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LIC Calculator: Know Your LIC Premium & Maturity Instantly
The LIC Calculator is an online tool designed to help you easily estimate your LIC policy premium and maturity amount. If you are buying a new plan or reviewing an existing one, the LIC premium calculator and LIC maturity calculator allow you to plan better by offering accurate financial projections.
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High returns market link plans
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Enter details like age, sum assured, and policy term to check premium payments and maturity value instantly.
Let’s learn how the LIC policy calculator can simplify your insurance planning:
What is the LIC Calculator?
The LIC Calculator is a free online tool from the LIC of India. It helps policyholders estimate premiums and maturity payouts of various LIC policies, such as LIC term insurance plans and others.
With LIC calculator, policyholders can check the premiums for their LIC policy and customize the plan to fit their needs and budget. In addition to calculating the complete payout amount, it estimates monthly, quarterly, half-yearly, and yearly premiums, making it easy to choose the best option.
The LIC premium calculator is useful for all LIC policyholders as it helps them to make the right decisions about plan selection and understand the total amount required to pay or how much maturity benefit will be received from their life insurance policy.
You can also check the premium amount of term insurance plan using the term insurance calculator. And if you're planning for long-term wealth creation, choosing an SIP calculator can help you estimate potential returns on your investments through systematic investment plans (SIPs).
How to Use the LIC Calculator?
Before calculating any premium, always make sure you have your age, policy term, and the sum assured you want to opt for handy. With these details, you will be able to check your premium through the LIC premium calculator:
Step-by-Step Guide to Using the LIC Premium Calculator
The LIC Premium Calculator is easy to use and helps you estimate your life insurance premium quickly. This tool is perfect for anyone looking to understand their life insurance costs before deciding. Here are the steps to use it easily:
Step 1: Go to the official LIC website. Scroll down and find, “How much you need?”
Step 2: Under the header, you will find “Coverage Calculator” and “Premium Calculator”. Click on Calculate Premium.
Step 3: Provide all the information asked in the form and hit Next. You will get options to get a Quick Quote or Compare Quotes. Click on Quick Quote.
Step 4: Find your LIC policy, select it and hit “Coverage”.
Step 5: Enter details such as sum assured, premium payment mode, policy term, policy paymenr term. Hit “Quote”.
This will illustrate your total premium in monthly, quarterly, half-yearly, and yearly modes, including tax, and provide its bifurcation.
What are the Benefits of the LIC Policy Calculator?
Using the LIC plan calculator helps in estimating premiums and maturity benefits but also is beneficial in other ways, such as:
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Time-Saving:
Calculating LIC premiums or maturity amounts manually can be time-consuming. However, calculating using the LIC maturity calculator can save time and give quick results in just a few clicks.
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100% Accuracy and Transparency:
LIC Calculator gives accurate results for premiums and maturity amounts based on age, policy term, sum assured, etc. Using the LIC Plan Calculator also adds transparency. It lets individuals know exactly how much they will pay in premiums and how much they can expect to receive upon maturity.
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Easy to Use:
Policyholders can use the LIC calculator online and experience an easy-to-use method for calculating their LIC policy’s premiums and returns.
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Quick Comparison:
Using the LIC Policy Calculator, you can compare several LIC policies easily and choose the right LIC policy for you as per your needs and requirements.
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Budget Planning:
With LIC Premium Calculator, you can calculate the premiums beforehand and better plan your budgets by knowing how much you need to set aside each month or year for your LIC policy.
How Does the LIC Calculator Work?
The LIC Calculator is a useful online tool that helps individuals estimate their insurance premiums, maturity benefits, and bonuses before purchasing an LIC policy. It ensures the selected plan aligns with the policyholder's financial needs and budget.
Let's understand how the LIC calculator works with an example:
Amit, a 30-year-old professional earning ₹12 lakhs per annum, wants to secure his family's future by investing in an LIC policy. However, he is unsure about the premium he will have to pay for his desired coverage.
To get an estimate, Amit visits the LIC Calculator and follows these steps:
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Step 1: Enter Policy Information: With the option to use LIC maturity calculator by policy number, he selects the type of LIC policy he wants, such as an endowment plan or a money-back policy.
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Step 2: Choose the Sum Assured: Amit enters the amount he wants as a guaranteed payout, ensuring financial security for his loved ones.
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Step 3: Select the Policy Term: He decides how many years he wants to keep his LIC policy active.
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Step 4: Choose Premium Payment Mode: Amit selects his preferred payment frequency from monthly, quarterly, half-yearly, or annual options.
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Step 5: Provide Age/DOB Details: Since age is crucial in determining premium rates, he inputs his current age.
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Step 6: Add Optional Riders (if applicable): Amit explores add-ons like an accidental death benefit or a premium waiver benefitrider to enhance his policy benefits.
**Within seconds, the LIC Calculator provides an estimated premium amount based on Amit's inputs, helping him make an informed financial decision.
**Note: The estimate provided by the LIC Calculator is for reference only. The final premium amount may vary based on medical history, eligibility criteria, and LIC's underwriting assessment.
Sample Premium Calculation using LIC Premium Calculator
Here is an example of a life insurance premium calculation using the LIC premium and maturity calculator.
For this illustration, we have selected LIC’s Jeevan Umang plan.
| Name of the Plan | LIC Jeevan Umang |
| Age of the Insured | 30 years |
| Tenure/Term of the Plan | 70 years |
| Premium Paying Term | 30 years |
| Sum Assured of the Plan | INR 10 Lakhs |
| Accident Benefit Rider | Not Selected* |
*The Accident Benefit rider offers an additional cover in case of accidental deaths on the top of the base life insurance plan. The insurer charges an extra premium amount for such riders. The LIC premium calculator also offers visibility on the extra premium charged for riders.
The premium payable under the plan is:
| Monthly Premium | INR 2,817/- |
| Quarterly Premium | INR 8,451/- |
| Half-yearly Premium | INR 16,716/- |
| Yearly Premium | INR 33,057/- |
Sample Returns Calculation Using LIC Return Calculator
Let us take another example for the LIC returns calculator. For this illustration, we have selected the LIC Smart Pension plan.
| Name of the Plan | LIC Smart Pension |
| Age of the Insured | 30 years |
| Sum Assured of the Plan | INR 10 Lakhs |
| Annuity Option | Life Annuity |
the LIC Smart pension plan calculator, the Annuity (pension) amount under the plan will be:
| Monthly Annuity | INR 68,188/- |
| Quarterly Annuity | INR 33,412/- |
| Half-yearly Annuity | INR 16,535/- |
| Yearly Annuity | INR 5,455/- |
LIC Policy Calculators Available Online
Policyholders can explore various other LIC plan calculators tailored to specific policies. Here is a list of available LIC Policy calculators:
Sometimes, you will find an LIC insurance calculator named as per their features. Some of them are LIC 15 years plan calculator, LIC 1 lakh policy 15 years maturity calculator, LIC 10 year plan calculator, LIC money back policy 20 years maturity calculator, and LIC 10 lakh policy premium calculator online. In such cases, you should ensure you use the right calculator as per your official plan name. Using the right LIC policy calculator, you can estimate premiums, maturity benefits, and other essential details for the respective plans. Always review the policy brochure before making decisions.
Summing It Up
An LIC Calculator is a valuable tool for choosing an ideal LIC policy. It is recommended that you use an LIC policy maturity calculator when you want to know if the plan offers sufficient returns. On the other hand, if your primary concern is regarding the plan's affordability, you can use the LIC premium calculator to check the premium amounts. These user-friendly calculators save time, produce reliable results, simplify comparing policies, support budget planning, provide customization possibilities, increase process transparency, and calculate premiums for multiple policies simultaneously.
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FAQs
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Q: What factors determine the premium rate of a life insurance policy?
Ans: When purchasing a life insurance policy, the LIC calculator considers various factors to determine the premium rates, such as the chosen sum assured amount, tenure, and age. Other factors include:- Gender
- Weight and Height
- Dependents
- Medical History
- Marital Status
- Income
- Occupation
- International travel
- Debt
- Smoking and alcohol consumption
- High-risk hobbies
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Q: How often do you pay an insurance premium?
Ans: There are various modes through which the insured can pay the life insurance premium. There are generally two types of premium payment options offered by the policy:- Single premium payment, where the insured can pay the entire premium of the policy in one go, and
- Regular premium payment, where the insured can pay the premium yearly, half-yearly, quarterly, and monthly installments.
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Q: How to calculate LIC insurance premiums?
Ans: The LIC premium calculator can help calculate life insurance premiums. By entering the sum assured amount, age, income, and premium-paying frequency, an individual can determine the premium amount of the policy. -
Q: Are insurance premiums paid monthly or annually?
Ans: Insurance premiums can be paid annually as well as monthly. -
Q: How long do you have to pay life insurance premiums?
Ans: The premium payment duration of a traditional life insurance policy equals the policy tenure. However, the premium payment tenure of a plan varies from policy to policy. -
Q: How much tax do I pay on my life insurance premium?
Ans: For LIC term insurance plans where the entire premium is for the life cover, a GST of 18% will be charged on the total premium. In the case of LIC’s single premium annuity plans, a GST of 18% will be charged only on 10% of the premiums, not the whole amount. For LIC’s traditional endowment plans, GST is charged 25% of the premium in the 1st year and 12.5% of the premium payable in subsequent years. -
Q: Can I claim tax exemption on the life insurance premium amount?
Ans: You can claim tax exemption up to the maximum limit of Rs.1.5 lakhs under section 80C of the Income Tax Act 1961. -
Q: Do you have to pay taxes on the life insurance policy payout?
Ans: No, the payout offered by the life insurance policy is tax-exempt under section 10(10D) of the Income Tax Act. -
Q: How do I calculate the maturity amount of my LIC Policy?
Ans: You can use the LIC maturity calculator to calculate your LIC policy maturity amount. You have to input your policy details, including policy terms, sum assured, and premium payment frequency. The LIC maturity amount calculator will then provide you with an estimate of your maturity amount based on these inputs. -
Q: How to use LIC Premium Calculator from LIC’s official website?
Ans: Step 1: Visit LIC’s official website and locate the “Calculate Premium” section
Step 2: Enter required details such as name, DOB, age, gender, contact, etc.
Step 3: Choose your LIC plan
Step 4: Enter required details such as policy term, sum assured, policy term and premium paying term.
The calculator will generate a quote displaying premium amounts in monthly, quarterly, half-yearly and yearly modes. -
Q: Which LIC plans have calculators available on the official website?
Ans:- Bima Shree (Table 948)
- Jeevan Labh (Table 936)
- Jeevan Umang (Table 945)
- Jeevan Shiromani (Table 947)
- New Children’s Money Back (Table 932)
- Jeevan Tarun (Table 934)
- New Money Back 25 years (Table 921)
- New Money Back 20 years (Table 920)
- New Jeevan Shanti Pension Plan (Table-850)
- New Endowment (Table 914)
- Amulya Jeevan 2(Table 822)
- New Jeevan Anand (Table 915)
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Q: How to Calculate Tax on LIC Maturity Amount?
Ans: When you receive your LIC maturity amount, the insurance company deducts a 5% Tax Deducted at Source (TDS) on the income component of the payment. For example, if your maturity amount is ₹5,00,000 and the income portion is ₹1,00,000, the TDS will be ₹5,000 (5% of ₹1,00,000). The company will then release the remaining amount after the deduction. -
Q: How Much LIC is Tax-Free?
Ans: Under Section 80C of the Income Tax Act, you can claim a maximum tax deduction of ₹1,50,000 on your LIC premiums, which also includes other eligible investments like PPF or EPF. The total combined limit for deductions under Sections 80C, 80CCC, and 80CCD is ₹1.5 lakh per year. This means the amount you pay as LIC premiums, up to this limit, is eligible for tax exemption. -
Q: Where to Show LIC Maturity Amount in ITR?
Ans: If you are a salaried individual filing ITR-2 for FY 2022-23, you should report the LIC maturity amount under Schedule EI as "exempt income." For those running a business, the maturity income should be disclosed in ITR-3 or ITR-4, also under Schedule EI, as "exempt income."
Different types of Plans
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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