LIC Protection Plus 886 Plan Calculator

Read on to know more about the LIC Protection Plus Plan Calculator. 

LIC Protection Plus 886 Plan Calculator- Overview

The LIC Protection Plus Calculator is a valuable tool in evaluating the new LIC ULIP policy LIC Protection Plus 886. 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 Protection Plus Calculator Work?

The LIC Protection Plus Calculator uses the information that you provide (age, gender,name, etc) and policy choices (Policy Term, Premium Payment Mode, Rider, Fund Option, etc) to figure out how much your premiums and final payout will be. This is how the calculator works:

• Input Your Details: Only simple personal details such as your age, gender, name, contact are required.

• Choose Coverage: 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 have two choices, Level Sum Assured and Increasing Sum Assured, which goes up by 10% annually 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 Protection Plus 886 Plan Calculator?

Using the LIC Protection Plus 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 Protection Plus from the list and click on coverage

Step 5: Enter the details, like PPT, premium paying mode, policy term, premium amount and Fund Option. The Sum Assured will be decided by default. Click on Get Illustration.

The LIC Protection Plus Calculator will calculate monthly, quarterly, half, yearly, and annual premium amounts for the plan once you provide the necessary details.

Benefits of LIC Protection Plus Calculator

Easy Premium Estimation

Using a calculator, you can easily estimate how much premium you will have to pay by entering details such as your age, the duration of your policy, and the sum assured.

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 Illustration of LIC Protection Plus 886 Plan

Here are the policy details:

Age of life assured: 35 years

Policy Term: 20 Years

Premium Paying Term: 15 Years

Premium Paying mode: Yearly

Premium Amount: Rs 40,000

Fund Option: Bond Fund

Summing Up

The LIC Protection Plus Calculator is a helpful tool for people who want to purchase a LIC Protection Plus plan. Through its transparent presentation of costs and benefits, it assists a user in selecting the right protection without uncertainty and thus the policy gets aligned with the user's financial and security goals.