LIC Term Plan Calculator 2026

The LIC term insurance calculator from Policybazaar offers easy and quick estimation in just a few seconds and allows you to compare plans based on premiums online, removing the hassle of making a branch visit. Let us learn more about the LIC of India term plan calculator in detail:

What is the LIC Term Plan Calculator?

The LIC Term Plan Calculator is a free digital tool that estimates the approximate premium for a term insurance policy from the Life Insurance Corporation of India (LIC). You can easily find the LIC Calculator on the LIC of India website. The website actually has two calculators, one is the premium calculator and the other is the maturity calculator. You have to use the premium calculator for your term plan. You don’t have to worry about the cost because it is free to use any number of times.

How Does the LIC Term Plan Calculator Work?

Enter your details: Provide details such as your age, gender, income, smoking status, and desired coverage amount.

Choose policy term: You can choose the duration of your LIC term insurance policy, premium payment term, and premium payment frequency

Get an estimate: The LIC term plan premium calculator calculates the estimated premium for the plan you have selected based on your inputs.

Details Required to Use LIC Term Insurance Calculator

Following are the details you will have to provide for using the Life Insurance Corporation term plan premium calculator:

• Name

• Date of Birth (DOB)

• Gender

• Contact Details

• Smoker/non-smoker declaration

• Policy term

• Sum Assured Amount

• Sum Assured Option, if applicable

• Premium paying term

Once you enter all the details, click on 'Quick Quote'. The LIC term plan premium calculator will display the yearly, half-yearly, quarterly, and monthly premiums.

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What are the Benefits of Using the LIC Term Plan Calculator?

Let's take a look at some of the advantages of the LIC term insurance calculator 2026.

• Free of Cost: LIC does not charge any fees for people using their calculators. They are actually meant for public use and can be used as many times as desired.

• Hassle-free: Manual calculations of term insurance premium can be complicated because health and lifestyle are core factors. LIC term insurance premium calculator saves you this hassle by calculating based on each and every factor there is.

• Convenient: You can even calculate the premiums for the different plans offered by LIC of India term insurance plans on the very same platform.

• Time Efficient: The LIC term plan calculator saves you time and effort by eliminating manual calculations.

• 24x7 Availability: The LIC term insurance calculator is available online and can be accessed at any time 24x7, from the comfort of your home.

Why Do We Need the LIC Term Insurance Calculator?

Calculating the premium for your life insurance plan is not simple maths, in fact it can be tricky because it is not just about numbers but also about the lifestyle of the policyholder. The premium can vary based on your health status and whether you smoke or not. Therefore, calculation can be difficult to comprehend and doing it manually is surely not everybody’s cup of tea. Thus, the need to use the LIC term insurance calculator. Following are some other reason to choose an LIC calculator over manual calculations.

• Select the Right Life Cover: The LIC term insurance calculator helps determine the sum an individual will need to secure the family's financial future.

• Accurate Results: The calculation done by the LIC term insurance premium calculator ensures that the computed premium is clear and provides a relevant picture of the actual cost.

• Compare and Buy: Use the calculator multiple times with different sum assured value and policy term and payment mode. Check the premium for as many scenarios as you can think of, to come up with the best. You can also check premium value of different LIC term insurance plans to compare and choose.

• Helps with Financial Planning and Budgeting: By using the LIC Term Plan calculator, one can figure out how much premium (monthly, quarterly, half, yearly, or yearly) they would have to pay, thus making it easier to allocate and budget as per one's income.

• Plan Customization: With the help of LIC term insurance calculator, you can modify the plan features like policy term, sum assured, etc. very conveniently so that the premiums do not become a burden you cannot meet.

Sample Illustration Using Term Plan Calculator LIC

Let us understand how the LIC term plan calculator works and what results it generates based on these considerations:

The inputs in the LIC Term Plan Calculator for the LIC New Tech Term Plan are:

The annualized premium payable for the above parameters of the LIC New Tech Term plan is in the Level Sum Assured option:

The annualized premium payable for the same policy details if the chosen option is the Increasing Sum Assured:

The LIC New Tech term premium calculator works like a standard LIC calculator. It illustrates detailed premium estimates for various payment options giving you the chance to choose the one that best incorporates into your budget.

What is LIC Term Insurance Plan 1 Crore Premium Calculator?

Policyholders of the 1 Crore Term Insurance plan shall use the LIC term insurance plan 1 crore premium calculator to estimate the value of the premiums they’re going to pay towards their policy. It works similarly as any other LIC term insurance calculator. The only difference is that the sum assured is fixed as ₹1 Crore. The rest of the procedure of calculation remains the same. So, basically this LIC calculator works for a term insurance policy having a sum assured of ₹1 Crore to compute the value of premium payable by considering each and every relevant factor.

Factors Affecting the LIC Term Insurance Premium Rates

The premium rates of a term insurance policy are determined based on various factors. Some of these factors are:

• Age: LIC term plan premium rates increase with age due to increased risk to life.

• Coverage Amount: The LIC term plan premiums are higher for a higher sum assured.

• Lifestyle Choice: LIC offers lower premium rates for non-smokers as it decreases their chances of lung cancer.

• Gender: LIC offers lower premium rates for female customers as they have a longer life expectancy.

• Premium Payment Mode: Different premium payment modes will have different premiums. For example, annual premium payment modes will have a higher premium amount than monthly premium modes.

• Occupation Risk: Higher premiums will be charged for workers in high life risk occupations than for those in low risk occupations.

• Health Conditions: If an individual has a pre-existing illness or medical condition, he or she may be required to pay more premium because they may be at a higher risk to life.

Is the LIC Calculator Accurate?

It is crucial to understand that the premium calculated for an LIC term insurance policy does not involve simple maths of digits. It includes more complex factors to determine the life risk of the policyholder. One such important factor is whether the person smokes or not. Similarly, any current illness or medical condition is also taken into consideration by LIC when determining the premium value.

When you ask if the LIC Calculator is accurate or not, the answer is not a simple yes or no. The calculator considers these factors along with all the numbered factors like age, sum assured and policy term. It gives you an approximate estimation as a result which may or may not be exactly the same as the original. However, it is the closest approximation.

How to Use LIC Term Insurance Premium Calculator?

Using the LIC Calculator for estimating premiums and benefits payable can be done in a few easy steps. The calculator is available at LIC’s official website. Although there is no plan specific calculator available, you get an option to choose your desired plan and then proceed with the calculation. Here are the steps to follow:

Step 1: Go to the official LIC website and scroll down to “How Much Do You Need?” section.

Step 2: Click on Calculate Premium and continue to the external link of LIC Digital.

Step 3: Insert name, age, gender, etc. Click “Next” and then Click “Quick Quote”.

Step 4: Select your desired LIC term plan and click on “Coverage”

Step 5: Provide the plan-specific details such as Sum Assured option, amount, policy term, premium payment term, etc. Also declare if you are a Smoker or a Non-smoker. Click on “Quote”

The LIC term plan calculator will compute the premium amounts based on the details you provide. You can also get a detailed illustration of this calculation from the same menu along with the benefits payable.

Summing Up

LIC of India term insurance premium calculator is a very useful tool for an individual who wants to buy a term policy. It is very simple to use, you will get an instant premium estimate, and you will be able to compare different term insurance plans. In this way, customers are not only getting benefits but they are also able to make a decision which plan will be more suitable and affordable for them. For instance, if you are buying an LIC term insurance plan through this tool, you will be able to find the best one for your needs and budget.

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