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The LIC premium calculator is provided by the Life Insurance Corporation of India and it is there to make your life simple and easy. The LIC premium calculator with the maturity amount lets people calculate the amount of premium that is payable against a particular policy.
The LIC premium calculator also lets one know the amount that he is due to receive after the policy matures. This lets the customers think and choose their plan after being clear of the amount of premium that they need to pay and the amount of return that they can expect. This avoids confusion and thus the policyholders can take an informed decision.
The LIC premium calculator with service tax also lets you calculate the premium including the service tax that is applicable to it. There are thus no hidden costs when you check the details through the premium calculator.
The life insurance policy is an insurance that the policyholder purchases to protect his family in the case of any unfortunate eventuality. The policy gives monetary benefits to the policyholder’s family in the event of his death.
This is the basic one but there are many life insurance plans that are used as an investment or a saving tool and also to create a pension fund. You will also receive tax benefits towards the premium that you pay towards your LIC plan. Life insurance policies are thus designed so that they offer financial protection to not only the insured but also to his or her dependents.
Life insurance premium can be either one time or recurring payment that is made by the policyholder towards the life insurance plan.The policy is valid only till you make the premium payment.
Once you stop making the premium payment the policy will become void. It is thus important that you take note and pay the premiums regularly. The premium is payable either monthly, quarterly or yearly and when you pay the premium then only you can get the benefits of the policy.
The premium that you pay toward a life insurance policy will depend on the plan that you select. It is also dependent on the credentials of the applicant. A healthy individual who says 30 years of age will be charged lesser premium than one who is over 50 years of age.Similarly, a non-smoker will get a preferential premium over a smoker. There are other parameters to that decide what premium the policyholder needs to pay.
This is where you see the benefit of an LIC premium calculator. This is a tool that gives you the approximate amount of premium that you need to pay against a policy plan.The premium would be dependent on the frequency of payment that you chose and age, tenure and the sum assured that you wish to insure.
The life insurance premium calculator is available on the LIC website and is available for anyone to use. It takes not even a minute to fill up the form and once you have keyed in the details the calculator will give you the approximate premium details.
It is important to note that the premium amount is approximate and the amount would change in case the insurance company checks your background and find something that may affect the premium calculation.
There are a number of plans that are sold by LIC. These are endowment plans, term insurance plans, monthly return plans, child plans etc. The premium calculator is different for each LIC plan that you wish to take. There is a calculator for the LIC term plan. There is a separate LIC premium calculator for the child plan and another one for LIC Jeevan Anand plan.These are popular calculators that are used by all to calculate their premium and maturity amount.
The LIC premium calculator and maturity amount let the policyholder calculate the maturity benefits that he will receive. He can calculate the survival benefits and also the amount of premium that is payable. He can also calculate the payments that he has to receive, the loan amount under the LIC policy and any other kind of benefits that the policy has to offer. He can also calculate the maturity amount either with or without the service tax.
The LIC premium calculator calculates the amount based on what data you have fed into it. You will have to select the details yourself and on the basis of this, the calculator will calculate the details for you. You will have to first select the policy that you wish to purchase. You will also have to enter the policy period, your age, sex and other details that the calculator may ask for.
Be careful that you chose the correct policy name and enter the details correctly in the calculator. The premium and the maturity amount will differ from one policy to the other. So an endowment plan and term plan for the same age and sex and for the same time period will have the different premium amount that needs to be paid. So take care that you cross check the details before you proceed to let the calculator calculates the details for you.
The best part about these LIC premium calculators is that they are now available online for use. All that you need to do is to visit the LICIndia website and then search for the LIC premium calculator. You will get the calculator online and once you put in your details the macro will calculate the data for you.
The key parameters that you may have to enter in most of the LIC plans are:
Policy term that is the number of years that you want the risk cover for
The sum assured which the amount you want to insure
The premium calculators are available for yearly, monthly, quarterly, half-yearly according to term, age and the amount of sum assured. The premium is subject to the goods and service tax and the premium calculator will display the amount of GST that is applicable separately.