LIC Jeevan Raksha Calculator

LIC Jeevan Raksha Plan 894 is a new pure risk term insurance plan launched by Life Insurance Corporation of India. It is designed to give your family a fixed, guaranteed sum if something happens to you during the policy term.

What Is LIC Jeevan Raksha Plan 894?

LIC Jeevan Raksha (Plan No. 894) is a non-linked, non-participating, pure risk life insurance plan.

In plain words:

• Non-linked: Your money is not invested in the stock market.
• Non-participating: You do not get bonuses or share in LIC’s profits.
• Pure risk: The plan focuses only on life cover. There is no maturity benefit if you survive the policy term.

You pay premiums for a chosen period. If you die during the policy term, your nominee gets the basic sum assured (and any applicable rider benefits). If you survive, the policy ends with no payout.

This makes Plan 894 similar to other term plans, but with LIC’s brand, distribution network, and specific features.

Launch Date and Availability

• Announcement date: 1 September 2026 (on LIC’s 70th anniversary)
• Sales start date: 7 September 2026
• Plan number: 894
• Market: Domestic (India only)

As of now, there is no announced withdrawal or closing date for Jeevan Raksha Plan 894. LIC usually keeps such plans open until further notice. Always check the latest status on the official LIC website or with your agent before buying.

Key Features of Jeevan Raksha Plan 894

1. Pure Risk Cover

The core feature is simple:

• If the life assured dies during the policy term, the nominee receives the basic sum assured (plus any rider benefits, if opted).
• If the life assured survives till the end of the policy term, no benefit is paid.

This is classic term insurance: high cover at relatively low premium, with no savings or maturity component.

2. Sum Assured Limits

LIC has defined clear limits for the basic sum assured under Plan 894:

• Minimum basic sum assured: ₹5,00,000
• Maximum basic sum assured: ₹24,00,000 (₹24 lakh)
• Sum assured is subject to LIC’s underwriting and board-approved policies.

This range is suitable for people looking for moderate term cover, especially as a top-up or secondary term plan.

3. Premium Payment Options

Jeevan Raksha offers flexibility in how you pay:

• Single premium: Pay once at the start.
• Regular premium: Pay throughout the policy term.
• Limited premium: Pay for a shorter period than the policy term (e.g., pay for 10 years in a 20-year policy).

Exact premium paying term options (like 10, 15, 20 years, etc.) will be specified in the official policy brochure. The structure is similar to other LIC term plans like Tech Term (854).

4. Special Rates for Women

LIC has mentioned that special (lower) premium rates are available for women under Jeevan Raksha Plan 894.

This is in line with industry practice, where women often get cheaper term insurance due to better mortality statistics.

5. No Bonuses or Maturity Benefit

Because this is a pure risk, non-participating plan:

• There are no reversionary bonuses.
• There is no loyalty addition.
• There is no maturity benefit if you survive the term.

Your premium buys only life cover. This keeps the plan simple and focused on protection.

6. Rider Options (If Available)

While the base plan is pure term cover, LIC usually allows riders with such plans, such as:

• Accidental Death and Disability Benefit Rider
• New Term Assurance Rider (for additional cover)
• Other standard LIC riders, subject to eligibility

Riders increase the total cover but also increase the premium. Check the official brochure for which riders are allowed with Plan 894.

Eligibility Criteria

Exact eligibility details (like entry age limits, policy term options, etc.) will be in the official policy document. Based on LIC’s usual patterns and early disclosures:

• Minimum entry age: Likely around 18 years (completed)
• Maximum entry age: Often up to 60–65 years (nearer birthday), depending on policy term
• Minimum basic sum assured: ₹5,00,000
• Maximum basic sum assured: ₹24,00,000
• Policy term: Typically from 5 years up to 30–35 years, subject to age and underwriting norms (similar to LIC Tech Term 854).

Always confirm exact age and term combinations from LIC’s official sources before planning.

How the LIC Jeevan Raksha Plan 894 Calculator Works

A LIC Jeevan Raksha Plan 894 calculator helps you estimate:

• Annual or monthly premium
• Total premium payable over the chosen payment term
• Sum assured you can afford for your budget
• Impact of different policy terms and premium modes

Inputs You Need

To use a Plan 894 calculator, you typically need:

1. Date of birth (to calculate age at entry)
2. Gender (male/female – women get special rates)
3. Desired basic sum assured (between ₹5 lakh and ₹24 lakh)
4. Policy term (e.g., 10, 15, 20, 25, 30 years)
5. Premium payment mode (single, regular, or limited premium; yearly/half-yearly/quarterly/monthly if allowed)
6. Smoking status (if applicable)
7. City or pincode (sometimes used for underwriting or rate class)

Some calculators may also ask for contact details to generate a formal quote.

What the Calculator Shows

A good Jeevan Raksha calculator will display:

• Annual premium (with and without GST)
• Total premium payable over the entire premium paying term
• Premium per ₹1 lakh sum assured (rate per thousand)
• Comparison of different policy terms and payment modes
• Optional rider premiums (if included in the tool)

Note: Final premium is subject to LIC’s underwriting, medical tests (if any), and official rate tables.

Example Calculation (Illustrative)

Let’s take a simple example to understand how the numbers might work. These are illustrative, not official LIC rates.

Assumptions:

• Age at entry: 30 years
• Gender: Male, non-smoker
• Basic sum assured: ₹10,00,000
• Policy term: 20 years
• Premium payment mode: Yearly, regular premium

Suppose LIC’s approximate premium rate for this profile is ₹6 per ₹1,000 sum assured per year (just an example).

Step 1: Annual Premium

• Premium rate = ₹6 per ₹1,000 SA
• For ₹10,00,000 SA:
  • ₹10,00,000 / 1,000 = 1,000 units
  • Annual premium = 1,000 × ₹6 = ₹6,000 per year (before GST)

Over 20 years:

• Total premium (without GST) = ₹6,000 × 20 = ₹1,20,000

If the person dies in year 5:

• Nominee gets ₹10,00,000 (basic sum assured), even though only ~₹30,000 premium was paid.

If the person survives 20 years:

• Policy ends with no payout.

For women, the rate might be lower (e.g., ₹5 per ₹1,000), making the annual premium around ₹5,000 for the same cover.

Use an actual LIC Jeevan Raksha Plan 894 calculator for precise numbers.

Sample Premium Table (Indicative)

The table below shows how premium might change with age and sum assured for a 20-year policy term, regular yearly premium. All figures are illustrative only.

*Premiums are hypothetical examples to show how age, gender, and sum assured affect cost. Actual rates will be as per LIC’s official table for Plan 894.

Key observations:

• Premium increases with age.
• Premium increases with sum assured.
• Women pay less than men for the same cover.

How to Use an Online LIC Jeevan Raksha Plan 894 Calculator

If you are building or using a Plan 894 calculator on your website, the flow can be:

1. User enters details:
   • Date of birth
   • Gender
   • Desired sum assured (₹5–24 lakh)
   • Policy term (e.g., 10, 15, 20, 25, 30 years)
   • Premium payment mode (single/regular/limited; yearly/monthly, etc.)
   • Smoking status
2. Calculator computes:
   • Age at entry
   • Annual premium (using LIC’s rate table for Plan 894)
   • Total premium payable over the term
   • Premium per lakh of cover
   • Optional rider premiums (if included)
3. Display results clearly:
   • Show a summary box: “Your estimated annual premium: ₹X”
   • Show total payable over the term
   • Highlight that there is no maturity benefit, only death cover
4. Add disclaimers:
   • “Figures are illustrative and subject to LIC’s official terms.”
   • “GST and other charges may apply.”
   • “Final premium subject to underwriting and medicals, if any.”

This structure aligns with Google’s Helpful Content and EEAT guidelines: clear, useful, and transparent.

Who Should Consider LIC Jeevan Raksha Plan 894?

This plan may suit people who:

• Want pure life cover without investment or maturity benefits
• Need an additional term cover on top of existing policies
• Prefer LIC’s brand and wide service network
• Want simple, guaranteed death benefit with no market risk
• Are looking for special rates for women in a term plan

It may be less suitable if:

• You want a plan with maturity benefit or savings component (consider endowment or money-back plans instead).
• You need very high cover (₹50 lakh, ₹1 crore+). Plan 894’s max is ₹24 lakh, so you may need other term plans for larger cover.
• You want online-only, ultra-low-cost term plans (some private insurers offer very cheap online term products).

Tax Benefits (As Per Prevailing Laws)

Under current Indian tax laws (subject to change):

• Premiums paid for pure term insurance are generally eligible for deduction under Section 80C up to ₹1.5 lakh per financial year, if conditions are met.
• Death benefit received by the nominee is usually tax-exempt under Section 10(10D), provided the policy satisfies the conditions in the Income Tax Act.

Always consult a tax advisor for your specific situation, as rules can change.

How It Compares With Other LIC Term Plans

Jeevan Raksha is useful if you want a moderate cover (up to ₹24 lakh) with LIC’s traditional distribution and women’s discount. For very high cover, you might combine it with other term plans

Frequently Asked Questions (FAQ)

Conclusion

LIC Jeevan Raksha Plan 894 is a straightforward pure term insurance plan aimed at providing affordable life cover up to ₹24 lakh, with special rates for women and flexible premium options.

It is ideal if you:

• Want only protection, not savings or maturity benefits
• Need a moderate term cover as your main or additional policy
• Prefer LIC’s brand and agent network

Because there is no maturity payout, this plan works best when your main goal is to secure your family’s financial future in case of your untimely death.

Naresh Kumar

Naresh Kumar is a web developer, digital marketer, and LIC agent dedicated to helping people make smarter financial decisions. He creates easy-to-use tools such as LIC premium, maturity, return, SIP, home loan, and surrender calculators, along with insightful articles on LICCalculator.info to simplify insurance and investment planning.