LIC has been the front runner in the insurance space for the longest time now, in addition to acquiring a big market share. The brand name of the Corporation is such that its products are trusted by millions across India. Among its life insurance products, it offers two term life insurance plans that offer coverage worth Rs. 1 Crore. These are LIC's Jeevan Amar and LIC's Tech Term.Read more
LIC currently offers 3 term insurance plans, viz. Jeevan Amar, Tech Term, and Saral Jeevan Bima. Among these three, Jeevan Amar and Tech Term allow policyholders to assure a sum of Rs. 1 Crore. The maximum sum assured limit in the case of LIC Saral Jeevan Bima is Rs. 25 Lakhs. Let’s briefly discuss the LIC 1 crore term insurance policies.
List of LIC Term Life Insurance Covers of Rs. 1 Crore
|Term Plans||Eligibility Criteria||Policy Details|
|LIC’s Jeevan Amar||Entry Age: 18-65 Years Maximum Maturity Age: 80 Years Policy Term: 10-40 Years Minimum Sum Assured: Rs. 25 Lakhs Maximum Sum Assured: No limit Premium Payment: Single, Regular, Limited||
|LIC’s Tech Term||Entry Age: 18-65 Years Maximum Maturity Age: 80 Years Policy Term: 10-40 Years Minimum Sum Assured: Rs. 50 Lakhs Maximum Sum Assured: No limit Premium Payment: Single, Regular, Limited||
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
Premium calculators are now being featured in the official websites of insurance providers to enable users to get insights into different plans available and the premiums payable against each. These online tools allow users to fill in the criteria themselves and get customized results. LIC also has a premium calculator in its online portal, offering similar features.
LIC term insurance premium calculator is a digital tool that allows insurance buyers to estimate the premiums against the three term plans offered by it. The tool can be used by buyers seeking coverage of Rs. 1 crore. Once (s)he has an idea about the premiums for both the LIC term plans offering coverage of up to Rs. 1 crore, they can make the most appropriate choice. Note that the LIC term insurance premium calculator factors in various aspects such as the age of the policyholder, gender, tobacco use, sum assured, policy term, etc. Furthermore, before you use the calculator, know that one has to fit the eligibility criteria discussed above to make use of the tool.
Here is a complete guide on how to use the calculator if you are purchasing term insurance coverage of Rs. 1 Crore from LIC.
Visit the official website of LIC.
Scroll down to Premium Calculator and click on it.
This takes you to an external page; click on OK.
Fill in your name, contact details, gender, and date of birth.
Click on Next.
You will see two options, viz. Quick Quote and Compare Quotes.
Let’s discuss each of these options for a term insurance coverage of Rs. 1 Crore.
Quick Quote - Choose this option if you are already sure about the product that you are purchasing and do not need any comparison.
On choosing Quick Quote, you will be directed to a page that lists all the LIC insurance products.
Click on Term.
Since you only want premiums for a cover of Rs. 1 Crore, choose either LIC Jeevan Amar or LIC Tech Term.
Click on Coverage.
Insert 1 crore in the sum assured field.
Choose how frequently you would like to pay your premiums.
Select a policy term from the range of 10 to 40 years.
Select Yes or No for tobacco usage. Remember that the company requires you to undergo a Urinary Cotinine test. Therefore, you should disclose all information correctly.
Click on Quote.
The resulting page displays the premium amount per the premium payment option you chose. You can further scroll to the side to get variations per the premium payment mode (yearly, half-yearly, quarterly, and monthly).
Compare Quotes - If you are yet to decide between LIC Jeevan Amar and LIC Tech Term, you should choose this option to compare their respective premium quotes.
Check the boxes against LIC Jeevan Amar and LIC Tech Term
Click on Compare.
Fill in the requested details; the sum assured being Rs. 1 Crore.
The resulting page should give you the premium quotes for each plan, and you can choose one that best suits your budget and needs.
Using the LIC term insurance premium calculator for a cover of Rs. 1 crore makes it easy for you to estimate the premiums you would have to pay. This subsequently helps in your financial planning. New buyers of term insurance may feel intimidated by the cover amount of Rs. 1 crore. LIC’s online premium calculator can help negate this thought with the monthly, quarterly, half-yearly, yearly premium estimates for the same. Therefore, people can choose for themselves if the term life cover is even affordable for them or not. Furthermore, the tool is free of cost and customizable as per the requirements and personal circumstances of the user.
The premium calculator is a free tool and should be used by anybody with access to it. This will save time haggling with insurance agents and also give you near accurate results. The calculator also factors in the rebates offered for a high sum assured, such as Rs. 1 crore. The premium quotes displayed are further inclusive of taxes. Therefore, you should make use of this tool before purchasing to ensure that you get the best deal at the lowest premium.
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