LIC Child Plan Calculator

LIC Child Plan Calculator- An Overview

LIC Child Plan Calculator is a digital tool available on the official website of LIC of India. This tool helps you estimate the premiums and benefits of various child insurance policies offered by LIC, ensuring you choose a plan that aligns with your financial goals and your child’s future financial requirements. 

How to Use LIC Child Plan Calculator?

You can use the LIC Child Future Plan Maturity Calculator to estimate the premium and maturity amounts of any LIC Child Plan. Follow the steps given below to access the LIC calculator from the LIC website. You can also visit the Policybazaar Child Insurance Plan page to calculate the premium of your chosen LIC plans: 

1. Calculate from Policybazaar: 

   Step 1: Go to Policybazaar Child Insurance Plan Page.

   Step 2: Fill out the form by entering your name and mobile number. Click on ‘View Plans’ 

   Step 3: Enter your current city, age, and annual income. 

   Step 4: A List of plans will be displayed. Choose the plan that suits your needs. 

   Step 5: Check the premium.

2. Calculate from the LIC website 

   Step 1: Visit the official LIC of India website.

   Step 2: Scroll down to the section “How Much Do You Need” and click on “Calculate Premium.”

   Step 3: Provide the basic details of your child, such as name, DOB, gender, etc. Click on “Next” then “Quick Quote”.

   Step 4: The calculator will show the available plans under “Child Plans”. Check the box next to the policy you select and click on “Coverage”.

   Step 5: Provide the required information and click on “Quote”. 

   The calculator will detail the premium amount, payment modes, and other policy details, such as sum assured, premium payment term, and policy term, helping you make an informed choice. 

Benefits of Using the LIC Child Plan Calculator

Here is a list of benefits of LIC Child Money Back plan calculator: 

• Simplifies Planning: The calculator simplifies planning for your child’s future by providing instant estimates. You don’t need to read complex policy documents or manually compute figures.

• Quick and Efficient: Instead of waiting for an insurance agent or financial advisor to provide calculations, you get immediate results online. This efficiency saves time and allows you to make informed decisions faster.

• Provide Flexibility: You can customize the plan based on your child’s age, financial goals, and coverage amount. This flexibility ensures you can tailor the plan precisely to your needs.

• Informed Decision-Making: By understanding the premium and benefits in advance, you can better manage your finances and make informed decisions about your child’s future.

How Does the LIC Child Plan Premium Calculator Work?

Let us understand this with an example. Amit wants to buy an LIC Child Plan for his daughter. He uses an LIC girl child calculator to check the premium amount and benefits. Here is how the LIC Premium Calculator will work in this case:

• Enter Basic Details: Amit enters the child’s name, age and gender.

• Choose the Desired Coverage: He selects the LIC's New Children's Money Back Plan (Child Plan) and specifies the coverage amount that he foresees as suitable for his daughter in the future. 

• Calculate and Review: Once all the details are entered, the calculator processes the information and estimates the premium amount. It also shows the benefits, such as maturity benefits and any additional payouts.

• Plan Comparison: The LIC child plan premium calculator also allows comparison of different LIC child plans, their premium and sum assured amounts, helping Amit choose the best suited plan.

After using the LIC Children Money Back plan calculator, Amit can now make an informed choice about the best LIC child plan for his daughter. 

Premium Structure for Child Plans

The premium calculator displays the payable premium based on the inputs matching LIC child plans. The results are shown in the frequencies applicable in the LIC Child Plan Calculator Plan - yearly, half-yearly, quarterly, and monthly.

Let us consider a sample illustration for the LIC Child Future Plan Calculator Policy, which pertains to the LIC New Children’s Money Back Policy with a proposed Rs. 2 Lakh Sum Assured. The annual premium arrived by the premium calculator for the child’s different entry ages are:

• 0 years: Rs. 9411

• 5 years: Rs.12202

• 10 years: Rs. 15894

• 12 years: Rs.18250

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