Rs. 3,993.30
Rounded half-yearly premium:
Rs. 3,993
LIC’s brochure confirms the yearly mode with nil loading and the half-yearly mode with 2% modal loading.
Option I vs Option II in LIC New Jeevan Amar
Choosing the correct death benefit option was one of the most important decisions in Plan 955.
Option I – Level Sum Assured
Under Option I, the absolute amount assured on death remains equal to the Basic Sum Assured throughout the policy term.
Example:
If Basic Sum Assured is Rs. 50 lakh, the cover remains Rs. 50 lakh throughout the term, subject to policy conditions.
This option is suitable for people who prefer fixed and straightforward life cover.
Option II – Increasing Sum Assured
Under Option II, the cover remains equal to the Basic Sum Assured for the first five policy years.
From the sixth policy year, the cover increases by 10% of the Basic Sum Assured every year until the fifteenth policy year. It then becomes two times the Basic Sum Assured and remains at that level from the sixteenth policy year onwards.
Example for Rs. 50 lakh Basic Sum Assured:
| Policy Year | Absolute Amount Assured on Death |
|---|---|
| Year 1 to Year 5 | Rs. 50 lakh |
| Year 6 | Rs. 55 lakh |
| Year 7 | Rs. 60 lakh |
| Year 8 | Rs. 65 lakh |
| Year 9 | Rs. 70 lakh |
| Year 10 | Rs. 75 lakh |
| Year 11 | Rs. 80 lakh |
| Year 12 | Rs. 85 lakh |
| Year 13 | Rs. 90 lakh |
| Year 14 | Rs. 95 lakh |
| Year 15 onwards | Rs. 1 crore |
LIC’s brochure states that Option II reaches twice the Basic Sum Assured by the fifteenth policy year and stays there from the sixteenth policy year onward.
LIC New Jeevan Amar High Sum Assured Rebate
The LIC New Jeevan Amar Calculator should show the high sum assured rebate because it can materially affect premium.
Option I Rebate – Level Sum Assured
| Age Band | Less Than Rs. 50 Lakh | Rs. 50 Lakh to Below Rs. 1 Crore | Rs. 1 Crore and Above |
|---|---|---|---|
| Up to 30 years | Nil | 13% | 25% |
| 31 to 50 years | Nil | 11% | 21% |
| 51 years and above | Nil | 6% | 11% |
Option II Rebate – Increasing Sum Assured
| Age Band | Less Than Rs. 50 Lakh | Rs. 50 Lakh to Below Rs. 1 Crore | Rs. 1 Crore and Above |
|---|---|---|---|
| Up to 30 years | Nil | 11% | 23% |
| 31 to 50 years | Nil | 9% | 19% |
| 51 years and above | Nil | 5% | 10% |
The rebate applies to tabular annual premium or single premium, as applicable.
LIC New Jeevan Amar Calculator Example
Here is a practical example showing how the LIC New Jeevan Amar Calculator can work.
Example Details
| Input | Selected Value |
|---|---|
| Age | 30 years |
| Gender | Male |
| Smoking Status | Non-Smoker |
| Basic Sum Assured | Rs. 50,00,000 |
| Policy Term | 30 years |
| Premium Type | Regular Premium |
| Premium Mode | Yearly |
| Death Benefit Option | Option I |
| GST Used in Calculator | 18% |
| Rider | No |
For this example, annualized premium without GST is taken as:
Rs. 7,830
This value appears in LIC’s sample illustration for a 30-year-old non-smoker male with Rs. 50 lakh cover, Option I, and a 20-year policy term. It should not be presented as the exact premium for a 30-year policy term. The actual premium depends on the policy term and official LIC quotation.
Example Premium Calculation
Annualized Premium
Rs. 7,830
Yearly Premium Without GST
Rs. 7,830
Yearly Premium With 18% GST
Rs. 7,830 × 1.18 = Rs. 9,239.40
Rounded result:
Rs. 9,239
Half-Yearly Premium Without GST
Half-yearly premium is calculated using 51% of annual premium.
Rs. 7,830 × 51% = Rs. 3,993.30
Rounded result:
Rs. 3,993
Half-Yearly Premium With 18% GST
Rs. 3,993.30 × 1.18 = Rs. 4,712.09
Rounded result:
Rs. 4,712
Quarterly Budget View
This is not an official LIC premium mode. It is only a budgeting split.
Rs. 7,830 ÷ 4 = Rs. 1,957.50
Rounded quarterly budget amount:
Rs. 1,958
Estimated quarterly budget amount including 18% GST:
Rs. 1,957.50 × 1.18 = Rs. 2,309.85
Rounded result:
Rs. 2,310
Monthly Budget View
This is also not an official LIC premium mode. It is only a monthly budgeting estimate.
Rs. 7,830 ÷ 12 = Rs. 652.50
Rounded monthly budget amount:
Rs. 653
Estimated monthly budget amount including 18% GST:
Rs. 652.50 × 1.18 = Rs. 770.95
Rounded result:
Rs. 771
Example Calculation Summary
| Premium View | Without GST | With 18% GST |
|---|---|---|
| Annualized Premium | Rs. 7,830 | — |
| Yearly Premium | Rs. 7,830 | Rs. 9,239 |
| Half-Yearly Premium | Rs. 3,993 | Rs. 4,712 |
| Quarterly Budget Split | Rs. 1,958 | Rs. 2,310 |
| Monthly Budget Split | Rs. 653 | Rs. 771 |
Rebate Example for Rs. 50 Lakh Cover
For this example:
- Age: 30 years
- Basic Sum Assured: Rs. 50 lakh
- Death Benefit Option: Option I
The applicable rebate band is:
Rs. 50 lakh to below Rs. 1 crore
The applicable high sum assured rebate is:
13%
This rebate rate applies for Option I when age is up to 30 years.
Policy Values Shown by LIC New Jeevan Amar Calculator
For a 30-year-old person choosing a 30-year regular premium policy:
| Policy Value | Result |
|---|---|
| Premium Paying Term | 30 years |
| Policy Term | 30 years |
| Maturity Age | 60 years |
| Basic Sum Assured | Rs. 50 lakh |
| Cover in Year 1 under Option I | Rs. 50 lakh |
Under Option I, the Basic Sum Assured remains level throughout the policy term.
Death Benefit Calculation Example
For regular and limited premium policies, LIC defines the sum assured on death as the highest of:
- 7 times annualized premium
- 105% of total premiums paid up to death
- Absolute amount assured on death
For this example:
7 Times Annualized Premium
7 × Rs. 7,830 = Rs. 54,810
105% of Total Premiums Paid
Assume one yearly premium has been paid.
105% of Rs. 7,830 = Rs. 8,221.50
Rounded result:
Rs. 8,222
Absolute Amount Assured on Death
Under Option I in policy year 1:
Rs. 50,00,000
Highest Applicable Value
| Death Benefit Rule | Amount |
|---|---|
| 7 Times Annualized Premium | Rs. 54,810 |
| 105% of One Premium Paid | Rs. 8,222 |
| Absolute Amount Assured on Death | Rs. 50,00,000 |
The highest amount is:
Rs. 50,00,000
Therefore, the meaningful death cover shown by the LIC New Jeevan Amar Calculator in this example is Rs. 50 lakh, subject to policy being in force and the claim being admissible.
Important Correction About the Example Premium
The Rs. 7,830 sample premium in LIC’s brochure is shown for:
- 30-year-old male
- Non-smoker
- Rs. 50 lakh Basic Sum Assured
- Option I
- 20-year policy term
- Regular annual premium
Therefore, it should not be described as the official premium for a 30-year policy term. A 30-year policy term can have a different premium. The calculator should clearly label Rs. 7,830 as a brochure illustration value for the specific combination shown in the brochure.
LIC Accident Benefit Rider
LIC New Jeevan Amar allows LIC’s Accident Benefit Rider under regular and limited premium payment policies, subject to eligibility conditions.
Important rider rules include:
- Rider required additional premium.
- Rider was available only if the remaining premium paying term was at least five years.
- Rider cover was available during the premium paying term only.
- Rider cover ended by the policy anniversary nearest birthday when the life assured reached age 70, if earlier.
- Rider premium could not exceed 30% of the base-policy premium.
- Rider Sum Assured could not exceed three times the Basic Sum Assured under the base policy.
The rider benefit was payable in addition to the base death benefit in case of accidental death, subject to rider terms.
Grace Period and Revival Rules
For regular and limited premium policies:
- The grace period was 30 days from the date of the first unpaid yearly or half-yearly premium.
- During the grace period, risk cover continued as per policy terms.
- If the premium was not paid during the grace period, the policy lapsed.
- A lapsed policy could be revived within five consecutive complete years from the date of first unpaid premium, subject to LIC conditions.
LIC also states that revival depends on payment of arrears, applicable interest, and continued insurability requirements.
No Maturity Benefit Under LIC New Jeevan Amar
LIC New Jeevan Amar is a pure protection plan.
If the life assured survives until the end of the policy term, no maturity benefit is payable under the base plan.
This is an important point because the plan should not be compared with endowment plans, money-back plans, guaranteed return plans, or savings plans.
Tax and GST in LIC New Jeevan Amar Calculator
Taxes are charged separately over and above the premium. LIC’s brochure states that taxes paid are not considered for calculating policy benefits.
A calculator may allow GST entry so users can understand the estimated cash outflow. However:
- GST rate may change.
- Tax treatment may change.
- The calculator value is only illustrative.
- The final premium receipt issued by LIC is the correct reference.
For income-tax benefit eligibility and taxation of claim proceeds, professional tax advice may be required.
Important Things To Check Before Relying on Calculator Output
Before using any LIC New Jeevan Amar Calculator result, check these points:
Smoking Status
LIC had separate smoker and non-smoker rates. Non-smoker rate eligibility was based on urinary cotinine test findings. In other cases, smoker rates could apply.
Gender
Women had special premium rates under the plan.
Policy Term
Premium changes significantly with policy term.
Premium Payment Type
Regular, limited, and single premium options can produce different premium values.
Death Benefit Option
Option I and Option II have different cover structures and different rebate percentages.
Underwriting
Medical reports, health history, occupation, lifestyle, and underwriting decisions can change final premium.
Frequently Asked Questions
Is LIC New Jeevan Amar Plan 955 still available for fresh purchase?
LIC lists the New Jeevan Amar Plan 955 under withdrawn plans. It should not be treated as a fresh-purchase product quote. It remains relevant for existing policyholders and people reviewing past plan details.
What does the LIC New Jeevan Amar Calculator calculate?
It can help estimate annual premium, GST impact, half-yearly premium, rebate slab, maturity age, premium paying term, and death-cover values.
Does LIC New Jeevan Amar give a maturity benefit?
No. It is a pure risk term insurance plan and does not provide a maturity benefit under the base policy.
What is the difference between Option I and Option II?
Option I provides level cover equal to Basic Sum Assured throughout the policy term. Option II starts with Basic Sum Assured and gradually increases to two times the Basic Sum Assured by the fifteenth policy year.
Are quarterly and monthly premium modes available in LIC New Jeevan Amar?
No. LIC allowed yearly and half-yearly premium modes for regular and limited premium payment policies. Quarterly and monthly figures should only be shown as budgeting estimates, not official payment modes.
How is the half-yearly premium calculated?
Half-yearly premium includes 2% loading on tabular annual premium. Each half-yearly installment is generally calculated as 51% of the annual premium.
What is the minimum sum assured under Plan 955?
The minimum Basic Sum Assured was Rs. 25 lakh.
How is death benefit calculated under regular premium policies?
The death benefit is the highest of 7 times the annualized premium, 105% of total premiums paid, and the absolute amount assured on death.
Does GST affect the death benefit?
No. LIC states that taxes paid are not included in the calculation of benefits payable under the plan.
Final Words
The LIC New Jeevan Amar Calculator is most useful when it explains more than the premium. It should help users understand the actual structure of the policy, including premium payment type, half-yearly loading, high sum assured rebate, Option I and Option II cover, rider conditions, and death-benefit rules.
For existing LIC New Jeevan Amar Plan 955 policyholders, the calculator can be a practical tool for checking policy values and understanding an old illustration. However, the official policy bond, LIC-issued premium receipt, and LIC servicing branch remain the final reference for any claim, premium, revival, or benefit-related decision.