LIC 1 Crore Policy Premium Calculator

LIC has introduced 1 Crore Term Insurance, which allows the customers to lead a stress-free life and gives their family financial coverage during the absence of the earning member. The LIC 1 Crore Policy protects the policyholders' families from the immense financial burden left by the inevitable death of the policyholder. The LIC 1 Crore policy is a pure protection plan that will help during a survival or unfortunate circumstances.

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The Life Insurance Corporation of India (LIC) has been serving efficient services to its customers for a long time. The wide range of policies makes it complicated for the customers to choose a plan that will fit perfectly to their demands and be affordable. The plans require a certain amount of premium charges in order to provide the assured financial coverage. The premium charges are dependent on various factors, and evaluating premium charges manually can be tedious work. 

LIC 1 Crore Policy Premium

Policyholders of LIC 1 Crore Policy have to pay premium charges through one-time or periodic modes of payment to continue with the financial coverage provided by the plan. The plan will be in force and will continue to provide financial coverage if the policyholders pay their premium charges within the given time, which includes a grace period. The policyholder should make the payment according to the company's guidelines. For recurrent premium payments, the policyholders will have the options to choose from – yearly, half-yearly, quarterly, or monthly mode of payment. During the time of paying benefit amounts, the insurer will pay a part of the paid premium charges and, applicable, final bonuses (if any).

LIC 1 Crore Policy premium charges vary according to the plan a customer chooses and the customer's credentials, which can affect the premium charges. For instance, a younger and non-smoker customer will get lesser premium quotes than customers in their 50s and smoking habits. Therefore personal details also affect the premium charges accordingly. Several different variables are also responsible for calculating the premium charges that the LIC Calculator usually asks to provide the customers with the reasonably approximate premium amount. 

What is LIC 1 Crore Policy Premium Calculator?

The LIC 1 Crore Policy Premium Calculator is the time when it comes in handy to the customers checking the affordability of the plan. The LIC 1 Crore Policy calculator provides the estimated premium rates and helps the customer plan and check the policy details to compare the plan benefits and sum assured with their financial demands.

LIC 1 Crore Policy Premium Calculator is a tool that makes the premium calculation easier for the customers and asks for some essential credentials to calculate, such as premium payment period, age, smoking habits, policy tenure, etc. This LIC 1 Crore Policy Premium Calculator is accessible to the customers in online mode for their convenience. Usually, the premium calculator includes the following details that the customers have to provide for further evaluation:

  • Risk Cover Type: This policy usually includes Level Sum Assured and Increased Sum Assured as two risk coverage options.
  • Premium Type: This policy gives the customers the options of the type of premiums, including single, regular, and limited.
  • Age: The age of the applicant is a mandatory field in the calculator.
  • Gender of the Applicant
  • Policy Term: The policy tenure includes a minimum term of 10 years and a maximum term of 40 years but can change according to the plans.
  • Sum Assured: The sum assured in the policy.
  • Riders (if any)
  • Smoking Habits (if any)

On filling the required credentials, the LIC 1 Crore Policy Premium Calculator will provide the customers with the estimated premium charges according to the details provided by the customers. The calculated charges can get affected when the insurer will go further in the background check of the applicants, and some personal variables can affect the premium amount charges accordingly.

How to use LIC 1 Crore Policy Premium Calculator?

The LIC 1 Crore Policy Premium Calculator is easy to use, and customers can use them by filling in some required credentials. The premium charges will depend on the data the customers give to the calculator. Following are the helpful steps that the customers can stick to for using the calculator:

Step 1: Visit the official website of the LIC premium calculator. (https://www.licpremiumcalculator.in/)

Step 2: Choose the 1 Crore Policy.

Step 3: Fill in the required details like risk cover type, premium type, age, gender, tenure of the policy, sum assured, additional rider benefits, and smoking habits if applicable to the customer.

Step 4: Click “Calculate”.

Step 5: The calculator will now show the premium charges, GST charges, and total premium charges separately.

Step 6: The calculator will also provide the death and maturity benefits according to the plan chosen.

Benefits of LIC 1 Crore Policy Premium Calculator

The use of the LIC 1 Crore Policy Premium Calculator enables policy seekers to get an inclusive insight into the policy details and its benefits. The use of the calculator can also check reliability and credibility. Before investing in a specific plan, every individual wants to check the plan's affordability and credibility and the LIC 1 Crore Policy Premium Calculator is a great way to do that. Some benefits which the applicants get on using the LIC 1 Crore Policy Premium Calculator are:

  • Hassle-free: The calculator allows the customers to get an overall idea about the premium charges within a minute by simply filling in some credentials related to the policy.
  • Error-free: Evaluating premium charges manually can be a tedious task and can have the possibility of errors. Since the calculator is a computer-operated tool, the possible mistake diminishes to negligible and provides the customers with the estimated amount.
  • Efficient Results: The calculator provides the customers with the estimated charges based on the details provided by the customers. The original charges will remain close to the calculation until the customers fail to give authentic details.
  • Effortless Analysis: The analysis of premium charges becomes more accessible as the calculator shows basic charges and tax charges separately.
  • Review and Comparison: The calculator allows the customers to contrast and compare other LIC policies to the LIC 1 crore policies. This extends the knowledge domain for the customers, which is essential in investing in the right kind of policy.
  • Affordability Check: With the help of the calculator, the customers can check whether the desired policy is affordable or not. The charges checking for affordability becomes effortless with the introduction of such a user-friendly tool.

LIC Policies with High Sum Assured of Rs 1 Crore

LIC 1 Crore Policies protect the financial needs and goals of the families during unfortunate circumstances. Insurance has been a necessity during these fluid times of modern existence, and every individual wants their close ones protected during their absence.

These LIC 1 Crore policies fulfill the needs of its customers and also provide benefits like death benefits. If an individual wants, they can also avail themselves of additional benefits accessible under the policies. Additional rider benefit is an advantageous feature of these policies and comes under additional benefits. There are critical illness cover, terminal illness cover, and installment payments along with rider benefits under these policies.

Wrapping it up

LIC gives the customers investing in the policies, which has a high sum assured for a better and secured future. The customers can choose the plans accordingly under these policies, and a calculator is a helpful tool for them in determining the purchase of the desired plan. The customers looking for protection can look at the LIC 1 Crore policies and check the affordability by using the LIC 1 Crore Policy Premium Calculator.

Disclaimer: Policybazaar does not endorse, rate, or recommend any insurer or insurance product offered by an insurer.

*The investment risk in the investment portfolio is borne by the policyholder.

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.

Written By: PolicyBazaar - Updated: 27 August 2021
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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