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.Read more
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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.
The LIC calculator includes the following fields that need to be filled by the user:
Name of the plan
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.
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.
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|
*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 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.
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