LIC Saral Jeevan Bima Premium Calculator

About LIC Saral Jeevan Bima Yojana 

LIC Saral Jeevan Bima is a non-participating and non-linked life insurance plan that provides financial security to the policyholder’s loved ones in the event of their unforeseen demise throughout the policy term. 

Main Highlights of LIC Saral Jeevan Bima Plan 

• Death Payout: In the case of single premium plans, it is higher than 125% of single premium and the absolute assured payment to be payable at the time of demise.

• In case of regular or limited premium payments plan, equivalent to the SA amount on demise which is highest of 10X of the annual premium, 105 percent of all the paid premium amounts till the demise date of demise or absolute SA to be payable at the time of demise. 

• Premium Payment Options: Regular, limited, and single premium options are available under this plan. In case of limited and regular premiums, the premium amount can be paid regularly during the PPT with premium payment modes- Yearly, Half-yearly or monthly. 

• Waiting Period: A waiting time of around 45 days is allowed from the risk commencement date. This period is not applicable if the plan is revived. 

• Grace Period: A grace period of 30 days shall be permissible for payment of half-yearly or annual premiums and for a monthly payment of premiums, 15 days are allowed from the 1st unpaid premium date. 

• Sum Assured: The minimum and maximum sum assured is Rs. 5 Lacs and Rs. 25 lacs respectively 

Introduction to LIC Saral Jeevan Bima Premium Calculator 

LIC Saral Jeevan Bima Premium Calculator is a freely accessible online tool that is specifically designed to help customers compute the premium amount that they need to pay for the LIC Plan cover and its benefits. LIC calculator takes certain factors into consideration such as debts, age, current income, health conditions, number of dependents, and marital status to help you select an insurance plan that best fits your requirements and life objectives. This online tool makes the decision of purchase simpler. One can easily customize the LIC Saral Jeevan Bima Premium Calculator as per their needs and calculate the right amount of premium for their ideal term plan. 

How to Use LIC Saral Jeevan Bima Premium Calculator 

Using LIC Saral Jeevan Bima Premium Calculator is so easy and simple! You can compute the LIC Saral Jeevan Bima online in just a few clicks. Here’s a step-to-step guide: 

Step 1: Visit the official website of LIC

Step 2: Click on ‘products’ present on the top of the homepage and select ‘insurance plan’ like LIC Saral Jeevan Bima, to find the list of all the active policies offered by LIC 

Step 3: Then, click on the option ‘premium calculator’ present on the left side of the page. 

Step 4: Enter the required details such as 

• Date of birth

• Name

• Gender

• Email ID

• Mobile number

• Desired policy

• Sum assured amount

• Smoking habits

• Policy term, etc. 

Step 5: After entering all the details, the premium amount that you are required to pay will be displayed on the screen. 

Step 6: Proceed to pay, if the policy prices are satisfactory 

Advantages of LIC Saral Jeevan Bima Premium Calculator 

The benefits of LIC Saral Jeevan Bima Yojana Premium Calculator are multiple, as discussed below: 

1. Selecting the right cover amount 

   LIC Saral Jeevan Bima premium Calculator gives you an estimate of the term cover amount that covers the family’s financial requirements, premium payable, and other liabilities. The selection of coverage depends upon different parameters such as existing liabilities, annual income, number of dependents, etc. 

2. Cost –Saving 

   Using LIC Saral Jeevan Bima Premium Calculator, one can opt for the highest possible amount of life cover that fits into your budget. 

3. Hassle-free and time-saving

   While comparing the term insurance plans displayed on the screen using the LIC term calculator, you are not required to submit any of the documents. You get a premium quote within a few clicks and then you can make an informed purchase decision. 

4. Comparison of different plans 

   The LIC Saral Jeevan Bima Premium Calculator provides you the option of comparing different plans and selecting the right one. 

5. Instant Results 

   Once you enter the required details, you do not have to wait around for the results. The LIC Saral Jeevan Bima Premium Calculator offers accurate and prompt responses, which is unlikely when it is done manually 

6. Helps in Financial Planning 

   The LIC Saral Jeevan Bima Calculator helps you know the amount of premium to be paid immediately. Once you know the premium that you have to pay regularly, then you can plan your budget accordingly.

Factors Affecting the LIC Saral Jeevan Bima Premium Rates

The premium rates of a LIC Saral Jeevan Bima policy are determined based on the following factors:

• Age: Term insurance premium rate increases with the policyholder’s age. A younger individual has a lesser risk of falling ill due to lifestyle diseases that occur with age or immature death. So, the premium rates are lower for younger people in comparison to older individuals. 

• Gender: As per the research, the average life expectancy of women is higher than that of men. This means women can avail of a lower premium than men of the same age. 

• Smoking Habits: A smoker has a higher death risk compared to a non-smoker. Because of the physical hazard, a smoker has to pay higher premium amounts than non-smokers

• Sum Assured: The higher the sum assured amount chosen by the insurance buyers, the higher the premium rates of the policy. 

• Premium Payment Term: The shorter the premium payment term chosen, the higher will be the term insurance premium increase. 

• Health Conditions: The premiums of the plan will be higher for a person who has pre-existing illnesses. Thus, while buying a plan, it is important to share all the health-related details correctly with the insurance company.