LIC Premium & Maturity Calculator

The LIC premium & maturity calculator is a tool that gives you a near-accurate estimate of the premium charged for a policy. The amount will be calculated as per the policy features chosen by you. One can access this tool online from the comfort of their home and gauge the affordability of LIC’s life insurance policies. 

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What Does the LIC Premium Calculator Do?

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 pick the best plan for themselves based on their budget and other unique needs.

Factors Considered by the LIC Premium Calculator

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

  • Name of the plan

  • Applicant’s age

  • Sum Assured

  • Frequency of premium payment

  • Tenure of the Plan

  • Riders (if any)

To fill in the above details, you should go through the brochures of your desired policies. This is because 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 figure of the premium.

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

A Brief About Life Insurance Premiums

The life insurance premium is a one-time or recurring payment made by you towards your life insurance 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 –

  • In general, you will have the option to select the frequency of premium payment such as single premium, yearly, half-yearly, quarterly, or monthly.

  • Premiums vary depending on the plan that you choose along with the applicant’s credentials.

  • Generally, a healthier, younger individual will possibly be quoted a lesser premium than an individual who has attained the age of say 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 maturity calculator comes in handy as it lets you make all the calculations on your own. 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 requirement and suitability.

Sample LIC Premium Calculation using LIC Premium Calculator

There are several variables that play an important part in calculating the premium amount that you have to pay. A LIC calculator to calculate premium is therefore 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 inferences of this calculation are as under:

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

The premium figures are illustrated in four different types. Usually, yearly premiums are less costly in the long run as compared to monthly, quarterly, and half-yearly options.

LIC Maturity Calculator by Policy Number

LIC of India associates each of its plans with a unique policy number. This plan or policy number is an important identifier required to make any transactions/settlements related to the policy.

While using the LIC maturity calculator, you can pick a plan by the policy number to calculate the premiums and the maturity amount against the basic sum assured.

If you already have insurance coverage with LIC, you can simply log in to your LIC account and insert the policy number to get an instant idea of the applicable benefits.

FAQ's

  • Q: What are the factors that determine the premium rate of a life insurance policy?

    Ans: While purchasing the life insurance policy, the LIC calculator uses many factors to determine the premium rates of the policy such as the sum assured amount chosen by the insurance buyer, tenure, and age. Apart from these, many 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 many different modes through which the insured can pay the life insurance premium. There are generally two types of premium payment options offered by the policy -
    1. Single premium payment, where the insured can pay the entire premium of the policy in one go, and
    2. Regular premium payment, where the insured can pay the premium yearly, half-yearly, quarterly, and monthly installments.

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

    Ans: The insurance premium 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%-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 premium amount of the policy then they can forward an application to the concerned branch office or customer service center and ask to lower the premium rate of the policy.
    Alternatively, one can change their lifestyle habits to get a better premium deal. The healthier a person is, the less risky it is to insure him or her.
  • Q: Can I cancel my life insurance policy at any time?

    Ans: No, you cannot cancel the policy at any time. In case, you are not satisfied with the terms and conditions of the policy, you can cancel the policy within the free-look period of 15 days.
  • Q: How long do you have to pay life insurance premiums?

    Ans: For a traditional life insurance policy, the premium payment duration is equal to 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.
    1. 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.
    2. For LIC’s traditional endowment plans, GST is charged on 25% of the premium in the 1st year and on 12.5% of the premium payable in subsequent years.
  • Q: Can I claim tax exemption on the life insurance premium amount?

    Ans: Yes, 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.
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