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LIC Jeevan Raksha Plan 894 Premium Calculator: How It Works and What to Expect

Author : Ali Asgar | Published On : 05 Oct 2026

If you're comparing term insurance options, you've probably come across the LIC Jeevan Raksha Plan 894 premium calculator. Before you type in any numbers, it helps to know what the plan is and what the calculator can and can't tell you.

What Is LIC Jeevan Raksha (Table 894)?

Jeevan Raksha, listed under Table No. 894 (UIN 512N368V01), is a pure protection plan from Life Insurance Corporation of India. It pays a benefit to your family if you die during the policy term. It is not a savings or investment plan, and there is no maturity payout if you outlive the term. Don't confuse it with Jeevan Rakshak, an older endowment-style product.

Quick snapshot:

  • Entry age: 18 to 45 years
  • Policy term: 15 to 42 years
  • Minimum sum assured: ₹5 lakh
  • Premium options: Regular, Limited (10 or 15 years), and Single Premium

How the Premium Calculator Works

LIC premiums come from tabular rates, which are a fixed charge per ₹1,000 of sum assured. The calculator multiplies that rate by your chosen cover and shows an estimated instalment.

You usually enter:

  1. Date of birth or age, since younger entry ages mean lower rates
  2. Gender
  3. Smoker or non-smoker status
  4. Sum assured, the cover you want
  5. Policy term
  6. Premium payment mode, either regular or limited pay

What Affects Your Premium?

Age: Every year you wait, the rate goes up a little.

Smoking status: Smokers carry higher mortality risk, so they pay more.

Policy term: A longer term means a longer period of cover, which changes the rate structure.

Payment choice: Single Premium costs more upfront but removes future payments. Limited pay compresses payments into 10 or 15 years while cover continues much longer. Regular pay spreads cost across the whole term.

Cover amount: Higher sum assured means a higher premium, though not always in a straight line.

Is the Calculator Result Final?

No. Most online calculators, including independent ones, give an indicative estimate. Your final premium can change because of GST, riders, medical underwriting, extra premiums for health or occupation, and any existing Plan 894 policies you hold. Also remember that the total sum assured across Plan 894 policies for one person is capped at ₹24 lakh. Always confirm the final figure with LIC or an authorised agent.

Who Should Consider This Plan?

It suits people who want a straightforward LIC-backed protection plan, especially first-time buyers, salaried families and those who prefer a public-sector insurer. If you want returns along with cover, an endowment or money-back plan fits that goal better. If you want the largest cover for the lowest cost, compare against private online term plans too.

Tips Before You Calculate

  • Keep your health and income details ready.
  • Try more than one policy term and payment mode to see the difference.
  • Match cover to your income and liabilities rather than picking a round number.
  • Read the policy document for exclusions, such as the suicide clause in the first year.

FAQs

Does Jeevan Raksha 894 give maturity benefits?
No. It is a pure-risk plan.

Can I pay premiums for fewer years than the policy term?
Yes. Limited pay options of 10 or 15 years are available.

Is an online calculator the same as an LIC quote?
No. It's a planning tool, and LIC's final quote prevails.