Calculate the premium and maturity benefit for LIC New Endowment Plan (UIN: 512N277V03). Enter your age, policy term, and sum assured. See what you pay, what your family gets if you die, and what you collect at maturity.
| Year | Cumulative Premium | Cumulative Bonus | Death Benefit | Maturity Value |
|---|
LIC's New Endowment Plan is a straightforward product: pay premiums for a fixed number of years, get your money back at the end with bonuses on top, and your family is covered throughout. There are no market linkages, no fund switching, and no unit prices to track. The Basic Sum Assured is guaranteed from day one. The bonus component, declared annually by LIC, adds to the maturity amount over time. From 22 September 2025, GST on premiums is zero across all payment modes.
If you die during the term, your nominee gets the death benefit. If you survive to the end, you collect the maturity amount. Both outcomes are covered by the same premium.
Each year LIC declares a Simple Reversionary Bonus per Rs.1,000 of BSA. Once declared, this bonus is added to your policy and guaranteed. A Final Additional Bonus is paid at claim, either at maturity or death.
Annual payments earn a 2% rebate. Half-yearly earns 1%. Quarterly and monthly NACH payments attract no rebate. Paying annually costs the least over the full term.
BSA from Rs.5 lakh to Rs.10 lakh earns a rebate of Rs.2.50 per Rs.1,000 BSA. Above Rs.10 lakh, the rebate rises to Rs.4 per Rs.1,000. Larger sum assureds are proportionally cheaper.
From 22 September 2025, all individual life insurance premiums are GST-exempt. You pay only the base net premium. The full amount also qualifies for Section 80C deduction.
Four riders are available: Accidental Death and Disability Benefit, Accident Benefit, New Term Assurance (at inception only), and Premium Waiver (for policies on minors). Each adds to the premium but extends the coverage.
After completing 2 full years of premium payments, borrow up to 75% of the surrender value. Paid-up policies are limited to 65%. Interest is 9.5% per annum compounding half-yearly.
Maturity and death benefits do not have to be taken as a single lump sum. The nominee or policyholder receives the amount in monthly, quarterly, half-yearly, or yearly instalments over 5, 10, or 15 years.
When a claim occurs, the nominee receives whichever is higher: the Basic Sum Assured or 7 times the annualised premium. All vested SRBs and the Final Additional Bonus are added on top. A floor applies: the total payout will not be less than 105% of all premiums paid up to the date of death. This floor protects families who make claims early in the policy term before significant bonuses have accumulated.
Complete the full term with all premiums paid and the maturity payout is BSA plus all accumulated SRBs plus the Final Additional Bonus. The BSA is guaranteed from the day the policy starts. The SRBs and FAB depend on LIC's annual bonus declarations, which is why the calculator shows both a conservative and an optimistic scenario.
As a participating plan, the policy shares in LIC's Non-Linked, Participating Fund profits. LIC declares a Simple Reversionary Bonus amount per Rs.1,000 BSA each year. Once declared, each year's bonus is irrevocably added to the policy. The Final Additional Bonus is declared in the year the policy results in a claim, whether that is maturity or death.
From 22 September 2025, under GST Reforms 2.0, individual life insurance premiums are fully GST-exempt across all payment modes. The 4.5% first-year and 2.25% ongoing GST structure that applied before September 2025 is now gone. What this means practically: the amount shown in this calculator is what you pay. Nothing is added on top. The full premium amount also qualifies for the Section 80C deduction without needing to subtract a GST portion.
| Age | 15-Year Term | 25-Year Term | 35-Year Term |
|---|---|---|---|
| 20 years | ₹14,543 | ₹8,369 | ₹5,949 |
| 30 years | ₹14,592 | ₹8,497 | ₹6,213 |
| 40 years | ₹14,847 | ₹8,987 | ₹6,958 |
Source: LIC official brochure (2024). Premiums exclude rider premiums. No GST applicable from Sept 2025.
Surrender is allowed after one year. The Guaranteed Surrender Value becomes payable after 2 full years of premium payment. The actual surrender payout is whichever is higher: the GSV or the Special Surrender Value computed by LIC's actuarial team. Surrendering in the early years typically means recovering less than the total premiums paid.
After 2 full years of premium payments, borrow up to 75% of the current surrender value. For policies that have become paid-up, the limit is 65% of the paid-up surrender value. The interest rate for 2024-25 is 9.5% per annum compounding half-yearly. The policy remains active during the loan period.
A policy that has lapsed stays eligible for revival for up to 5 years from the date of the first unpaid premium. Revival requires paying all outstanding arrears plus 9.5% per annum compound interest, and submitting evidence of continued good health. LIC often requires a medical examination for high sum assureds or long lapse periods.
LIC's New Endowment Plan is a straightforward savings plan with a guaranteed life cover. Pay your premium for the chosen term and you get the Basic Sum Assured plus all accumulated bonuses at maturity. If you die during the term, your nominee receives the higher of the BSA or 7 times your annualised premium, plus all vested bonuses. The BSA is guaranteed from day one. The bonus component grows each year based on LIC's annual declarations.
No GST from 22 September 2025. The 56th GST Council exempted all individual life insurance premiums. The earlier structure of 4.5% in year 1 and 2.25% from year 2 is gone. You pay only the base net premium now. The full amount qualifies for Section 80C deduction with nothing to subtract.
The minimum BSA is Rs.2,00,000 with no ceiling subject to underwriting. BSA increments are Rs.5,000 for amounts up to Rs.4.5 lakh, Rs.50,000 from Rs.4.5 lakh to Rs.9 lakh, and Rs.1,00,000 above Rs.9 lakh. Large sums assured require financial and medical underwriting.
Monthly payments are accepted only via NACH bank mandate. No mode rebate applies for monthly payments. The monthly instalment is the annual net premium divided by 12. No GST applies from September 2025. Monthly mode is convenient but costs slightly more than annual mode over the full term because you miss the 2% annual rebate.
The death benefit is the higher of the BSA or 7 times the annualised premium, plus all vested Simple Reversionary Bonuses accumulated up to the date of death, plus the Final Additional Bonus if applicable. One more protection applies: the total death benefit is always at least 105% of all premiums paid up to the date of death. This floor matters most for claims in the early years before significant bonuses have built up.
SRB is the bonus LIC declares each year, expressed as a fixed rupee amount per Rs.1,000 of Basic Sum Assured. Once declared for a policy year, that bonus is locked in and guaranteed. It accumulates silently on your policy every year. At claim time, the full accumulated SRB is added to the BSA. This calculator uses Rs.46 per Rs.1,000 for the conservative scenario and Rs.58 per Rs.1,000 for optimistic.
FAB is a one-time bonus paid only when the policy results in a claim, whether at maturity or on death. It is not available on paid-up policies that were converted before the full term. It is declared for the year the claim occurs and reflects a share of the accumulated surplus. This calculator illustrates Rs.710 per Rs.1,000 BSA for the conservative scenario and Rs.1,330 per Rs.1,000 for optimistic.
The rebate works in your favour when you choose a higher sum assured. BSA from Rs.5 lakh to Rs.10 lakh earns a rebate of Rs.2.50 per Rs.1,000 BSA per year. Above Rs.10 lakh, the rebate rises to Rs.4 per Rs.1,000. On a Rs.20 lakh BSA at Rs.4 per Rs.1,000, you save Rs.80 per year on the base premium. The calculator applies this rebate automatically.
After completing 2 full years of premium payments, you borrow up to 75% of the current surrender value. For policies that have become paid-up, the limit is 65%. The interest rate for 2024-25 is 9.5% per annum compounding half-yearly. The policy remains in force and bonuses continue to accrue during the loan period. The loan plus accumulated interest is deducted from the claim amount at maturity or death.
Stop paying before completing one full year and the policy lapses with no benefits after the grace period. Complete at least one full year and the policy converts to a paid-up status instead of lapsing entirely. The paid-up sum assured is reduced proportionally based on premiums paid versus total premiums due. A paid-up policy still provides a reduced death cover and a reduced maturity benefit, but no further premiums are required. Revival is possible within 5 years by paying all arrears with 9.5% compound interest.
Annual, half-yearly, and quarterly modes carry a 30-day grace period. Monthly NACH mode carries a 15-day grace period. During the grace period the policy stays fully in force. If the premium is not paid within the grace period, the policy lapses. A lapsed policy loses all cover until it is either revived or converted to paid-up after completing the required minimum years.
LIC premiums qualify for Section 80C deduction up to Rs.1.5 lakh per year. The full premium amount qualifies from September 2025 because GST is now zero. The maturity proceeds are tax-free under Section 10(10D) provided the annual premium does not exceed 10% of the BSA for policies issued after 1 April 2012. If the premium exceeds that threshold, the maturity amount is taxable. Plan your BSA accordingly to stay within the 10% rule.
LIC's New Endowment Plan is not available for direct online purchase. It is sold exclusively through licensed LIC agents, corporate agents, insurance brokers, and Insurance Marketing Firms. There is no online purchase rebate available for this plan. Contact a licensed LIC agent to get a precise premium quote with underwriting adjustments.
This calculator uses LIC's officially published sample premium table from the 2024 brochure, along with the actual mode rebates and high SA rebates. GST is shown as Rs.0, which is correct from 22 September 2025. Bonus projections are illustrative per IRDAI guidelines and show two scenarios based on different declared rates. Actual premiums at policy issue sometimes differ slightly based on age rounding at the nearest birthday. Always verify with a licensed LIC agent before committing.
