Instrumentation and control (I&C) cables are one of the most important components in nuclear power plants (NPPs) because they provide power to safety-related equipment and also to transmit signals to and from various controllers to perform safety operations. I&C cables in NPP are subjected to a variety of aging and degradation stressors that can produce immediate degradation or aging-related mechanisms causing the degradation of cable components over time. Although, there exits several life estimation techniques, currently there is no any standard methodology or an approach toward estimating the time dependent reliability of I&C cables that can be directly used in probabilistic safety assessment (PSA) applications. Hence, the objective of this study is to develop an approach to estimate and confirm the continued acceptable margin in cable insulation life over time subjected to aging. This paper presents a framework based on the structural reliability theory to quantify the life time of I&C cable subjecting to thermal aging. Since cross-linked polyethylene (XLPE) cables are extensively being used in Indian NPPs, the remaining life time evaluations have been carried out for a typical XLPE cable. However, the methodology can be extended to other cables such as polyvinyl chloride (PVC), ethylene propylene rubber (EPR), etc.