How To Calculate LIC Premium Without Tax?

Calculating LIC Premiums without tax helps individuals to get an estimate of the premium payable. Not only does it help individuals maximize their savings, but it also allows them better to understand the actual cost of their LIC Policy.

Read more

How To Calculate LIC Premium Without Tax?

Calculating LIC Premiums without tax helps individuals to get an estimate of the premium payable. Not only does it help individuals maximize their savings, but it also allows them better to understand the actual cost of their LIC Policy.

Read more
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LIC Premium Calculation Without Tax

Before calculating LIC Premium without tax, it is important to calculate LIC Premium with the help of the LIC Premium calculator. The LIC Premium Calculator is an online tool that lets you know the amount due to receive after the policy matures. This calculation beforehand helps the customer choose their plan after analyzing the number of premiums paid throughout the tenure.

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

The LIC Calculator helps customers opt for a preferable LIC policy by checking premiums through the calculator. 

Below are the steps for checking premiums with the help of the LIC Calculator.

Step 1: Visit the official website of the LIC

Step 2: Click on the Premium Calculator tab and enter the required basic details, that is,

  • Name

  • Date of birth

  • Age

  • Gender

  • Country code

  • Mobile number

  • Email id 

Step 3: Click on the quick quote button and choose your preferred plan from the mentioned plans on the page

Step 4: Next, click on the coverage button and 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 5: Once done, click on a quote button, and the calculated premium will be displayed on the screen

Step 6: The Calculator shows the total premium, including tax, and it also indicates 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 they have opted for.

Methods of Checking LIC Premiums Without Tax

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

  • Premium Payment Receipt
    The premium payment receipt mentions the basic premium without tax and the tax amount separately. Premium-paid certificates are also available at the company’s web portal, from which the premium amount without tax is mentioned. 

  • 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.

  • 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.

Benefits of Calculating LIC Premiums Tax

While calculating LIC premiums, considering the costs without taxes can offer several advantages. Here are some benefits of calculating LIC premiums without taxes:

  • Transparent Cost Assessment:

    Excluding taxes from your LIC premium calculations provides a clearer and more transparent view of the actual cost of your life insurance policy. This transparency helps policyholders better understand how much of their premium goes towards the coverage.

  • Accurate Budgeting:

    By separating the tax component, you can more accurately budget your life insurance expenses. This allows you to plan your finances precisely, ensuring that you allocate the necessary funds for your premium payments without any surprises related to tax implications.

  • Focused Financial Planning:

    Understanding the pre-tax premium allows you to focus on the core financial planning aspects, such as the sum assured, policy term, and additional riders. This approach ensures you prioritize your insurance needs and customize your policy according to your financial goals.

  • Enhanced Financial Security:

    Accurate calculations without taxes contribute to a more comprehensive financial security plan. It enables policyholders to tailor their life insurance coverage to meet specific needs, ensuring that the primary focus is on securing the financial well-being of loved ones.

Wrapping It Up:

Calculating your LIC premium without taxes allows you to understand the real cost of your life insurance policy. While online calculators provide valid estimates for precise calculations and advice, consulting LIC's official tools or an LIC agent is recommended. By maximizing your savings through tax-conscious decisions, you can ensure financial security for yourself and your loved ones. Make informed choices based on your unique circumstances and requirements, leading to a more financially secure future.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark

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