LIC Premium & Maturity Calculator

The LIC premium & maturity calculator is an online tool designed to help individuals estimate the premium amount they need to pay for their LIC policy and the maturity value they can expect to receive at the end of the policy term.

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What is the LIC Premium Calculator?

The LIC Premium & Maturity Calculator, offered by the Life Insurance Corporation of India, is a helpful tool for anyone looking to buy a LIC policy. The LIC calculators provide several advantages and help the policyholder understand the impact of different parameters on premiums and payouts.

The LIC premium calculator allows users to calculate the premiums against their chosen policy based on some factors related to it. The tool offers monthly, quarterly, half-yearly, and yearly estimates of the premium amount to make it easier for the user to choose. Moreover, it displays the GST charges separately. The idea behind the LIC premium & maturity calculator is to allow users to select the best plan based on their budget and other insurance needs.

A Brief About LIC Premiums

The LIC premium is a one-time or recurring payment made by you towards your LIC plan. A life insurance plan remains active only if you pay premiums on time and according to the insurer's guidelines. Here are some other important pointers about life insurance premiums –

  • Generally, you can select the frequency of premium payment, such as single premium, yearly, half-yearly, quarterly, or monthly.

  • Premiums vary depending on your chosen plan and the applicant’s credentials.

  • Generally, a healthier, younger individual will be quoted a lesser premium than someone who has attained the age of 50.

  • In the same way, a non-smoker will receive a preferential premium rate while a smoker will be charged a higher amount.

The LIC premium and maturity calculator is handy as it lets you make all the calculations independently. Apart from providing estimated premium rates of the policy, the LIC calculator also saves time and helps you choose the best LIC policy as per one’s requirements and suitability. Let us explore more about the LIC calculator and understand its benefits:

Factors Considered by the LIC Premium Calculator

The LIC calculator includes the following fields that need to be filled by the user:

  • Policy Information: You need to enter details about the type of LIC policy you are interested in, such as whether it's an endowment plan, term plan, money-back policy, or any other specific plan.

  • Sum Assured: Provide the amount of coverage (sum assured) you want from the policy. It represents the guaranteed amount the insurance company will pay in case of the policyholder's demise during the policy term.

  • Policy Term: Enter the duration you intend to hold the policy (policy term). This is when you will pay premiums, and the policy remains active.

  • Premium Payment Mode: Select the premium payment mode, such as monthly, quarterly, half-yearly, or annual.

  • Age: Provide the policyholder's age, which can affect the premium amount.

  • Additional Riders (if applicable): Some policies offer optional riders or add-ons for extra coverage. You can specify any riders in the calculator if you wish to include any riders.

Before using the LIC Calculator, you need to go through the brochure of your chosen LIC Policy, as every LIC plan comes with certain eligibility conditions that need to be met before purchasing a plan.

It takes less than a minute to fill the whole form. Once you have entered all the prerequisite information and preferences, the tool will display a relevant premium figure.

The result displayed by the LIC calculator is an approximation as the insurance company may ask for more details regarding your background, which can affect the calculation of the premium.

What are the Benefits of the LIC Return Calculator?

LIC Return Calculator offers several benefits such as:

Benefits of the LIC Return Calculator Benefits of the LIC Return Calculator
  • Saves Time: One of the most significant benefits of using lic maturity and premium calculators is that they save time. Typically, calculating premiums or maturity amounts for life insurance policies can be time-consuming, especially if you have to do it manually. However, with a LIC calculator, you can get quick results in just a few clicks.

  • Accurate Results: These calculators use complex algorithms to calculate premiums and maturity amounts based on age, policy term, sum assured, etc. As a result, you can be sure that the results you get are accurate. 

  • Easy Comparison: The LIC calculator allows you to compare several LIC policies easily. You can enter various policy parameters into the calculator and get instant results about premiums and maturity amounts for each policy. This helps you make an informed decision.

  • Budget Planning: A significant benefit of using LIC Maturity and Premium Calculator is that they help with budget planning. By calculating premiums beforehand using the LIC calculator, individuals can plan their budgets better by knowing how much they need to set aside each month or year towards their life insurance policy.

  • Transparency: Using LIC Maturity and Premium Calculator also adds transparency to buying an LIC policy. It enables individuals to know exactly how much they will be paying as premiums and how much they can expect to receive upon maturity. This information ensures that there are no surprises later on and that individuals can make informed decisions about their financial investments.

How Does the LIC Calculator Work?

The LIC premium calculator serves as a valuable tool to assist individuals in gaining insights into various LIC insurance policies and their coverage terms. This LIC Calculator tool is crucial in helping people make informed decisions when choosing the most suitable policy.

Furthermore, the LIC return calculator provides essential information regarding taxes, total premium payments, coverage for accidental events, and potential medical risks that might be linked to the chosen policy. It also estimates the total bonus amount and the lump sum payout that policyholders can expect upon maturity.

The LIC premium calculator offers effortless comparisons between policies and enables individuals to make well-informed decisions.

Sample LIC Premium Calculation using LIC Premium Calculator

Several variables play an important part in calculating the premium amount that you have to pay. Therefore, a LIC calculator to calculate premiums is considered the best tool in this scenario. 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 New Endowment Plan.

Name of the Plan New Endowment Plan
Age of the Insured 38 years
Tenure/Term of the Plan 20 years
Sum Assured of the Plan INR 10 Lakhs
Accident Benefit/Rider Yes/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 offers visibility on the extra premium charged for riders as well.

The premium payable under the plan is:

Monthly Premium INR 4, 250/-
Quarterly Premium INR 12, 750/-
Half-yearly Premium INR 25, 235/-
Yearly Premium INR 49, 940/-

5 Tips to Reduce LIC Premiums

Tips to Reduce LIC Premiums Tips to Reduce LIC Premiums

Summing It Up

LIC Return Calculators offer several benefits that make them an essential tool for anyone buying a LIC policy. They save time, provide accurate results, allow easy comparison between policies, aid in budget planning, offer customization options, add transparency to the process, calculate premiums for multiple policies simultaneously and are user-friendly. Therefore, if you're considering buying a life insurance policy or already have one, it's highly recommended that you use these calculators to make informed financial decisions about your future investments. Whether you are a first-time buyer or have been investing in LIC policies for years, LIC Maturity and Premium Calculators can be incredibly useful.

FAQ's

  • 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
  • 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.
    The LIC calculator provides results based on your chosen mode of premium payment so you can make the best decision for yourself.
  • Q: How to calculate life insurance premiums?

    Ans: One can calculate life insurance premiums with the help of the LIC premium calculator. By entering the sum assured amount, age, income, and premium paying frequency in the LIC premium calculator, an individual can determine the premium amount of the policy.
  • Q: What happens if you stop paying life insurance premiums?

    Ans: It is crucial to pay the policy premium regularly to avail uninterrupted coverage. In case the insured fails to pay the premium within the due date, the insurer offers a grace period of 30 days during which the policyholder can clear all due premiums. If the policyholder stops paying the life insurance premium, then the policy coverage will cease, and the policy will lapse.
  • Q: Are insurance premiums paid monthly or annually?

    Ans: Insurance premiums can be paid annually as well as monthly.
  • Q: What is the current rate of insurance premium tax?

    Ans: The rate applicable to the current insurance premium of the policy has been increased from 6.5% to 8.5%.
  • Q: Can I lower my life insurance premium?

    Ans: Generally, life insurance policies do not offer an option to reduce the policy's premium. However, if the insured wants to change the policy's premium amount, they can forward an application to the concerned branch office or customer service center and ask to lower the policy's premium rate. Alternatively, one can change lifestyle habits for a better premium deal. The healthier a person is, the less risky it is to insure them.
  • 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.

*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

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