Saral Jeevan Bima Yojana (LIC) Term Insurance Premium Calculator
Estimate the premium for LIC Saral Jeevan Bima (Plan 859) using LIC’s published rates, modal loadings, online rebate and high sum assured rebate. No GST is added: individual life insurance has been GST-free since 22 September 2025.
What Is LIC Saral Jeevan Bima?
LIC Saral Jeevan Bima (Plan No. 859, UIN 512N341V01) is a pure term life insurance plan. If the insured person dies during the policy term, LIC pays the sum assured to the nominee. If they survive the term, nothing is paid. There is no bonus, no maturity amount and no investment part, which keeps the premium low.
“Saral” means simple. In 2021 IRDAI, the insurance regulator, asked every life insurer in India to sell a standard term plan with the same features and the same policy wording, so buyers can compare companies easily. LIC’s version is Plan 859. Other insurers sell their own Saral Jeevan Bima with the same rules but their own prices.
| Feature | LIC Saral Jeevan Bima |
|---|---|
| Plan type | Non-linked, non-participating, individual pure risk (term) |
| Cover | ₹5 lakh to ₹25 lakh |
| Maturity benefit | None |
| Surrender value / loan | Not available |
| GST on premium | 0% since 22 September 2025 |
Swipe the table sideways to see every column.
How to Use the Saral Jeevan Bima Calculator
- Enter your age on your last birthday. LIC uses age last birthday, not age nearest birthday.
- Pick the sum assured, from ₹5 lakh to ₹25 lakh in steps of ₹50,000.
- Enter the policy term. The calculator shows the age at which your cover ends and warns you if it goes past 70.
- Choose how you buy and pay: online or through an agent, regular, limited or single premium, and yearly, half-yearly or monthly.
- Read the result. You get the instalment premium, the yearly and total cost, the cost per lakh of cover, the sum assured on death and a table that compares every payment option for the same cover.
When your inputs match one of the examples LIC prints in its brochure, the calculator marks the result as an exact LIC figure.
Factors That Affect the Saral Jeevan Bima Premium
1. Age
The biggest factor. For ₹10 lakh cover over 25 years (agent, yearly), the premium roughly triples between age 25 and 45:
| Age | Yearly (agent) | Yearly (online) | Monthly (online) |
|---|---|---|---|
| 25 | ₹3,850 | ₹3,574 | ₹308 |
| 30 | ₹4,670 | ₹4,336 | ₹373 |
| 35 | ₹6,110 | ₹5,675 | ₹488 |
| 40 | ₹8,340 | ₹7,749 | ₹667 |
| 45 | ₹11,660 | ₹10,837 | ₹932 |
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Source: LIC’s sales brochure for Plan 859. Buying five years earlier saves more than any rebate.
2. Policy term
A longer term covers older ages, so the rate goes up. At age 30, the regular premium is ₹4.19 per ₹1,000 for a 20-year term and ₹4.77 for a 25-year term.
3. Sum assured
The high sum assured rebate makes each lakh of cover cheaper as you buy more. Age 30, 25-year term, agent, yearly:
| Sum assured | HSA rebate | Yearly premium | Per lakh |
|---|---|---|---|
| ₹5 lakh | Nil | ₹2,385 | ₹477 |
| ₹10 lakh | ₹0.10 per ₹1,000 | ₹4,670 | ₹467 |
| ₹15 lakh | ₹0.20 per ₹1,000 | ₹6,855 | ₹457 |
| ₹25 lakh | ₹0.25 per ₹1,000 | ₹11,300 | ₹452 |
Swipe the table sideways to see every column.
4. Online or agent
Buying online without an agent gets a rebate on the tabular rate: 7% when you pay for 15 years or more, 6% for 10 to 14 years, 5% for 5 to 9 years and 2% for a single premium.
5. Payment mode
Half-yearly adds 2% and monthly adds 3% to the yearly cost. On ₹4,670 a year, paying monthly costs ₹4,812 a year.
LIC’s brochure lists one rate table. It does not show separate rates for women or for smokers on this plan.
Saral Jeevan Bima Sum Assured and Policy Term
- Sum assured: minimum ₹5,00,000, maximum ₹25,00,000, in multiples of ₹50,000.
- Policy term: 5 to 40 years for every payment option.
- Maximum maturity age: 70. Your age at entry plus the term cannot go above 70. At age 45 the longest term is 25 years; at 60 it is 10 years.
How much cover is enough?
A common rule of thumb is 10 to 15 times your yearly income, plus any loans. For many families that is more than ₹25 lakh, the plan’s upper limit. Saral Jeevan Bima works well as a first policy or as a top-up, but if you need ₹50 lakh or ₹1 crore of cover you would need a larger term plan as well.
Choosing the term
Pick a term that lasts until your dependants no longer rely on your income, often until retirement or until the youngest child finishes education. Covering beyond 60 costs noticeably more because the risk rises fast at older ages.
Regular, Limited and Single Premium Options
- Regular premium: you pay every year (or half-year, or month) for the whole policy term.
- Limited premium: you pay for only 5 or 10 years, and the cover continues for the full term.
- Single premium: you pay once at the start and are covered for the full term.
LIC’s brochure example: age 30, ₹5 lakh, 20-year term, through an agent.
| Option | Premium | Paid for | Total paid |
|---|---|---|---|
| Regular | ₹2,095 a year | 20 years | ₹41,900 |
| Limited 10 | ₹3,010 a year | 10 years | ₹30,100 |
| Limited 5 | ₹4,955 a year | 5 years | ₹24,775 |
| Single | ₹20,310 once | 1 payment | ₹20,310 |
Swipe the table sideways to see every column.
Single and limited premiums cost less in total but more upfront. The catch: if the insured person dies early, a regular-premium policy will have cost the family far less. Money paid upfront also cannot be invested elsewhere. Regular premium suits most salaried buyers; limited premium suits people who want to finish paying before retirement.
Saral Jeevan Bima Death Benefit
After the waiting period, LIC pays the Sum Assured on Death, which is the highest of these:
In practice the Basic Sum Assured is almost always the largest. For ₹10 lakh cover at age 30, 10 × ₹4,670 is only ₹46,700. The calculator works out all three amounts for your inputs so you can see this.
- The benefit is paid as a lump sum to the nominee.
- The policy ends after the claim is paid.
- Suicide: within 12 months of the start (or revival), the nominee gets 80% of premiums paid, or 90% of the single premium, instead of the sum assured.
- Grace period: 30 days for yearly and half-yearly premiums, 15 days for monthly. Cover continues during the grace period.
Saral Jeevan Bima Waiting Period
Saral Jeevan Bima has a 45-day waiting period from the date the risk starts.
| When death happens | Cause | What is paid |
|---|---|---|
| Within 45 days | Accident | Full Sum Assured on Death |
| Within 45 days | Any other cause | 100% of premiums paid (excluding taxes) |
| After 45 days | Any cause (except suicide in year 1) | Full Sum Assured on Death |
Swipe the table sideways to see every column.
The waiting period exists because the plan uses simple underwriting, with few medical questions. It protects the insurer against people buying cover when they already know they are seriously ill. Most regular term plans do not have a waiting period, so if you need full cover from day one, consider one of those.
Saral Jeevan Bima Eligibility and Age Limits
| Condition | Limit |
|---|---|
| Minimum entry age | 18 years (last birthday) |
| Maximum entry age | 65 years (last birthday) |
| Maximum maturity age | 70 years |
| Policy term | 5 to 40 years |
| Premium paying term | Regular (= term), limited 5 or 10 years, single |
| Sum assured | ₹5 lakh to ₹25 lakh (multiples of ₹50,000) |
| Payment modes | Yearly, half-yearly, monthly (ECS/NACH only) |
| Free-look period | 15 to 30 days from receipt of the policy |
| Revival | Within 5 years of the first unpaid premium |
Swipe the table sideways to see every column.
The standard IRDAI product is open to people of any occupation or education level, although insurers can still ask for income proof and medical details before accepting a proposal. LIC decides acceptance and final premium based on your disclosures.
Saral Jeevan Bima Calculator FAQs
LIC’s own brochure gives these yearly premiums for ₹10 lakh cover and a 25-year term: age 25 ₹3,850, age 30 ₹4,670, age 35 ₹6,110, age 40 ₹8,340 and age 45 ₹11,660 when bought through an agent. Buying online is about 7% cheaper, for example ₹4,336 at age 30.
No, not any more. From 22 September 2025 the government exempted individual life insurance, including term plans like Saral Jeevan Bima, from GST. Earlier an 18% GST was added to the premium.
LIC offers a Basic Sum Assured from ₹5 lakh to ₹25 lakh, in multiples of ₹50,000. If you need more cover, you would need a regular term plan such as LIC Digi Term or a plan from another insurer.
There is a 45-day waiting period from the start of the risk. During it, only accidental death is covered for the full sum assured. For death from any other cause in those 45 days, the premiums paid (without taxes) are refunded instead.
No. Saral Jeevan Bima is a pure term plan. There is no maturity benefit and no refund of premiums if you are alive at the end of the term. That is why the premium is low.
Yes, through ECS or NACH auto-debit. The monthly mode costs 3% more than yearly over a full year, and the half-yearly mode costs 2% more. Paying yearly is the cheapest.
The main features are the same, because IRDAI requires every life insurer to offer a standard Saral Jeevan Bima with the same terms. The premium and the insurer’s claim-settlement service differ, so compare prices before you buy.
No. LIC’s brochure says no surrender value is available and no loan is allowed under this plan. If you stop paying, the policy lapses after the grace period, and you can revive it within 5 years by paying the arrears with interest.
Premiums qualify for the Section 80C deduction under the old tax regime. The death benefit paid to the nominee is generally tax-free under Section 10(10D). Tax rules can change, so check with a tax adviser.