LIC Jan Suraksha (880) Calculator

LIC Jan Suraksha (880) Calculator

What this calculator does

LIC's Jan Suraksha (Table No. 880) is a non-linked, non-participating, pure term micro-insurance plan designed for the masses - people who want straightforward, affordable life cover without any savings or investment component. It uses simplified underwriting (no medical test up to the maximum Sum Assured) and offers a level Sum Assured throughout the Policy Term, with an optional built-in Accident Benefit rider for a small extra premium.

Unlike LIC's savings-linked micro insurance plans (which pay a Loyalty Addition or bonus at maturity), Jan Suraksha pays nothing at maturity - every rupee of premium goes toward keeping the death cover affordable. This makes it closer in spirit to LIC's Digi Term plan, but scaled down to the small Sum Assured amounts and flat, simplified pricing typical of a micro-insurance product for rural and economically weaker sections.

This calculator gives you an indicative estimate of:

• the annual premium (and per-installment premium for your chosen payment mode)
• the extra premium for the optional Accident Benefit rider
• the Death Benefit payable to your family (Sum Assured, doubled if death is accidental and the rider is included)
• confirmation that there is no Maturity Benefit - this is a pure term plan
• a year-by-year schedule of premiums paid to date and the benefit payable

based on your entry age, gender, Sum Assured, Policy Term, and whether you add the Accident Benefit rider.

Formula Used

Eligibility. Entry age must be between 18 and 50 years, the Policy Term is 5, 10, or 15 years, and the age at maturity cannot exceed 60 years:

$$MaturityAge = EntryAge + PolicyTerm \le 60$$

Sum Assured. Kept in the micro-insurance range, from ₹50,000 to ₹5,00,000.

Base premium rate. Since Jan Suraksha uses simplified underwriting (no medical test) instead of full medical underwriting, its illustrative tabular rate carries a flatter loading than a fully underwritten term plan, rising gently with attained age:

$$BaseRate(age) = 3.5 + age \times 0.09 \quad (\text{₹ per ₹1,000 Sum Assured})$$ $$GenderFactor = \begin{cases} 0.9 & \text{Female} \\ 1.0 & \text{Male} \end{cases}$$ $$AnnualPremium = \frac{SumAssured}{1000} \times BaseRate(age) \times GenderFactor$$

Accident Benefit rider (optional). A flat additional rate per ₹1,000 Sum Assured, independent of age or gender - typical of how LIC prices accident riders:

$$ADBPremium = \frac{SumAssured}{1000} \times 1.0$$ $$TotalAnnualPremium = AnnualPremium + ADBPremium \ (\text{if rider selected})$$

The total annual premium is then split by your chosen payment mode (yearly, half-yearly, quarterly, or monthly) using LIC's standard modal factors (yearly 1.00, half-yearly 0.510, quarterly 0.260, monthly 0.0875):

$$InstallmentPremium = TotalAnnualPremium \times ModeFactor$$

Death Benefit. The plan pays the full Sum Assured on death during the Policy Term. If the Accident Benefit rider is included and death is due to an accident, an equal additional amount is paid:

$$DeathBenefit = \begin{cases} 2 \times SumAssured & \text{Accidental death, rider included} \\ SumAssured & \text{Otherwise} \end{cases}$$

Maturity Benefit. Nil - Jan Suraksha is a pure term plan, so nothing is payable if the life assured survives the full Policy Term.

Note: these premium rates and loadings are illustrative approximations for planning purposes, not LIC's official IRDAI-approved tabular rates, which depend on the specific underwriting rules in force and can change over time. Always confirm exact figures with LIC or an authorized agent before purchasing a policy.

How to Use

1. Enter your Age at Entry in years (18 to 50).
2. Select your Gender.
3. Choose your Policy Term - 5, 10, or 15 years (cover must end by age 60).
4. Enter your desired Sum Assured (₹50,000 to ₹5,00,000).
5. Choose whether to include the Accident Benefit Rider.
6. Choose your Premium Payment Mode.
7. Click Calculate Premium to see your annual premium, death benefit, and the year-by-year schedule.

Worked Example

Suppose a 30-year-old male chooses a Policy Term of 15 years, a Sum Assured of ₹2,00,000, and adds the Accident Benefit Rider.

$$BaseRate(30) = 3.5 + 30 \times 0.09 = 6.2$$ $$AnnualPremium = \frac{2{,}00{,}000}{1000} \times 6.2 \times 1.0 = ₹1{,}240$$ $$ADBPremium = \frac{2{,}00{,}000}{1000} \times 1.0 = ₹200$$ $$TotalAnnualPremium = 1{,}240 + 200 = ₹1{,}440$$

Over the 15-year Policy Term (paid yearly), the total premium payable is ₹21,600. If death occurs during the term from a non-accidental cause, the family receives ₹2,00,000; if the death is accidental, they receive ₹4,00,000 (Sum Assured plus the equal Accident Benefit rider payout). If the life assured survives to the end of the 15 years, there is no Maturity Benefit payable.