With various insurance companies offering different plans, assessing how much premium you require to pay or the maturity benefit you will get become a little daunting. To choose the best plan it is important to compare the premium rates of different plans offered by the insurer. Now with LIC, you can also calculate maturity benefit and premium rates before buying a policy. The LIC Bima Bachat maturity calculator helps in working this out for you.Read more
Let’s see how:
LIC Bima Bachat calculator is an online tool that is offered free of cost by the Life Insurance Corporation of India (LIC) to its customers. The LIC Bima Bachat calculator makes life simpler and convenient to determine monthly quarterly and annual premiums.
Policyholders can also use this calculator as the LIC Bima Bachat maturity calculator to compute the payable maturity amount by LIC. With the help of it, one can easily make an idea of the premium amount that is required to pay against the SA. Also, customers get insights about their maturity benefits, survival benefits, premium payable, amount of loan, or can also compute repayments received under the certain T&Cs of LIC.
The LIC Bima Bachat maturity calculator considers certain factors such as age, sum assured, and policy term to provide you with the right estimate on the premium for the desired maturity benefit. It works on all 10, 15, 20, 25 years of policy terms.
The accurate maturity value cannot be computed but one can always calculate a close estimate amount to get an idea of the advantage after the policy term. The basic formula is Sum Assured + Bonuses + Final Additional Bonus.
Let’s understand this with the help of an example:
Ram buys a plan of Rs. 15 lakhs sum assured with a policy term of 20 years. The insurer includes a final additional bonus and bonuses in the maturity value according to the company’s policy. The annual declared bonus is Rs. 42/1000 SA. The final additional bonus for the same will be 22/1000 SA.
Bonus = (15 lakhs/1000) X 42 X 20 = 12.6 lacs
Final Additional Bonus = (15 lakhs/1000) X 22 = 33000
Maturity Amount = 15 lakhs+ 12.6 lakhs+ 33000 = 27.9 lacs
The LIC Bima Bachat Calculator is a convenient way of computing the maturity value of the LIC plan. While using the calculator, carefully enter the policy information, and then the maturity value will be provided in a single click. Follow the below-mentioned steps to get the right premium quote and maturity benefit:
Step1 – Visit the Official website of LIC
Step 2 – Choose the insurance plans tab from the Products Menu
Step 3 – Then, select the LIC Bima Bachat plan from the list of products
Step 4 – Click on ‘Premium Calculator’ under the menu LIC online service portal
Step 5 – Enter your basic details such as name, age, date of birth, gender, and contact information.
Step 6 – After filling in the details completely, you will get two options on the window Quick Quotes and Compare Quotes.
Step 7 – Select the option and then the calculations will be done based on coverage or the premium opted by you.
Based on your requirements, the below details have to be filled in while using the LIC Bima Bachat Calculator:
Sum Assured: The minimum sum assured amount is Rs. 35,000 for 9 years, 50,000 for 12 years, and 70,000 for 15 years with no upper SA limit.
Policy Term – LIC Bima Bachat plan allows you to choose from three different policy terms i.e., 9 years, 12 years, and 15 years.
Age: The lower the age of the policyholder, the lower the premium is likely to be. It is better to buy plans at an early age.
Premium Payment Mode – Plan comes with a single premium payment option only
There are several benefits of using a LIC Bima Bachat policy calculator. Let’s take a look at some of these benefits:
LIC Bima Bachat policy calculator is easy to use and also saves a lot of effort and time. To get a clear idea of the premium, you are not required to submit any of the documents. By entering a few basic details such as name, age, date of birth, income, contact details, you can easily get the premium rates of different plans in a couple of minutes.
Using the calculator, one can easily compare a comprehensive range of plans offered by various insurers on a single platform. Also, they can check the benefits and features offered by different plans. The comparison makes your decision easy.
LIC Bima Bachat policy calculator can be used online without any cost. Furthermore, insurer sometimes offers unique discounts to individuals who buy plan online.
With the help of a calculator, an individual gets a clear idea of the premium amount they will have to pay to get the right coverage.
After providing the information, you do have to wait for a long to see the results. The calculator offers a quick response, which is not possible in a manual mode.
Eliminating the complex process of calculating premium payments along with eradicating the use of third-party agents, the LIC Bima Bachat policy calculator is a very useful online tool for all of those who want to know the maturity amount. It is easy, convenient, quick, cost-effective, and has everything that an individual needs to make an informed decision. So, to determine the premium amount with the help of this calculator it is very important to fill in all the details carefully.
*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