| Milestone | Year | Accrued GA (₹) | Death Benefit (₹) | Status |
|---|
| Year | Age | Premium (₹) | Cum. Premium | Accrued GA | Death Benefit | Surr. Value | Maturity | Status |
|---|
LIC’s Modified Bima Jyoti (Plan No. 760) is a non-participating, non-linked, limited premium-paying, individual, life assurance savings plan from the Life Insurance Corporation of India. It combines life protection with long-term guaranteed savings through Guaranteed Additions (GA) that accrue throughout the full policy term.
The standout feature is its Limited Pay structure: you pay premiums only for Policy Term minus 5 years, meaning the last 5 years of your policy are completely premium-free. Your money continues to grow via Guaranteed Additions even during those final 5 years, and at the end of the term you receive a guaranteed lump sum of Basic Sum Assured + Total Accrued GAs.
Being a non-participating plan, there are no bonuses, no dividends, and zero dependence on LIC’s fund performance. Every figure — premium, GA, maturity benefit — is 100% guaranteed from Day 1.
- Plan type: Non-participating, non-linked, limited pay individual savings endowment plan
- Policy terms available: 15, 16, 17, 18, 19, 20 years
- Premium payment terms: Always = Policy Term − 5 (10 to 15 years respectively)
- Entry age: 30 days to 60 years (last birthday)
- Maturity age: 18 to 75 years
- Minimum BSA: ₹1,00,000. No maximum BSA specified.
- Guaranteed Additions: ₹50 per ₹1,000 BSA per policy year, accruing for full term
- Loan facility: Available after acquiring surrender value (typically from year 2)
- Surrender: Allowed after 2 years of premium payment
- Tax benefits: Premium under Sec. 80C; Maturity under Sec. 10(10D)
| Parameter | Minimum | Maximum | Notes |
|---|---|---|---|
| Entry Age | 30 days | 60 years | Last birthday basis |
| Maturity Age | 18 years | 75 years | Entry age + Policy term |
| Policy Term | 15 years | 20 years | All integers 15–20 |
| PPT (Premium Payment Term) | 10 years | 15 years | Always = Term − 5 |
| Basic Sum Assured | ₹1,00,000 | No limit | In multiples of ₹1,000 |
| Premium mode (Monthly) | ₹5,00,000 BSA | — | NACH mandate required |
| Risk commencement | Immediately if age ≥ 8 yrs | — | If age < 8 yrs: commences at policy anniversary on/after 8th birthday |
The annual premium for LIC Bima Jyoti is based on a tabular premium rate per ₹1 Lakh BSA, derived from LIC’s actuarial tables. Multiple rebates reduce this base figure:
Gross Tabular = Rate(Age, Term) × (BSA / ₹1,00,000)
Net Tabular = Gross Tabular × (1 − Online Rebate%)
Annual Premium = Net Tabular × (1 − Mode Rebate%) − SA Rebate Amount
Amount Payable = Annual Premium + GST (4.5% Yr1 / 2.25% Yr2+)
| Rebate Type | Rate | Condition |
|---|---|---|
| Yearly Mode | 2% of Tabular | Annual premium payment |
| Half-Yearly Mode | 1% of Tabular | Semi-annual payment |
| Quarterly / Monthly | Nil | No mode rebate |
| SA Rebate — BSA ₹3L–₹4.99L | ₹4 per ₹1,000 BSA | Flat amount per ₹1k BSA |
| SA Rebate — BSA ₹5L–₹9.99L | ₹5 per ₹1,000 BSA | Flat amount per ₹1k BSA |
| SA Rebate — BSA ₹10L+ | ₹6 per ₹1,000 BSA | Flat amount per ₹1k BSA |
| Online Rebate — PPT 10–14 | 7.5% of Net Tabular | Direct online purchase via LIC portal |
| Online Rebate — PPT 15 | 10% of Net Tabular | Direct online purchase via LIC portal |
- Tabular rate ≈ ₹8,705 per ₹1L BSA → Gross Tabular = ₹87,050
- Mode rebate (2%): −₹1,741 → ₹85,309
- SA rebate (₹6 × 1,000): −₹6,000 → Annual Premium = ₹79,309
- Year 1 outgo incl. GST (4.5%): ₹82,878
- Year 2+ outgo incl. GST (2.25%): ₹81,093
- PPT = 15 years | Premium-free years = 16–20
- Maturity at year 20: ₹10,00,000 + ₹10,00,000 GA = ₹20,00,000
Guaranteed Additions (GA) accrue at ₹50 per ₹1,000 Basic Sum Assured per policy year for the entire policy term — including the 5 premium-free years. This means the plan rewards patience: the longer you stay invested, the more GA accumulates.
For a BSA of ₹10 Lakh, GA = ₹50,000 per year. Over 20 years, total GA = ₹10,00,000 — doubling the Basic Sum Assured!
| Year | Annual GA (₹10L BSA) | Cumulative GA | Policy Value (BSA + GA) | Death Benefit |
|---|---|---|---|---|
| 1 | ₹50,000 | ₹50,000 | ₹10,50,000 | ₹13,00,000 |
| 5 | ₹50,000 | ₹2,50,000 | ₹12,50,000 | ₹15,00,000 |
| 10 | ₹50,000 | ₹5,00,000 | ₹15,00,000 | ₹17,50,000 |
| 15 (End of PPT) | ₹50,000 | ₹7,50,000 | ₹17,50,000 | ₹20,00,000 |
| 16 (1st Free Year) | ₹50,000 | ₹8,00,000 | ₹18,00,000 | ₹20,50,000 |
| 20 (Maturity) | ₹50,000 | ₹10,00,000 | ₹20,00,000 | ₹22,50,000 |
* Assumes Age 35, BSA ₹10,00,000, Term 20, PPT 15, Annual Premium ₹79,309. Death benefit = SA on Death (₹12,50,000) + Accrued GA.
🎉 Maturity Benefit
On survival to the end of the policy term, the policyholder receives:
🟢 Death Benefit (After Risk Commencement)
On death of the life assured after risk commencement:
Where: SA on Death = max(125% × BSA, 7 × Annual Premium) · SA on Death is also subject to a minimum of 105% of all premiums paid to date.
⏳ Pre-Risk Period (if Entry Age < 8 Years)
If the life assured is under 8 years at entry, risk commences at the policy anniversary on or after their 8th birthday. If death occurs before risk commencement, only the premiums paid (without interest) are returned. After risk commencement, the full death benefit applies.
🔄 Surrender Value
The policy can be surrendered after 2 full years’ premiums have been paid. The Surrender Value Payable = max(Guaranteed Surrender Value, Special Surrender Value).
- GSV = (GSV factor on premiums × Cumulative Premiums Paid) + (GSV factor on GAs × Accrued GAs)
- GSV premium factors start at 30% in Year 2, rising to 90% from Year 19/20 onwards
- SSV is typically higher in later years and is based on paid-up value
- No surrender value is payable if the policy lapses before 2 years’ premiums
| Entry Age | Term 15 (PPT 10) | Term 17 (PPT 12) | Term 18 (PPT 13) | Term 20 (PPT 15) | Maturity |
|---|---|---|---|---|---|
| Age 25 | ₹1,15,028 | ₹97,413 | ₹89,112 | ₹76,645 | BSA + GA (varies by term) |
| Age 30 | ₹1,15,408 | ₹97,860 | ₹89,562 | ₹78,280 | |
| Age 35 | ₹1,16,604 | ₹99,424 | ₹91,112 | ₹79,309 | For Term 20 BSA ₹10L: Maturity = ₹20,00,000 |
| Age 40 | ₹1,17,688 | ₹1,00,254 | ₹91,812 | ₹81,122 | |
| Age 50 | ₹1,24,013 | ₹1,06,652 | ₹97,774 | ₹88,915 |
* Premiums are indicative and exclude GST. Actual premiums may vary marginally. Use the calculator above for your exact figures.
| Policy Term | PPT | Annual Premium | Total Premium | Total GA | Maturity | Est. IRR |
|---|---|---|---|---|---|---|
| 15 Years | 10 Yrs | ₹1,15,408 | ₹11,54,080 | ₹7,50,000 | ₹17,50,000 | ~5.5% |
| 17 Years | 12 Yrs | ₹97,860 | ₹11,74,320 | ₹8,50,000 | ₹18,50,000 | ~5.6% |
| 18 Years | 13 Yrs | ₹89,562 | ₹11,64,306 | ₹9,00,000 | ₹19,00,000 | ~5.7% |
| 20 Years | 15 Yrs | ₹78,280 | ₹11,74,200 | ₹10,00,000 | ₹20,00,000 | ~5.8% |
* IRR estimates are indicative and include GST. Longer terms generally yield marginally better IRR due to longer GA accrual.
- Want guaranteed returns with zero market risk
- Prefer limited pay — finish premiums early
- Are planning for a specific goal (retirement, children’s education)
- Are in the 30%+ tax bracket (Sec. 10(10D) maturity is tax-free)
- Need life cover + savings in one plan
- Can commit to medium-to-long term (15–20 years)
- Seek high returns (ULIP / equity mutual funds offer higher potential)
- Need regular income (no survival benefits — lump sum at maturity only)
- May need early withdrawal (GSV is low in initial years)
- Are very young with a long horizon (may find better options)
- Already have adequate term cover (pure term is cheaper for life risk)
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Mohibul Islam is an LIC agent with 7+ years of experience. He also works in web development and blogging. He creates simple tools on LIC Plan Calculator to help people understand LIC plans, calculate benefits, and make better financial decisions easily.