LIC Jeevan Raksha Plan 894 is a new pure-risk life insurance plan from the Life Insurance Corporation of India. If you are looking for a straightforward way to estimate the premium for a particular life cover, this plan is worth understanding before making a decision.

The most useful place to start is the LIC Jeevan Raksha Plan 894 Calculator. Instead of looking only at one sample premium, a calculator can help you compare different combinations of age, sum assured, policy term, premium payment option, smoking status and other applicable factors.

LIC officially lists Jeevan Raksha as Plan No. 894 with UIN 512N368V01. It is classified as a Non-Participating, Non-Linked, Individual, Pure Risk Plan.

Also Read –LIC Bima Platinum Plan 770 Calculator 2026 – Calculate Premium, Income, Booster & Maturity Benefit

What is LIC Jeevan Raksha Plan 894?

LIC’s Jeevan Raksha Plan is designed primarily to provide financial protection to the policyholder family if the insured person dies during the policy term.

Unlike a traditional participating savings plan, this is a pure-risk insurance product. LIC states that the death benefits under the non-par plan are guaranteed and fixed according to the policy terms, and the plan does not provide discretionary bonuses or a share in surplus.

The plan can be purchased through licensed agents and other permitted intermediaries, as well as directly online through LIC’s website.

Key details at a glance

How does LIC Jeevan Raksha 894 work?

You select an appropriate life cover and policy term and pay the applicable premium according to your chosen premium payment option.

If the policy is in force and the insured person dies during the policy term, the applicable Sum Assured on Death is payable according to the policy conditions.

If the policyholder survives until the end of the policy term, no maturity benefit is payable under this plan.

This point is important.

Jeevan Raksha should not be compared with an endowment plan simply on the basis of “how much money comes back.” Its primary purpose is life protection, not maturity savings.

LIC Jeevan Raksha 894 Death Benefit

The death benefit depends on the premium payment option.

Regular Premium and Limited Premium

For Regular and Limited Premium policies, the Sum Assured on Death is the higher of:7 times the Annualized Premium, or Basic Sum Assured.

The death benefit cannot be less than 105% of the Total Premiums Paid up to the date of death, subject to the policy terms.

Single Premium

For Single Premium policies, the Sum Assured on Death is the higher of:

125% of the Single Premium, or
Basic Sum Assured.

This is one reason why understanding the actual policy structure is more important than looking at the premium alone.

Also Read –LIC Bima Platinum Plan 770 Calculator 2026 – Calculate Premium, Income, Booster & Maturity Benefit

LIC Jeevan Raksha Premium Payment Options

One of the useful features of Plan 894 is the choice of premium payment structures.

1. Single Premium

You pay the premium once.

This may suit someone who prefers to complete the premium payment at the beginning rather than maintain annual premium commitments.

2. Regular Premium

Premiums are paid throughout the policy term.

LIC provides yearly and half-yearly premium payment modes for Regular and Limited Premium options.

3. Limited Premium

You can choose a shorter premium-paying period while keeping the policy cover for a longer period.

LIC provides:

10-year Limited Premium Payment
15-year Limited Premium Payment

The minimum instalment premium under Regular and Limited Premium payment is ₹2,000, excluding rider premium and applicable underwriting extra premium.

LIC Jeevan Raksha 894 Eligibility

Life Insurance Corporation of India has launched LIC’s Jeevan Raksha, Plan No. 894, a term assurance plan. which has the following eligibility condition listed below.

The maximum policy term is subject to the maximum age at maturity of 60 years.

For example, a younger policyholder may be able to choose a longer policy term, while someone entering at an older age will have a shorter maximum term because the cover cannot continue beyond the permitted maturity age.

LIC Jeevan Raksha Sum Assured

The minimum Basic Sum Assured is ₹5 lakh.

The maximum Basic Sum Assured is ₹24 lakh per life, subject to LIC’s Board Approved Underwriting Policy.
There are also specified multiples for choosing the Sum Assured:
₹5 lakh to below ₹7 lakh: multiples of ₹50,000
Above ₹7 lakh: multiples of ₹1 lakh

LIC also states that the total Basic Sum Assured under all policies issued to an individual under this plan cannot exceed ₹24 lakh.

How Does the LIC Jeevan Raksha Plan 894 Calculator Work?

The calculator is designed to help you estimate your premium based on three primary inputs:

1. Your Age (18–45 years)
2. Sum Assured (₹5 lakh–₹24 lakh)
3. Premium Payment Term (single, regular, or limited)

Step-by-Step Guide to Using the Calculator

Step 1: Enter Your Age
The calculator requires your current age. Remember, the entry age is capped at 45 years. If you are older, this plan may not be available to you.

Also Read –LIC Bima Platinum Plan 770 Calculator 2026 – Calculate Premium, Income, Booster & Maturity Benefit

Step 2: Select Your Sum Assured
Choose the coverage amount you need. The minimum is ₹5 lakh, and the maximum is ₹24 lakh. The sum assured must be selected in specific increments:

Between ₹5 lakh and ₹7 lakh: increments of ₹50,000
Above ₹7 lakh: increments of ₹1 lakh

Step 3: Choose Your Premium Payment Mode
You can opt for:

Single premium—one-time payment
Regular premium—pay throughout the policy term
Limited premium—pay for a specific number of years

Step 4: Review Your Estimated Premium
The calculator will display your estimated premium, which may include:

1. Women get special concessional premium rates
2. High sum assured rebates for larger coverage amounts
3. Goods and Services Tax (GST) as applicable
4. Optional riders for additional coverage

Real-World Examples: Putting the Calculator to Work

Example 1: Young Professional – ₹10 Lakh Cover, Regular Premium

Age: 28
Gender: Male
Smoker: No
Sum Assured: ₹10,00,000
Premium Option: Regular
Term: 20 years (auto‑selected)
Mode: Yearly

Result:

Estimated Yearly Premium (before GST): ~₹5,460 (interpolated from Age 30 rate)
Total Premium Payable: ₹5,460 × 20 = ₹1,09,200
Death Benefit: Higher of ₹10,00,000 or 7×₹5,460 = ₹38,220 → ₹10,00,000
High Sum Assured Rebate: 5% (since ₹10L falls in the 7‑10L band for age 18‑30)
Takeaway: For just ₹5,460 a year, Rajesh secures ₹10 lakh for his family – a very affordable price for pure protection.

Example 2: Woman Entrepreneur – Maximum Cover, Limited Premium

Age: 35
Gender: Female
Smoker: No
Sum Assured: ₹24,00,000
Premium Option: Limited (10 years)
Term: 25 years (maximum allowed)
Mode: Yearly

Result:

Premium data unavailable for this combination (female, term >20, limited premium) – the calculator shows an “unavailable” note.
However, we can interpolate a rough estimate: from the Age 40 male rate, scale to female (approx. 5–10% lower) – but we advise contacting LIC directly.
Takeaway: If you’re a woman or need a non‑standard term, the calculator can’t provide a precise number – but it guides you to the next step: get a personalised quote from LIC.

Example 3: Single Premium – One‑Time Payment

Age: 40
Gender: Male
Smoker: No
Sum Assured: ₹5,00,000
Premium Option: Single
Term: 20 years (minimum 15, but we choose 20)

Result:

Single Premium (before taxes): ₹41,770 (based on LIC’s published Age 40 single premium for ₹5L SA)
Total Premium Payable: ₹41,770 (one‑time)
Death Benefit: Higher of ₹5,00,000 or 125% of ₹41,770 = ₹52,212 → ₹5,00,000
Takeaway: Amit pays a one‑time ₹41,770 and enjoys ₹5 lakh cover for 20 years – no further payments, peace of mind.

High Sum Assured Rebate in Jeevan Raksha 894

LIC provides a High Sum Assured rebate under Regular, Limited and Single Premium payment options.

For Regular/Limited Premium policies, the rebate can increase as the Basic Sum Assured moves into higher bands.
For example, for ages 18–30, LIC plan shows rebates of up to 18% of tabular annual premium for a Basic Sum Assured of ₹20 lakh and above.

For ages 31–45, the corresponding maximum shown is 14%.
The Single Premium structure has separate rebate rates.

This is another reason why a calculator becomes useful: the premium for a larger cover is not necessarily a simple multiplication of the ₹5 lakh premium.

Online Purchase Rebate

LIC also provides a rebate for eligible online sales completed without assistance from an agent or intermediary.

According to the official brochure:
10-year to 42-year premium payment terms: 7.50% rebate on tabular premium
Single Premium: 3% rebate on tabular premium

The exact applicability depends on the conditions of the online sale.

Does LIC Jeevan Raksha 894 Give Maturity Benefit?

No.

This is perhaps the most important point to understand before using the calculator.

If the life assured survives until the end of the policy term, no maturity benefit is payable under the plan. Therefore, Jeevan Raksha should primarily be viewed as a protection plan.

If your main goal is to receive a guaranteed amount at maturity, you should compare it with LIC savings/endowment products instead of judging Jeevan Raksha only on maturity returns.

Is There a Loan Facility?

No.

LIC’s official brochure clearly states that no policy loan is available under Jeevan Raksha Plan 894.
This is another important difference from some traditional LIC savings policies.

Does Jeevan Raksha Have Surrender Value?

There is no conventional surrender value under the plan.

However, the LIC provides specific provisions relating to an Unexpired Risk Premium Value in certain surrender situations.

For example, under Single Premium policies, the applicable Unexpired Risk Premium Value, if any, may be payable on surrender during the policy term. Under Limited Premium policies, specific conditions apply, including payment of full premiums for at least three consecutive years.

Because this is different from a normal savings-plan surrender value, policyholders should read the policy document carefully before surrendering.

LIC Jeevan Raksha Accident Benefit Rider

Eligible policyholders choosing Regular or Limited Premium payment can opt for LIC’s Accident Benefit Rider, subject to the rider’s conditions.

If the rider is opted for and an eligible accidental death occurs, the Accident Benefit Rider Sum Assured can be paid in addition to the base-plan death benefit.

The LIC Plan states that the rider Sum Assured cannot exceed three times the Basic Sum Assured under the base product, while the aggregate accident-benefit limit under LIC’s applicable individual and group policies is subject to specified limits.

The rider is optional and carries an additional premium.

Can the Death Benefit Be Taken in Instalments?

Yes.

One interesting feature of Jeevan Raksha is the option to receive the death benefit in instalments instead of taking the entire amount as a lump sum.

The available instalment periods are:

1. 5 years
2. 10 years
3. 15 years

Who Should Consider LIC Jeevan Raksha 894?

Jeevan Raksha may be worth considering if your primary objective is life insurance protection rather than a maturity payout.

It may be relevant for:

1. Young earning individuals
2. Parents with dependent children
3. People with home loans or other financial liabilities
4. Individuals who want a defined life cover
5. People looking for Single, Regular or Limited Premium options
6. Families that want financial protection during working years

However, the right amount of life cover depends on your income, liabilities, dependents, existing insurance and financial goals.

There is no single “best” Sum Assured for everyone.

Who May Not Find It Suitable?

The plan may not be suitable if your main objective is:

• A maturity corpus
• Regular survival benefits
• Bonus-based returns
• Investment growth
• Policy loan facility

That does not make the plan bad. It simply means that the purpose of the product is different. A term-style pure-risk plan should be evaluated primarily on the protection it provides and the premium required for that protection.

“This calculator provides an indicative estimate. Final premium and policy terms are subject to LIC’s underwriting, proposal acceptance and applicable policy conditions.”

LIC Jeevan Raksha Plan 894 vs. Other LIC Plans

Frequently Asked Questions

The LIC Jeevan Raksha Plan 894 calculator is your first step toward making an informed decision. This plan is ideal for individuals who:

✅ Want affordable pure life cover
✅ Do not need investment or savings components
✅ Are young (18–45 years)
✅ Need coverage up to ₹24 lakh
✅ Prefer fixed, guaranteed benefits without market risks

However, if you are looking for a plan that provides maturity benefits, savings, or regular income, you may want to explore other LIC options like Bima Platinum (770) or traditional endowment plans

Also Read –

1. LIC Bima Platinum Plan 770 Calculator 2026 – Calculate Premium, Income, Booster & Maturity Benefit
2. LIC Premium calculator 2026-Calculate LIC Policy Premium Online
3. LIC Kavach Plan 887 Calculator – Term Insurance Premium Calculator