LIC Group Term Ease Plan Calculator
Non-Par, Non-Linked, Life, Group, Pure Risk Plan
UIN: To be assigned by IRDAI | Registration No: 512
📋 Plan Information
Plan Name: LIC's Group Term Ease Plan
Plan Type: Pure Risk Coverage - Group Term Insurance
Launch Date: February 16, 2026
Status: Active (No Withdrawal Date)
Target Market: Domestic (India) Only
Purpose: Low-cost life cover for group members with high sum assured at attractive rates
📊 Premium Calculation Results
Annual Premium (Excluding GST)
Total Annual Premium (Including GST)
• This is an indicative calculation. Actual premiums depend on group underwriting and medical examination results.
• Premium rates are subject to approval and may vary based on group risk profile.
• For employer-employee groups: No waiting period applies.
• For non employer-employee groups: 45 days waiting period applies.
• Suicide exclusion: Within 12 months, only 80% of premium paid is payable (Not applicable for compulsory employer-employee groups).
• Please contact your nearest LIC branch or authorized agent for exact premium quotation.
LIC Registration No: 512 | Website: www.licindia.in
LIC’s Group Term Ease Plan is a fresh group life insurance option launched recently, designed for employers and associations to offer affordable term coverage to their members. A dedicated calculator helps estimate premiums quickly, making it easier for businesses to plan group benefits.
Introduction to LIC Group Term Ease Plan
Life Insurance Corporation of India (LIC) rolled out the Group Term Ease Plan on February 16, 2026, as a non-participating, non-linked pure risk product aimed at the domestic market.
This plan provides straightforward term life coverage for groups like employees or society members, focusing on death benefits without any savings or maturity payouts. It’s part of LIC’s push to make group insurance simpler and cheaper for everyday organizations.
Unlike individual term plans, this one leverages group buying power for lower rates per member. No withdrawal date has been announced yet, as it’s a brand-new offering still gaining traction among employers. For official details, check LIC’s group schemes page at licindia.in/group-schemes.
Key Features of the Plan
The plan stands out for its ease of use and flexibility. Premiums depend on group size, age bands, and risk profile, with options for annual renewal. It offers a high sum assured at low costs, ideal for bulk coverage.
Here’s a quick look at standout features:
- Pure term cover with lump-sum death benefit.
- The employer or master policyholder pays premiums.
- Annually renewable, with reviewable rates.
- No medical tests for most groups, speeding up enrollment.
This setup helps companies provide financial security without complex underwriting.
Benefits for Groups and Members
For employers, it boosts employee welfare at minimal cost; think high coverage like Rs. 10 lakhs per head for pennies daily. Members get peace of mind knowing their family receives a payout if the worst happens.
Death benefit is the full sum assured paid to nominees. No survival or maturity benefits keep premiums rock-bottom. Tax perks apply under Section 80C for premiums and Section 10(10D) for claims, subject to conditions. Groups save via negotiated rates based on scale; the larger the group, the lower the per-person premium.
Eligibility Criteria
Groups must meet basic thresholds to qualify. Minimum size is typically 25 for employer-employee setups or 50 for others, mirroring similar LIC group term plans.
| Criteria | Employer-Employee Group | Non-Employer Group |
|---|---|---|
| Minimum Group Size | 25 members | 50 members |
| Entry Age | 18 years | 18 years |
| Maximum Entry Age | 60-65 years (varies) | 60-65 years |
| Sum Assured per Member | Rs. 5,000 minimum | Rs. 5,000 minimum |
These align with LIC’s standard group term structures; exacts for the Ease Plan, they may tweak slightly post-launch. Domestic market only; no international applicability.
How the LIC Group Term Ease Plan Calculator Works
The calculator is your go-to tool for instant premium quotes. Enter group details like size, average age, sum assured, and term (usually 1 year renewable), and it spits out costs.
Steps are simple:
- Visit LIC’s premium calculator or third-party tools modeled on it.
- Input group size and profile (e.g., 50 employees, age 30-40).
- Select sum assured (e.g., Rs. 5 lakhs each).
- Choose a payment mode (yearly, half-yearly).
- Hit calculate for total and per-member premiums.
It factors in age, gender, and smoker status where applicable, but groups get bulk discounts. No plan-specific online calculator exists yet on the LIC site, but general tools work well for estimates.
Why Use a Calculator Before Buying
Guessing premiums leads to surprises; a calculator avoids that. For a 50-member group averaging 35 years old with Rs. 10 lakhs cover, expect premiums under Rs. 500-800 per member yearly, but verify with the tool.
It helps compare with rivals and budget accurately. Plus, it shows how scaling up group size drops rates, encouraging full enrollment.
Sample Premium Calculations
Premiums vary by risk, but here’s a table based on typical LIC group term rates (per Rs. 1,000 sum assured annually, illustrative for Ease Plan style).
| Age Band | Male Non-Smoker (Rs.) | Female Non-Smoker (Rs.) | Group Discount (50+ members) |
|---|---|---|---|
| 25-35 | 1.20-1.50 | 1.00-1.30 | 10-20% off |
| 36-45 | 2.00-2.50 | 1.70-2.20 | 10-20% off |
| 46-55 | 4.00-5.50 | 3.50-4.80 | 10-20% off |
For 100 members at Rs. 5 lakhs each (age 35 avg.), the total premium might hover at Rs. 6-8 lakhs yearly post-discount. Use official quotes for precision.
Step-by-Step Guide to Using the Calculator
Start at LIC’s premium estimator or sites like Policybazaar. Fill in the age range, not individuals—averages suffice for groups.
Adjust for smokers (adds 20-50%) or high-risk jobs. Output shows modes: monthly suits cash flow. Save PDF illustrations for records.
Pro tip: Run scenarios like adding 20 members to see savings.
Factors Affecting Premiums
Age tops the list; older groups pay more due to risk. Group size inversely impacts rates; bigger = cheaper. Sum assured scales linearly.
Other influencers: occupation (hazardous ups premium), renewal history, and payment mode (monthly adds 5-8%). Women and non-smokers get breaks.​
Comparison with Other LIC Group Plans
Ease Plan edges out older ones like New One Year Renewable Group Term (UIN 512N275V04) with simpler “ease” branding and potentially sharper rates post-2026 launch.
| Plan | Launch Date | Min Group Size | Key Edge |
|---|---|---|---|
| Group Term Ease | Feb 2026 | 25-50 | Affordable pure term |
| OYRGTA Plan I | Pre-2026 | 25 | Similar, but older rates |
| Group Super Annunity | Older | 10 | Savings focus, not pure term |
Ease shines for pure protection seekers.
Launch Details and Availability
Announced via BSE/NSE filings, it hit the market February 16, 2026—no withdrawal signals. Contact LIC branches or agents for master policy setup. UIN pending public brochure, likely 512Nxxx format.
Integrating Calculator into Your Website or App
As a web developer, embed via LIC API if available, or build custom using formulas: Premium = (Sum Assured / 1000) * Rate * (1 – Discount). JavaScript handles inputs and output tables like the one above. Optimize for mobile, and add SEO keywords naturally.
Test with real data for accuracy your liccalculator.info could host one!
Common Mistakes to Avoid
Don’t overlook group profiling; mixing ages skews quotes. Ignore discounts at peril; negotiate for 100+ members. Always get written proposals, not verbal ones.
Skipping the calculator means over/under-insuring. Verify smoker declarations to dodge claim issues.
Tax Benefits and Claims Process
Premiums qualify for employer deductions; claims are tax-free under 10(10D). Claims need death certificate and ID proofs settled fast via group setup, often a 98% ratio.
Frequently Asked Questions
When was LIC Group Term Ease Plan launched?
It launched on February 16, 2026.
Is there a minimum group size?
Yes, 25 for employees, 50 for others.
Does it require medical checks?
Usually no for groups, but high risk may.
How to calculate premiums accurately?
Use the online calculator with group averages.
Any maturity benefit?
No, a pure term plan.
Can small businesses join?
Yes, if meeting size is minimum; rates are competitive.
What’s the payment frequency?
Yearly, half, quarterly, monthly.
Conclusion
The LIC Group Term Ease Plan calculator makes securing group term cover effortless and budget-friendly. Launched in 2026, it equips employers to protect teams affordably. Run your numbers today for real insights. Pair with expert advice for the best fit.