LIC Digi Term Plan (876) Premium & Cover Calculator

What Is the LIC Digi Term Plan 876 Calculator?

The LIC Digi Term Plan 876 calculator is a free tool that estimates your annual premium for LIC’s online-only term insurance plan. You enter your age, gender, smoking status, cover amount, policy term and payment option. It instantly shows your indicative premium, your monthly and daily cost, and the death benefit your family would receive each year.

LIC’s Digi Term Plan (Plan No. 876, UIN 512N356V02) is a non-participating, non-linked, individual, pure risk plan. It was launched in August 2024 and can be bought only on the official LIC website. Because it cuts out agent commissions, its premiums are among the lowest LIC offers.

This calculator is calibrated to LIC’s own published sample premiums, so the numbers stay close to what you will see on licindia.in.

Key Feature: Premiums Are Now GST-Free

Here is the most important update. Since 22 September 2025, all individual life insurance premiums in India are exempt from GST. The earlier 18% tax has been removed by the GST Council.

That means the premium this calculator shows is the premium you pay. There is no 18% added on top. Some older calculators and articles still show 18% GST or a 4.5% first-year rate. Those figures are out of date. For an individual policy like Digi Term, GST is nil.

Features This Calculator Provides

• Instant annual premium estimate for both cover options.
• A Level versus Increasing Sum Assured comparison.
• Special lower rates for women, applied automatically.
• Smoker and non-smoker pricing.
• Regular, Limited 10-year, Limited 15-year and Single premium options.
• A “Cover I Need” planner based on income, loans and goals.
• A live eligibility check against LIC’s age and term limits.
• Monthly and per-day cost breakdown.
• A year-by-year death benefit and premiums-paid schedule.
• CSV download and a shareable result link.
• Correct 0% GST built in.
• All calculations run privately in your browser.

How the LIC Digi Term Calculator Works

The tool follows the same logic LIC uses to price the plan.

Step 1: Choose your cover option

Level Sum Assured keeps your cover constant for the whole term. Increasing Sum Assured stays level for the first 5 years, then rises 10% each year until it doubles by year 15, after which it stays flat. Increasing cover helps offset inflation but costs more.

Step 2: Enter your profile

Age must be between 18 and 45. Women get special lower rates. Smokers pay more because of higher risk.

Step 3: Set your cover and term

Sum assured ranges from ₹50 lakh to ₹5 crore. A higher cover earns a premium rebate per unit. Policy term is 15 to 40 years, or 20 to 40 years if you pick Limited Premium of 15 years.

Step 4: Pick your payment option

Regular means you pay for the full term. Limited 10 and Limited 15 let you finish paying early. Single premium means one payment for the entire cover.

The calculator then shows your premium, total outgo, and the year-by-year benefit table.

The Formula Behind the Premium

Term premiums depend on mortality risk, term length, cover size and lifestyle. In simple terms:

Premium = base age rate × term factor × cover size × sum assured rebate × gender factor × smoker factor

The death benefit your nominee receives is defined by LIC as the highest of these three amounts:

• Basic Sum Assured
• 7 times the annualised premium
• 105% of all premiums paid up to death

For single premium policies, it is the higher of the Basic Sum Assured or 1.25 times the single premium.

This is why the calculator shows the death benefit as a schedule rather than a flat number.

Example: What ₹1 Crore Cover Costs

Take a 30-year-old male non-smoker choosing ₹1 crore Level cover for 30 years on Regular pay.

• Indicative annual premium: around ₹10,400
• That is roughly ₹866 a month
• Or under ₹29 a day
• GST: nil

For the same profile, the Increasing option costs more because your cover grows to ₹2 crore by year 15. Women pay about 10% less than men for the identical profile. Smokers pay noticeably more.

These are indicative figures. Your final premium depends on LIC’s underwriting, including medicals, income proof and occupation.

LIC Digi Term Plan 876 Eligibility

The plan offers no paid-up value, no surrender value and no loan facility, because it is pure term cover.

Level vs Increasing Sum Assured

Level cover is the cheapest and simplest. Your nominee receives the same amount whenever a claim arises during the term.

Increasing cover starts at your chosen amount, holds level for 5 years, then grows 10% a year until it doubles at year 15. It suits people who expect responsibilities to rise, such as a growing family or a larger loan. It costs more from day one.

Use the calculator to see both premiums side by side before deciding.

Benefits of the LIC Digi Term Plan

• Very high cover at a low cost because it is pure protection.
• Online-only pricing removes agent commission.
• Special rates for women.
• A high sum assured rebate that rewards larger cover.
• Flexible payment: Regular, Limited or Single.
• Option to receive the death benefit in instalments over 5, 10 or 15 years.
• Backing of LIC, India’s largest life insurer.

Limitations to Know

• No maturity benefit. If you survive the term, nothing is returned.
• No riders. You cannot add critical illness, accidental death or waiver of premium.
• Maximum entry age is 45, so it suits younger buyers.
• Online purchase only, with no branch or agent option.

Common Mistakes to Avoid

• Assuming 18% GST still applies. It does not for individual life cover since 22 September 2025.
• Choosing a term that ends too early. Cover should ideally last through your working years.
• Under-insuring. Use the Cover I Need planner instead of guessing.
• Hiding smoking status. A rejected claim later is far costlier than a higher premium now.
• Confusing Digi Term (876) with Yuva Term (875). Same plan, different channel.

Expert Tips

• Buy young. Premiums are locked at your entry age for the whole term.
• Aim for cover of 10 to 15 times your annual income, plus loans, minus existing savings.
• Compare Regular against Limited pay. Limited pay finishes sooner but each premium is higher.
• Keep the nominee details updated so claims settle faster.
• Get final quotes only on the official site, licindia.in.

LIC Digi Term vs LIC Yuva Term

Digi Term (Plan 876) and Yuva Term (Plan 875) are the same product in features and benefits. The only difference is how you buy them. Digi Term is online only and cheaper. Yuva Term is sold through agents and branches and costs slightly more due to distribution.

Frequently Asked Questions