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.Read more
The LIC Return Calculator, offered by the Life Insurance Corporation of India, is a helpful tool for anyone looking to buy a LIC policy. These calculators offer 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 pick the best plan for themselves based on their budget and other insurance needs.
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 –
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 premium and 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. Let us explore more about the calculator and understand its benefits:
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 the period during which you will pay premiums, and the policy remains active.
Premium Payment Mode: Select the mode of premium payment, such as monthly, quarterly, half-yearly, or annual.
Age: Provide the age of the policyholder, as it can affect the premium amount.
Additional Riders (if applicable): Some policies offer optional riders or add-ons for extra coverage. If you wish to include any riders, you can specify them in the calculator.
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 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.
LIC Return Calculator offers several benefits such as:
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 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 several parameters such as age, policy term, sum assured, etc. As a result, you can be sure that the results you get are accurate.
Easy Comparison: Using LIC return calculator allows you to compare several LIC policies easily. You can enter various parameters for different policies into the calculator and get instant results about premiums and maturity amounts for each policy. This helps you in making 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 this online tool, 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.
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 tool plays a crucial role in helping people make informed decisions when choosing the most suitable policy.
Furthermore, the 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 offers an estimate of 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.
Several variables play an important part in calculating the premium amount that you have to pay. A LIC calculator to calculate premiums 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 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/-|
LIC Return Calculators offer several benefits that make them an essential tool for anyone looking to buy 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.
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*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
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