LIC Premium & Maturity Calculator

Usually, the LIC  premium calculator includes the following fields where you have to provide all the information:

• Name of the plan

• Applicant’s age

• Sum Assured

• Frequency of the premiums

• Tenure of the Plan

• Riders (if any)

It takes less than a minute to fill the whole form, and once you have entered all the prerequisite information and preferences, the tool will display a rough figure of the premium. The result displayed by the LIC maturity calculator is an approximation as the insurance company may go for more details regarding your background, which can affect the calculations of the premium.

Life Insurance Premium

The life insurance premium is a one-time or recurring payment made by you towards your life insurance plan. A life insurance plan is valid only if you make payment of the premium on time and in accordance with the guidelines of the insurer. In general, you will have the option to select the frequency of payment of premiums such as single premium, yearly, half-yearly, quarterly, or monthly. A part of this premium is paid out as an assured sum when the policy’s benefits get triggered.

Any life insurance policy’s 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 50. In the same way, a non-smoker will receive a preferential premium rate while a smoker is probably quoted a higher amount. There are several variables, which play an important part in ascertaining the premium amount that you have to pay and make all the calculations on your own with the help of the LIC maturity calculator. This is where the LIC premium calculator comes to your rescue. Apart from providing estimated premium rates of the policy, the LIC calculator also saves time and helps to choose the best LIC policy as per one’s requirement and suitability.

Sample LIC Premium Calculation

LIC premium calculations are a bit complicated and cannot be done by potential customers on their own because of the numerous fundamental variables. A LIC calculator to calculate premium is the best tool for you in this scenario. Let us take an example of life Insurance premium calculations to illustrate the calculations of the premium.

The LIC maturity calculator has 4 to 5 fields depending upon the chosen plan. For this illustration, we have selected a New Endowment Plan, which has the maximum number of fields that include:

*The Accident Benefit rider offers an additional cover for the accidental death on the top of the base life insurance plan, by adding up a little amount of insurance premium on the base premium. Other insurance companies may or may not offer the option of adding riders.

The inferences of this calculation are as under:

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 associates each of its plans with a unique policy number. While using the LIC maturity calculator, you can pick a plan by the policy number to calculate the premiums and the maturity value against the basic sum assured chosen by you. This plan or policy number is an important identifier that is highlighted against each insurance product offering to make any transactions/settlements related to it easier and faster. The LIC premium and maturity calculator displays the policy number against the respective plans that you can also use to make the calculations. 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.

LIC Premium Calculator – FAQs