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LIC premium calculator is a tool, which gives you an approximate amount of the premium as per the policy chosen by you and its technicalities such as premium frequency, the sum assured, age, tenure, etc. This LIC premium calculator is made available by the official insurers for their complete product list. For example, the LIC of India has a LIC premium calculator to calculate the premium for life insurance policies.
Premium in a LIC policy depends upon the Sum Assured (insurance amount), policyholder's age, and duration (term) of the policy. Apart from base plans, riders (add-ons) are available with base plans for additional and specific benefits which can be added to the base plan on payment of an extra premium. LIC Premium calculators with applicable riders are available which are useful to learn about various plans.
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.
A life insurance premium is the amount of money paid to your life insurance company periodically in exchange for your life insurance coverage. As long as your premiums are paid on time, your coverage will remain in place for the duration of your policy, which protects the financial security interests of you and your designated beneficiaries. Typically, life insurance premiums are paid monthly, quarterly or annually, depending on how you set up the policy with your insurer.
Life Insurance Premiums are used by your insurers in multiple ways:
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 a 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 that decide what premium the policyholder needs to pay.
LIC premium calculations are a bit complicated and cannot be done by potential customers by themselves due to numerous fundamental variables. A LIC calculator to calculate the premium is the best tool for you in this scenario.
When you use the LIC maturity calculator, you can pick a plan by the policy number to calculate the premiums and the maturity value against the basic sum assured chosen by you. This plan or policy number is an important identifier that is highlighted against each insurance product offering to make any transactions/settlements related to it easier and faster. The LIC premium and maturity calculator displays the policy number against the respective plans that you can also use to make the calculations
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 LIC India 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:
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.
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See More Life Insurance Articles