LIC Bima Kavach 887 Plan Calculator

LIC Bima Kavach Calculator- Overview

The LIC Bima Kavach Calculator is a valuable tool in evaluating the new LIC term insurance scheme, LIC Bima Kavach 887. Users can try out different inputs to see how much coverage they can afford and how well it fits their needs, rather than relying on guesses or agent estimates. It helps people make smart choices by showing how small changes in policy choices can affect the total cost. The calculator by LIC of India makes it possible for long-term planning as it allows the user to adjust their level of protection. Making decisions is easier when the calculator simplifies complex insurance information into user-friendly output.

How Does the LIC Bima Kavach Calculator Work?

The LIC Bima Kavach Calculator uses your personal information (age, gender, whether or not you smoke) and policy choices (Sum Assured, Term, Premium Payment Mode, Rider, Death Benefit Option) to figure out how much your premiums will be and how much your death benefits could be. This calculator is beneficial to long-term planning since it allows the user to change how much protection they want. The user is facilitated in choosing because the calculator simplifies the complicated insurance details into a very easy-to-understand output.

• Input Your Details: Only simple personal details such as your age, sex and smoking habit are required.

• Choose Coverage: Decide on the Basic Sum Assured (minimum 2 Crore, in multiples of 5L or 25L), Policy Term, and Premium Payment Term (Single, Limited, or Regular).

• Select Benefit Option: You can choose between two options, Level Sum Assured and Increasing Sum Assured, which increases by 10% every year from year 6 to 15.

• Add Riders: You can choose to add the Accident Benefit Rider, which will offer you additional coverage.

• Calculate Premium: The calculator combines these user inputs, like age, gender, smoker status, high sum assured, and online rebates, to compute your premium.

• View Benefits: It projects the Death Benefit (Sum Assured on Death), which is the payout if you pass away, and shows the premium schedule.

How to Use LIC Bima Kavach Calculator?

Using the LIC Bima Kavach calculator is a simple task that can be used by new users as easily as regular users. Like any standard LIC calculator, it can be accessed from the official LIC website. Here are the steps to follow:

Step 1: Go to the official LIC website.

Step 2: Scroll down to “How much you need section”. Click on calculate premium.

Step 3: Provide your basic information as required, such as name ,date of birth, contact, etc. Click on “Next”. 

Step 4: Pick the LIC Bima Kavach plan from the list and click on coverage

Step 5: Enter the details asked for, like sum assured, PPT, policy term, etc and click on Next.

The LIC Bima Kavach calculator will determine the monthly, quarterly, half-yearly and yearly premium amounts for the plan after you provide the necessary details.

Benefits of LIC Bima Kavach Calculator

Easy Premium Estimation

You can quickly figure out how much premium you need to pay with the calculator by entering information like your age, the term of your policy, and the sum assured. This is faster and less confusing than doing the math by hand.

Better Financial Planning

The calculator helps you plan your money better by showing you how much the premiums will be ahead of time. You can see if the policy fits your budget before you buy it.

Comparison of Coverage Options

You can change the inputs, like the policy term or the sum assured, to see how the coverage and premiums change. This helps you pick the best plan based on your money goals.

Transparency and Clarity

The calculator makes it easy to see the costs and benefits, which means you don't have to rely on guesses or assumptions. This makes it easier to see and understand the insurance choice.

Convenient and Time-Saving

The calculator is available online and can be used at any time and from any place. You don't have to go to a LIC branch just to get basic premium information.

Sample Premium Examples

The sample illustrative premiums under different Premium Payment options for Non-smoker, Male, Standard lives with Basic Sum Assured of Rs. 2 crore for both Option I (Level Sum Assured) and Option II (Increasing Sum Assured) are as follows:

Option I (Level Sum Assured):

Option II (Increasing Sum Assured):

About LIC Bima Kavach Plan

The LIC Bima Kavach Plan 887 is a pure risk term plan. The plan only provides death benefit, in case of an unfortunate deminse but there is no maturity benefit or savings component. This policy was introduced a few days ago and offers life cover till 100 years of age. The lowest sum assured is Rs. 2 crore. It is perfect for those who want affordable premiums for a significant sum assured that provides protection. Specially, women get lower rates. Smokers will have to pay more than non-smokers. You may also include riders for additional accident cover.

Summing Up

The LIC Bima Kavach Calculator is an excellent aid for potential buyers of Plan 887 as it makes the estimation of premiums and the evaluation of coverage very easy. Through its transparent presentation of costs and benefits, it assists a user in selecting the right protection without hesitation and thus the policy gets aligned with the user's financial and security goals.