How To Calculate LIC Premium Without Tax

Life Insurance Corporation of India is one of the largest insurance companies in our country. LIC established itself over 100 years ago and since then, insurance and LIC go hand in hand. As one of the most trusted insurance providers, The Life Insurance Corporation of India (LIC) offers an extensive range of insurance products.

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The customer who buys the insurance plan needs to pay regular periodical premiums at an agreed sum assurance and policy tenure.

In this article, you will get to know how to calculate LIC premium without tax. But, before studying the LIC Premium calculator, we need to know what exactly premium is.

What Is Premium?

Premium means the amount paid by the insurance holder to the insurance company in periodical installments, in exchange the insurance holder will get policy coverage (maturity benefit). LIC Premium calculator will calculate the premium that the insurance holder pays to the company.

How Does LIC Insurance Scheme Work?

LIC specializes in serving different insurance plans to their customers depending on the need such as investment plans, saving plans, health plans, child plans, and many more. Each plan differs from person to person depending upon their needs. As the plan differs, so is the premium installment amount and policy coverage.

Once the insured buys the policy, they receive policy coverage or maturity benefits at the end of the policy term. Generally, the benefit includes

  • Basic sum assured +

  • accumulated simple bonus during policy tenure +

  • final additional bonus

As we know what is premium in insurance and how the LIC Scheme works, let us now look at the LIC premium calculator and how it works.

What Is LIC Premium Calculator?

LIC Premium Calculator is an online tool provided by the Life Insurance Corporation of India for its customers. It helps in calculating the premium of the plans offered by the company.

The LIC Premium Calculator lets you know the amount due to receive after the policy matures. This calculation beforehand helps the customer to choose their plan after analyzing the number of premiums to be paid throughout the tenure.

The LIC Calculator helps the customer to opt for a preferable LIC plan by checking premiums through the calculator.

How To Use LIC Premium Calculator?

LIC’s Premium Calculator is available on its official website. The following steps need to be followed to calculate the LIC premium.

  • Step 1: Visit www.licindia.in

  • Step 2: click on the Premium Calculator tab

  • Step 3: Enter the required basic details, that is,

    • Name

    • Date of birth

    • Age

    • Gender

    • Country code

    • Mobile number

    • Email id 

  • Step 4: Click on the quick quote button

  • Step 5: Choose your preferable plan from the mentioned plans on the page

  • Step 6: Then click on the coverage button

  • Step 7: Enter the coverage details, that is,

    • Base coverage option

    • Coverage info

    • Number of lives

    • Policy term

    • Sum assured

    • Premium paying term

    • Additional coverage, etc.

  • Step 8: Then click on a quote button

  • Step 9: The calculated premium will be displayed on the screen

  • Step 10: The Calculator shows the total premium including tax and it also shows tax and basic premium separately

Through the LIC Premium Calculator, the customer can calculate the total premium including the tax on any chosen plan, and it shows the basic premium and tax levied separately. With the help of a calculator, it is much easier for the customer to check how much tax is levied on any particular insurance plan that they have opted for.

How To Calculate LIC Premium Without Tax?

Before calculating LIC Premium without tax, it is important to calculate LIC Premium with the help of the LIC Premium calculator.

Based on this calculator, the customer can calculate the premium which excludes the tax i.e., basic premium. The basic premium that is displayed on calculating the whole premium is the premium, which does not include the tax.

How To Check The LIC Premium Without The Tax?

A customer can check their LIC premium without tax in the below-mentioned ways

  1. Premium Payment Receipt

    In the premium payment receipt, the basic premium without tax and the tax amount both are mentioned separately. Premium paid certificates are also available at the company’s web portal from which the premium amount without tax is mentioned. 

  2. Status Report

    On the status report of the insurance plan, the premium amount excluding the tax is mentioned. Customers can get the status report of the scheme through the policy number.

  3. Policy Bond

    The policy bond is provided to the customer by the company when he buys the insurance scheme. In the policy bond, the premium amount and the tax amount are mentioned separately where the customer can check the LIC premium amount without the tax.

  4. LIC Premium Calculator

    LIC Premium calculator gives the customer an approximate amount of premium that one needs to pay against a policy plan. The premium depends upon the frequency of the payment, your age, tenure of the policy, and sum assured.

Advantages Of LIC Premium Calculator

The advantages of using LIC Calculator are mentioned below:

  • Using the LIC Calculator is much easier and hassle-free rather than visiting the LIC branch

  • Unlike visiting the office, an online LIC calculator can be used at flexible hours at your convenience

  • Using online LIC Premium Calculator to buy a policy is definitely time-saving in comparison to enquiring about the policy manually

  • Chances of error reduce substantially

  • LIC Premium Calculator plays a major factor while buying a LIC policy

  • Comparison between 2 or more policies can be done easily and an informed decision can be taken

Conclusion

LIC Premium can be easily calculated with the help of the LIC Premium Calculator. By putting few details here and there, you can easily buy a policy best suited to you. Customers can calculate the premiums for different plans through the premium calculator, which helps them to choose the suitable insurance to buy.

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