When it comes to securing the financial future of your family, nothing beats the massive safety net provided by a pure term insurance policy. Recognizing the digital shift of modern Indian consumers, the Life Insurance Corporation of India (LIC) launched the LIC Digi Term Plan 876—a completely online, highly affordable, and robust pure term life insurance policy.
LIC's Digi Term Plan 876 Calculator
Plan No. 876 (UIN: 512N356V02) - Estimate Your Term Insurance Premium
Min: 18, Max: 45 years (Last Birthday)
Special rates may apply for women.
Smoker rates are generally higher.
Min: ₹50,00,000, Std Max: ₹5,00,00,000. Multiples auto-adjusted. Higher SA case-by-case.
GST: Premiums shown are inclusive of 18% GST (assumed rate for term plans). Base premiums are exclusive of GST. Actual GST is as per prevailing rates.
Note: Smoker premium is an estimate (Non-Smoker Premium + 25% loading, assumed). Actual rates may vary.
Note: Premium for policy terms other than 20 years is an estimate based on available sample data for 20-year term. Actual rates may vary.
Min. Premium Note: The calculated modal premium is below the plan's minimum requirement (₹3,000 for Reg/Ltd modes, ₹30,000 for Single). Policy parameters might need adjustment for actual policy issuance.
Premium Details
Death Benefit Details
"Sum Assured on Death" is defined as: For Regular/Limited Premium: Highest of (a) 7 times Annualised Premium, (b) 105% of Total Premiums Paid till death, (c) Absolute Amount Assured to be paid on death. For Single Premium: Higher of (a) 125% of Single Premium, (b) Absolute Amount Assured to be paid on death.
Plan Summary
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Key Features:
A Non-Participating, Non-Linked, Life, Individual, Pure Risk Premium Plan.
Available Online Only.
Flexibility to choose Level or Increasing Sum Assured.
Special rates for women.
Choice of Regular, Limited (10/15 yrs), or Single Premium payment.
Option for death benefit payment in instalments.
Attractive High Sum Assured Rebates.
Two premium rate categories: Non-Smoker and Smoker.
Eligibility Conditions:
Minimum Entry Age: 18 years (last birthday)
Maximum Entry Age: 45 years (last birthday)
Minimum Maturity Age: 33 years (last birthday)
Maximum Maturity Age: 75 years (last birthday)
Minimum Basic Sum Assured: ₹50,00,000
Maximum Basic Sum Assured: ₹5,00,00,000 (higher on case-to-case basis)
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Because this policy offers multiple variables—such as two distinct death benefit options, various premium payment terms, and special rates for non-smokers—manually calculating your premium is virtually impossible.
This is where the LIC Digi Term Plan 876 Calculator becomes your ultimate financial planning tool. In this comprehensive guide, we will break down exactly how this digital-first policy works, decode its inflation-beating features, and show you step-by-step how to use the calculator to lock in the best premium for your family’s protection.
What is the LIC Digi Term Plan 876?
The LIC Digi Term Plan (UIN: 512N350V01) is a Non-Linked, Non-Participating, Individual, Pure Risk Premium Life Insurance Plan.
Let’s simplify the financial jargon. A “Pure Risk” plan means that the entire premium you pay goes strictly towards covering your life risk. There is no maturity benefit, no surrender value, and no survival benefit. If the policyholder survives the 30 or 40-year policy term, they do not get their money back.
Why is this a good thing? Because there is no investment component attached, the premiums are incredibly cheap. It allows a regular 30-year-old earning a modest salary to easily afford a massive life cover of ₹1 Crore or ₹2 Crores to protect their family.
As the name “Digi” suggests, this plan is available exclusively online. You cannot buy it through an LIC agent or at a branch office. Buying directly from the website cuts out intermediary commissions, meaning the premium rates are significantly lower than LIC’s offline term plans.
LIC Digi Term Plan 876 Details: Quick Overview:
Before using the online lic plan calculator, it is crucial to understand the official eligibility criteria and limits of the policy. Here is a clear snapshot:
Policy Parameter
Detailed Specifications
Plan Name & Number
LIC Digi Term Plan 876
Availability
100% Online Only
Minimum Entry Age
18 Years (Completed)
Maximum Entry Age
65 Years (Last Birthday)
Maximum Maturity Age
80 Years
Policy Term (Tenure)
10 Years to 40 Years
Minimum Basic Sum Assured
₹50,00,000 (₹50 Lakhs)
Maximum Basic Sum Assured
No Upper Limit (Subject to underwriting and income)
Premium Payment Options
Regular Premium, Single Premium, Limited Premium
Why You Must Use the LIC Digi Term Plan 876 Calculator
Term insurance premiums are not a “one-size-fits-all” number. The cost of your policy depends on your specific biological and financial profile. Using the LIC Digi Term Plan 876 Calculator is absolutely essential before you apply, and here is why:
Instant, Error-Free Quotes: The calculator instantly processes complex mortality tables and gives you the exact premium amount, inclusive of the 18% GST applicable on term plans.
Comparing Benefit Options: The plan offers two different death benefit options (Level and Increasing). The calculator lets you instantly see the premium difference between the two.
Budget Alignment: By tweaking the Policy Term and Sum Assured, you can find the perfect “sweet spot” that gives you maximum coverage without straining your monthly budget.
Agent-Free Transparency: Since this is a DIY (Do-It-Yourself) online plan, the calculator ensures absolute transparency. What you see on the screen is exactly what you pay.
The Two Big Choices: Decoding the Death Benefit Options
When you open the LIC Digi Term Plan 876 Calculator, the very first choice you have to make is selecting your “Death Benefit Option.” This is a crucial decision that will impact your family decades from now.
Option I: Level Sum Assured
This is the traditional term insurance structure. The Sum Assured you choose today remains completely flat and unchanged throughout the policy term.
Example: If you choose a ₹1 Crore cover for 30 years, your family will receive exactly ₹1 Crore if you pass away in the 2nd year, the 15th year, or the 29th year. The premium remains fixed and is generally the cheapest option.
Option II: Increasing Sum Assured (The Inflation Beater)
Inflation silently kills the value of money. ₹1 Crore today will not have the same purchasing power 20 years from now. To counter this, LIC offers the Increasing Sum Assured option.
How it works: The Sum Assured remains flat for the first 5 years. From the 6th policy year onwards, the Sum Assured automatically increases by 10% every year until it reaches double (200%) of the original Basic Sum Assured (or until the 15th year, whichever is earlier).
Example: If you buy a ₹1 Crore cover, from the 6th year it becomes ₹1.10 Crore, 7th year ₹1.20 Crore, and by the 15th year, it locks in at ₹2 Crores.
Expert Tip: While Option II will show a slightly higher premium on the calculator, it is highly recommended for younger buyers in their 20s or 30s to beat future inflation.
Step-by-Step Guide: How to Use the Calculator Effectively
Using an online premium calculator for this plan is simple. Here is a step-by-step breakdown of the inputs required:
Step 1: Enter Your Age & Gender: Women have a higher life expectancy in India, so the calculator will automatically quote a lower premium for female applicants.
Step 2: Enter Smoking Status: This is critical. Smokers carry a significantly higher mortality risk. Non-smokers enjoy heavily discounted premium rates. (Note: Do not lie about your smoking status, as a medical test will detect cotinine levels, and lying can lead to claim rejection).
Step 3: Choose Death Benefit Option: Select Option I (Level) or Option II (Increasing).
Step 4: Input the Sum Assured: Enter your desired life cover. The minimum is ₹50 Lakhs. A good rule of thumb is to choose a cover that is 15 to 20 times your current annual income.
Step 5: Select Policy Term: How long do you want the cover? Ideally, you should be covered until your planned retirement age (e.g., if you are 30 and plan to retire at 60, choose a 30-year term).
Step 6: Choose Premium Payment Term (PPT):
Regular Pay: Pay premiums every year until the term ends.
Limited Pay: Pay premiums for a shorter period (e.g., 5, 10, or 15 years) but enjoy the cover for the full 30 or 40 years.
Single Pay: Make a one-time lump-sum payment.
Once you hit “Calculate,” the tool will instantly display the exact annual, half-yearly, or monthly premium required to fully secure your family.
Real-Life Case Study: Seeing the Math in Action
Let’s look at a practical scenario to understand the immense value of this policy.
Meet Aman (Age 30, Non-Smoker, Salaried IT Professional): Aman wants to ensure that if something happens to him, his wife and newborn child are financially secure, can clear the home loan, and fund the child’s future education.
He uses the LIC Digi Term Plan 876 Calculator with the following inputs:
Sum Assured: ₹1 Crore
Death Benefit: Option I (Level Sum Assured)
Policy Term: 30 Years (Coverage till age 60)
Payment Mode: Regular Premium (Yearly)
The Output: The calculator shows that Aman’s base premium is incredibly affordable—often around ₹8,000 to ₹10,000 per year (plus 18% GST).
For roughly ₹25 to ₹30 a day—less than the cost of a cup of tea—Aman has secured a guaranteed ₹1 Crore payout for his family. If tragedy strikes tomorrow, the financial shock will be completely absorbed by LIC.
Major Benefits of Choosing LIC Digi Term Plan 876
Why is this specific digital plan disrupting the Indian term insurance market? Here are the standout advantages:
1. The “LIC Trust” Factor
While private insurers might offer slightly cheaper term plans, term insurance is a promise that needs to be kept 30 or 40 years from now. LIC has the highest Claim Settlement Ratio and sovereign backing from the Government of India, ensuring that your family’s claim will not be rejected on technicalities.
2. Lower Premiums for Digital Buyers
Because you are doing the work yourself online—bypassing the agent network and branch offices—LIC passes those operational savings directly to you in the form of lower premium rates compared to their offline plans (like Jeevan Amar).
3. Special Rates for Women and Non-Smokers
LIC strongly rewards healthy living. If you are a strict non-smoker, your premium is drastically reduced. Furthermore, female policyholders receive special preferential rates, making it an excellent policy for working mothers.
4. Optional Accidental Rider
To make the policy a robust shield against all uncertainties, you can use the calculator to add the LIC Accident Benefit Rider. For a negligible extra cost, this rider ensures that if death occurs due to an accident, the family receives an additional lump sum over and above the ₹1 Crore base cover.
5. Income Tax Benefits
Tax Deduction: The premiums you pay for this policy are fully deductible from your taxable income under Section 80C of the Income Tax Act, up to ₹1.5 Lakhs per year.
Tax-Free Payout: In the unfortunate event of a death claim, the entire ₹1 Crore (or more) payout received by the nominee is 100% tax-free under Section 10(10D).
Important Exclusions: What You Must Know
To maintain absolute transparency, you must be aware of the standard exclusions under this policy:
Suicide Clause: If the policyholder commits suicide within 12 months from the date of risk commencement or revival, the massive death benefit will not be paid. LIC will only return 80% of the premiums paid (excluding taxes).
No Surrender Value for Regular Pay: Since it is a pure term plan, if you stop paying premiums under the “Regular Pay” option, the policy simply lapses, and you do not get any money back. (Limited Pay and Single Pay options have specific surrender rules).
FAQs
Q1: Can I buy LIC Digi Term Plan 876 through an LIC agent?
No. This policy is strictly an online-only product. You must use the online LIC Digi Term Plan 876 Calculator and complete the purchase directly on the official LIC India website. If you want to buy through an agent, you have to opt for the offline version, called LIC New Jeevan Amar Plan 955.
Q2: Is a medical test required to buy this policy?
Yes, almost always. Because the minimum Sum Assured is high (₹50 Lakhs and above), LIC will require you to undergo a tele-medical or physical medical examination (blood tests, ECG, Cotinine test for smokers) to assess your health risk accurately before issuing the policy.
Q3: Does the premium change every year?
No. Once your policy is issued, the base premium is “locked in” for the entire policy term. It will not increase as you get older. This is why buying term insurance at a young age is highly recommended.
Q4: Can an NRI (Non-Resident Indian) buy this online term plan?
This specific digital plan is primarily designed for resident Indians. NRIs have different underwriting rules and generally need to apply through specific NRI-focused channels or during their visit to India.
Q5: What happens if I survive the 40-year policy term?
Since the LIC Digi Term Plan 876 is a “Pure Risk” term insurance policy, there is no maturity benefit or survival payout. If you survive the term, the policy terminates, and no money is refunded. The premium you paid was the cost of the “risk cover” provided during those years.
Conclusion:
Life is fragile, and assuming that “nothing will happen to me” is a risk your family cannot afford to take. Term insurance is not an investment for your future; it is an absolute necessity to protect the present lifestyle of the people you love.
The LIC Digi Term Plan 876 combines the unmatched trust of India’s largest insurer with the convenience and affordability of the digital age. By offering inflation-beating options and flexible payment terms, it stands as one of the best protection plans in the market today.
Take 5 minutes today to use the LIC Digi Term Plan 876 Calculator. Check your premium, select a coverage amount that secures your family’s future, and buy the peace of mind that comes from knowing your loved ones will never have to struggle financially—no matter what happens.
Sanjay Verma is a financial content creator specializing in LIC policies, insurance planning, and calculator-based guides. He focuses on simplifying complex insurance concepts into practical, easy-to-understand content that helps readers make confident financial decisions. Through detailed research and structured analysis, Sanjay aims to provide clear, reliable, and user-focused information for smarter policy selection.
