Affordability is crucial when evaluating any insurance policy; the premium amount associated with the plan is the primary indicator of this cost-effectiveness. The premium represents the cost to secure coverage through the insurance policy. To obtain an approximate premium estimate for an LIC insurance policy, it is recommended to use the LIC premium calculator, an online tool designed to compute the premium based on a range of factors.Read more
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
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The LIC Term Insurance Premium Calculator is an online tool the Life Insurance Corporation of India (LIC) provides. This LIC term plan calculator is designed to help individuals estimate the premium amount they would need to pay for a term insurance policy offered by LIC. This calculator considers factors such as the individual's age, gender, policy term, and the desired sum assured (coverage amount) to provide an approximate premium cost.
LIC's online premium calculator is user-friendly and provides quick results. Here's how it works:
Enter Basic Information: To get started, you'll need to enter some basic details such as your age, gender, policy term, and the sum assured (coverage amount). In this case, we'll use Rs. 1 Crore as the coverage amount.
Additional Information: Depending on the calculator's features, you may be required to provide additional information, such as your smoking habits, health condition, and contact details.
Generate Premium Quote: After entering all the necessary information, the calculator will generate a premium quote. This quote will indicate the approximate premium amount you need to pay for a Rs. 1 Crore coverage.
Here are the benefits of using LIC’s Premium Calculator:
Accuracy: The calculator provides a precise premium estimate based on your specific details.
Comparison: You can compare premiums for different policy terms and coverage amounts to choose the most suitable plan.
Informed Decision: It empowers you to make an informed decision about your insurance coverage.
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Term Plan Starting @ ₹449/month+
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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, whether of life insurance, term insurance or LIC, 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 Plan 1 Crore 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.
*Note: It is advised that you first know what is term insurance and what its key features are before you use LIC Term Insurance Plan 1 Crore Premium Calculator.
Here is a complete guide on how to use the LIC term insurance plan 1 Crore premium calculator:
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.
Now that we have understood the process to use LIC Term Insurance Plan 1 Crore Premium Calculator, let’s discuss the following 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.
*Note: You can also use the term insurance calculator to calculate term insurance premium amount of your term insurance plan.
Using the LIC Term Insurance Plan 1 Crore Premium Calculator 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 insurance 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.
Using LIC's Term Insurance Premium Calculator for a coverage amount of Rs. 1 Crore is a smart way to determine the premium cost for your policy. It ensures that you receive the desired coverage without straining your finances. Remember that while affordability is crucial, it's equally important to choose a policy that aligns with your long-term financial goals and provides adequate protection for your loved ones.