LIC Amritbaal Premium Calculator

LIC Amritbaal Premium and Maturity Calculator is an online tool that allows policyholders to calculate the premiums of their LIC Amritbaal policy and helps them get an estimate of the maturity benefit they will receive at the time of maturity.

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LIC Amritbaal Premium Calculator- An Overview

LIC Amritbaal Calculator is an online tool offered by the LIC of India that helps policyholders get an estimate of the premiums they need to pay for their LIC Amritbaal policy. Not just this, the calculator also allows policyholders to calculate the maturity amount, which can help policyholders plan their future finances better.

Benefits of Using LIC Amritbaal Calculator

Below mentioned are some of the benefits one can avail of by using the LIC Amritbaal Premium & Maturity calculator:

  • Time-Saving: Calculating premiums or maturity amounts of LIC Policy can be time-consuming, especially if you have to do it manually. However, with a LIC calculator, you can get quick results in just a few clicks, saving you time and energy.

  • Budget Planning: Using the LIC Amritbaal calculator helps you with budget planning. By calculating premiums beforehand using the online premium calculator, individuals can plan their budgets by knowing how much monthly or annual premium they need to set aside.

  • Quick & Accurate Results: The calculator calculates premiums and maturity amounts based on age, policy term, sum assured, etc. As a result, you can be sure that the results you get are accurate. 

  • Transparency: Using the LIC Calculator also adds transparency and enables individuals to know exactly how much they will pay as premiums and how much they can expect to receive upon maturity.

Sample Premium Illustration

Here are examples of the estimated premiums for a Basic Sum Assured of Rs 5 Lakh, covering individuals who are 5 years old and opting for a policy term of 20 years. These examples show the Limited Premium (paying premiums for a specific period) and Single Premium (paying the entire premium at once) payment options. 

Limited Premium:

Premium Paying Term (in Years)  Annual Premium (in Rs)
Option I Option II
5 99,625 1,00,100
6 84,275 84,625 
7 73,625 73,900

Single Premium:

Premium Paying Term (in Years)  Single Premium (in Rs)
Option III Option IV
Single Pay 3,89,225 4,12,600

What are the factors to consider while using the LIC Amritbaal Premium Calculator?

  • Provide Accurate Information: 

    Ensure all the information you provide in the LIC Amritbaal calculator is accurate. This includes details such as the child's age, desired sum assured, premium paying term, etc. 

  • Consider Future Needs: 

    Evaluate your future needs and expenses when using the calculator. This could include education expenses, marriage costs, or any other financial goals you have for your child. By accurately inputting these future needs, you can ensure the policy provides adequate coverage.

  • Review Results Carefully:

    Review the results generated by the calculator. Pay attention to details such as premium amounts, maturity benefits, and coverage details. This will help you understand the terms of the policy and make an informed decision.

How to Calculate LIC Amritbaal Premiums?

Calculating LIC Amritbal Premiums using the LIC calculator is easy and quick. Just follow the below steps and plan accordingly:

Step 1: Visit the official website of LIC of India

Step 2: On the homepage, select “Premium Calculator” from the right-side menu

Step 3: On the next page, fill in your personal details, such as your full name, DOB, and contact details.

Step 4: Once done, you will be directed to the page where you need to select “LIC Amritbaal”

Step 5: Fill in the details such as policy tenure, PPT, sum assured, etc.

Step 6: After submitting the above details, you will get the exact premium you need to pay for your LIC Amritbaal policy.

FAQs

  • Q: What is the LIC Amritbaal Calculator, and how does it work?

    Ans: The LIC Amritbaal Calculator is a tool provided by the Life Insurance Corporation of India to help parents or guardians plan for their children's financial future. It considers various factors such as the child's age, and estimated future expenses like education, marriage, etc., and calculates the required insurance coverage and premium amounts to secure the child's financial needs.
  • Q: Are the results provided by the LIC Amritbaal Calculator accurate and reliable?

    Ans: The accuracy of the results depends on the inputs provided by the user. If the details provided by the policyholder are correct, the calculator will show accurate results.
  • Q: What information do I need to use the LIC Amritbaal Calculator?

    Ans: To use the LIC Amritbaal Calculator effectively, you'll need to provide details such as the child's age, expected future expenses (education, marriage, etc.), current financial assets, annual income, and any existing insurance coverage.
  • Q: Can I modify the inputs in the LIC Amritbaal Calculator over time?

    Ans: Yes, you can modify the inputs in the LIC Amritbaal Calculator as needed. Review and update the information, especially when there are significant life events such as changes in income, expenses, or family circumstances. Adjusting the inputs allows you to reassess your financial goals and adjust your insurance coverage and investment strategy accordingly.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+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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