LIC New Tech-Term Calculator
Calculate annual premium for LIC New Tech-Term (Plan 954, UIN: 512N351V02) — LIC's online-only pure term plan. Choose your cover, term, and payment option to see your exact premium with zero GST.
Unlike endowment or money-back plans, Tech-Term sends 100% of your premium toward your family's protection — not savings, not bonuses. If you survive the term, you pay nothing more and receive nothing back. That is why Rs 1 crore of cover costs under Rs 10,000 per year at age 30.
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Premium Breakdown
Male Non-SmokerFull Policy Summary
Plan 954 · UIN 512N351V02Your LIC New Tech-Term Policy at a Glance
Year-wise Premium Schedule
Regular Pay| Year | Age | Premium Due | Cumulative Premium | Death Benefit (if Level) | Death Benefit (if Increasing) |
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LIC New Tech-Term Plan 954 — Everything You Need to Know Before You Buy
Most Indians who should have term insurance do not have it. And most who do have it are underinsured by a wide margin. The uncomfortable truth is that a Rs 25 lakh policy — the kind sold by agents for decades — covers approximately three to four years of a middle-class family's expenses. That is not insurance. That is a temporary buffer at best.
LIC New Tech-Term (Plan 954) is different from what most LIC agents sell. It is a pure term plan — no savings component, no maturity benefit, no surrender value on Regular Pay. The entire premium goes toward one thing: paying your family a large, lump-sum amount if you die during the policy term. Rs 1 crore. Rs 2 crore. Whatever you choose. And because it is online-only, LIC skips the agent commission — which is why a 30-year-old non-smoker can get Rs 1 crore of cover for under Rs 10,000 per year.
Why Online-Only Makes It Cheaper
LIC Tech-Term is exclusively available at licindia.in — it cannot be bought through an agent, bank, or corporate intermediary. This sounds like a limitation, but it is actually the reason the plan is priced the way it is. LIC's offline term plan — New Jeevan Amar — includes an agent commission in the premium. Tech-Term does not. That saving is passed directly to the buyer. For a 35-year-old male non-smoker buying Rs 1 crore of cover for 25 years, the annual premium difference between the two plans can be Rs 3,000 to Rs 5,000 — money that compounds into a meaningful amount if invested instead.
Non-Smoker Rates: The Test That Pays You Back
LIC verifies non-smoker status through a Urinary Cotinine test conducted at the time of proposal. If you pass, you pay the non-smoker rate — which is 25% to 40% lower than the smoker rate for the same age, sum assured, and term. A 40-year-old non-smoker male pays roughly Rs 22,000 to Rs 24,000 per year for Rs 1 crore of cover over 20 years. The smoker rate for the same parameters is approximately Rs 30,000 to Rs 34,000. Over 20 years, that is a Rs 1.6 to Rs 2 lakh difference in premiums paid — for an identical Rs 1 crore payout.
Level vs Increasing Sum Assured — Which One Is Right for You?
If you choose Level Sum Assured, your cover stays fixed throughout the policy term. Rs 1 crore today is Rs 1 crore in Year 25. The problem is inflation. At 6% annual inflation, Rs 1 crore today has the purchasing power of approximately Rs 23 lakh in 25 years. Your family's expenses will not shrink to fit the payout.
Increasing Sum Assured addresses this directly. The cover stays flat for the first 5 years, then increases by 10% of the original sum assured every year from Year 6 through Year 15 — capping at exactly double. A Rs 1 crore Level policy becomes a Rs 1 crore Increasing policy that is worth Rs 2 crore from Year 15 onward. The premium is higher — roughly 18% to 22% more — but for younger buyers with a long policy term ahead, the inflation protection justifies the cost difference.
How Much Cover Do You Actually Need?
A common thumb rule is 10 to 15 times your annual income. A person earning Rs 10 lakh per year should have Rs 1 to 1.5 crore of cover at a minimum. But this rule ignores two important variables: liabilities and dependants. If you have a Rs 60 lakh home loan outstanding, add that to the base figure. If you have two school-going children whose education will cost Rs 30 to 40 lakh each, add that too. A more honest calculation for most urban salaried Indians in their 30s lands somewhere between Rs 1.5 crore and Rs 3 crore — not the Rs 50 lakh minimums of older policies.
Single Pay and Limited Pay — When They Make Sense
Regular Pay keeps annual premiums low and spreads the cost across the full policy term. For most salaried employees, this is the right choice — the annual premium is manageable and the policy stays in force as long as you keep paying.
Single Pay makes sense for someone with a lump sum available — an inheritance, a matured FD, or a business windfall — who wants to lock in cover permanently without any future payment obligation. Once paid, the policy cannot lapse for non-payment. Limited Pay (Term minus 5 or Term minus 10 years) is a middle ground: you finish paying earlier than Regular Pay but at a proportionally higher annual premium. It suits people who expect their income to drop in later years — say, someone planning early retirement at 50 who wants cover through 65 but wants to finish paying before retirement.
The GST Saving Since September 2025
The 56th GST Council meeting effective September 22, 2025 exempted all individual life insurance premiums from GST. Before that, a Rs 10,000 annual premium carried Rs 1,800 in GST on top. On a 30-year policy that would have added Rs 54,000 in total GST over the tenure. That saving now belongs to the policyholder. Every premium shown in this calculator is the final, all-inclusive amount — nothing extra.
Frequently Asked Questions
What is LIC New Tech-Term Plan 954?
LIC New Tech-Term (Plan 954, UIN 512N351V02) is LIC's online-only pure term insurance plan. It provides a death benefit to your nominee if you die during the policy term. There is no maturity benefit and no bonus — it is pure protection. The minimum sum assured is Rs 50 lakh with no upper limit. Policy term ranges from 10 to 40 years and maximum maturity age is 80 years.
What is the difference between Level Sum Assured and Increasing Sum Assured in Tech-Term?
Level Sum Assured keeps your cover fixed throughout the policy term. Increasing Sum Assured keeps the cover flat for the first 5 years, then increases by 10% of the original sum assured every year from Year 6 to Year 15, capping at double the original amount. For a Rs 1 crore policy this means Rs 2 crore by Year 15. Increasing cover costs a higher premium but protects against inflation eroding the real value of your cover.
What are the premium payment options in LIC New Tech-Term?
Three premium payment options are available. Regular Pay means you pay premiums for the entire policy term. Limited Pay (Term minus 5 or Term minus 10 years) means you pay for fewer years but coverage lasts the full term. Single Pay means you pay the entire premium upfront in one lump sum. Premium amount varies significantly across these options.
Do non-smokers get lower premiums in LIC New Tech-Term?
Yes. LIC New Tech-Term has Non-Smoker and Smoker rate categories. Non-smoker status is verified through a Urinary Cotinine test. Non-smokers pay significantly lower premiums. Women also get a separate lower rate structure reflecting actuarial longevity data. If you declare non-smoker status but test positive for cotinine, the policy may be adjusted or voided.
Is GST applicable on LIC New Tech-Term premiums in 2026?
No. The 56th GST Council meeting effective September 22, 2025 exempted all individual life insurance premiums from GST. The premium shown in this calculator is the final amount payable with nothing added on top.
Can I add riders to LIC New Tech-Term Plan 954?
Yes. The Accidental Death and Disability Benefit Rider and a Critical Illness Rider can be added for additional protection. Rider premiums are calculated separately based on the rider sum assured and your age. The base plan premium shown in this calculator does not include any riders.
How is the death benefit paid in LIC New Tech-Term?
The nominee receives the sum assured on death during the policy term. You can choose lump sum payment or instalments over 5 years (monthly, quarterly, or yearly). The instalment option ensures your family receives a steady income rather than a large lump sum. Interest accrues on unpaid instalments at rates declared by LIC.
Can I buy LIC New Tech-Term offline through an agent?
No. LIC New Tech-Term is exclusively available online through LIC's official website licindia.in. It cannot be purchased through agents, corporate agents, or brokers. This online-only model allows LIC to offer lower premiums compared to its offline equivalent, LIC New Jeevan Amar.
Is there a surrender value or loan on LIC New Tech-Term?
No surrender value is available on Regular Pay policies. For Single Pay and Limited Pay policies, a Special Surrender Value is available after specified periods. No loan facility is available on this plan under any payment mode. If premiums lapse after the grace period on Regular or Limited Pay, the policy lapses without value.
What is the minimum sum assured for LIC New Tech-Term?
The minimum sum assured is Rs 50,00,000 (Rs 50 lakh). There is no upper limit. The sum assured must be in multiples of Rs 25,000 above the minimum. Higher sum assured amounts attract a High Sum Assured Rebate that reduces your per-lakh premium.