LIC Term Policy
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LIC Term Insurance Calculator

LIC’s term insurance premium calculator is an online tool that helps its customers to calculate the premium, that is payable for the term policy that they desired to purchase. They are only required to enter vital information and the calculator calculates the premiums based on the information provided. The calculator is specifically designed for the fast calculation of the premium amount.

Benefits of LIC Term Insurance Premium Calculator

These are the benefits of the Term Insurance Premium Calculator provided by LIC:

  • Hassle-Free and easy to use. By submitting some basic details, the exact amount of the premium is calculated for a LIC term insurance plan.
  • Cost-effective as you can opt for additional benefits and the highest possible life cover amount that suits your requirements.
  • Compare various plan premiums, this will help you to determine which is the most suitable plan for you and for your loved ones.
  • Insurance holders will reach an accurate premium calculation by using the LIC term plan premium calculator without any room for error. When calculating premiums it is essential to reach as close to the actual premium estimation as possible in order to understand if the policy is feasible or not.
  • The premium calculation done by the LIC term insurance calculator will allow insurance holders to decide whether the insurance policy sum assured amount can be purchased or they need to re-evaluate their options.
  • There are no hidden charges of the premium when calculated via the LIC term plan calculator.

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Why Do We Need LIC Term Insurance Premium Calculator?

Term insurance premium calculators play an important role when an individual is trying to make a decision on which term insurance plan to buy. Here are a few pointers on why a premium calculator might help:

  • For Making Correct Estimation:
    On entering the desired coverage amount, policy term, and age LIC term insurance premium calculator delivers an accurate estimation that fits your budget.
  • It Saves Time:
    LIC term plan premium calculator can quickly calculate the result, it saves time and effort and allows you to compare different policy options at a time.
  • They are Customizable:
    LIC term plan calculator provides the policyholder the ability to customize the policy according to his/her specific requirements. This feature helps to decide between coverage and affordability.
  • Transparency:
    The term insurance calculator displays the result with applicable taxes and charges, this will give the customer full information about the total cost of the policy.
  • Can Be Easily Accessed:
    The calculator is available online so the policyholder can access it easily from anywhere and explore different policies sitting in their homes.
  • Financial Planning:
    LIC term plan premium calculator helps the customer to understand the affordability of the policy and helps the customer to choose the best plan for themselves and can even assist in developing money-saving strategies.

Steps to use LIC Term Insurance Premium Calculator

The calculation of LIC Term Insurance plan premiums is simple and hassle-free with the online premium calculator available on the website.

Step 1: Visit LIC's official website and go to the LIC Term Premium Calculator option.

Step 2: This will direct you to a page where you have to fill in your personal details such as gender, age, life cover, and cover-up to which age. Then click on ‘Calculate’.

Step 3: The quotation will be displayed within seconds after filling up the required details.

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LIC Term Insurance Helpline Numbers

To avail instant customer service from the insurer we have provided below the official contact details:

  • Visit their official website https://licindia.in/home and click on the “How May I help you” section
  • Message LIC via WhatsApp for any kind of assistance - 8976862090
  • Call on Customer Care Number - 022- 6827-6827 for any queries

Things to Keep In Mind Before Using LIC term insurance premium calculator

When calculating term insurance premiums, it is essential to keep certain factors in mind:

  • Sum Assured Amount selected
    As per your family’s future requirements such as the dependent child’s higher education, parents' medical care, and providing your spouse with a financial safety net along with maintaining a steady lifestyle, it is essential to select an adequate amount of the sum assured before using the LIC term insurance calculator.
  • Age of Insured Individual
    Before calculating term insurance premiums with the help of the LIC term plan calculator it is important to understand that the higher the age at the time of purchase of a term plan the higher will be the premium amount. With increasing age an individual becomes a liability on the insurer due to higher death risk due to health ailments.
  • Lifestyle Analysis
    LIC term insurance premium calculator and other insurance calculators do consider the factor if an individual is a smoker or non-smoker when calculating the premium, hence it is essential to keep these details in mind and understand that premium costs are affected by the same.
  • Medical History of Individual and Family
    LIC term insurance premium calculator calculates premiums for term insurance plans on the basis of details provided by the insured life. Family and individual medical history is an essential factor to consider by the insurer in order to decide on the eligibility of sum assured for its customers.
  • Low and High-Risk Occupation
    The occupation of the insured individual is considered and is a field that must be filled in the LIC term insurance calculator in order to understand if the insured life has a high-risk occupation such as aviation, mining industry, or any other such occupation or a low-risk occupation. The premium rates are affected by the occupation of an individual.

LIC Term Insurance Calculator:FAQ

1. What information is required to calculate LIC Term Insurance Premium Calculation?

The information required to calculate LIC Term Insurance Premiums is the date of birth, life cover and sum assured.

2. Where we can find the LIC Term Plan Calculator?

We can find LIC Term Plan Calculator on their official website.

3. Do we required to pay the insurer to calculate the Term Insurance Premium ?

No, we are not required to pay the insurer to calculate the Term Insurance Premium.

4. What are the premium payment options available with LIC Term Insurance Premium Calculator?

The premium payment frequency is flexible in the term plan provided by LIC. Individuals can select among various premium payment options such as Monthly, quarterly, half-yearly, and single premium according to their capability.

5. Does the LIC term insurance premium calculator consider the cost of GST when calculating premiums?

Yes, there are no hidden charges when calculating premiums via the LIC term insurance calculator. The premium calculated will include 18% GST as per the government-laid laws.

6. Does the LIC term insurance premium calculator calculate the discount too?

Yes, the calculator can give information about the discounts and add-on benefits of the plan

7. Does smoking affect the LIC term plan calculator results?

Yes, the smoking habit impacts the premium calculation. If the person is a smoker the outcome of the calculation will be a higher premium. A smoker has to pay a higher premium compared to a non-smoker individual.

8. Does the LIC term plan premium calculator generate trustworthy results?

Yes,the result of the calculation is totally trustworthy as the calculations are based on the data that the customer has entered.

9. Does the geographical location have any impact on the results of the lic term plan calculator?

No, geographical location will have no impact on the LIC term plan calculator.

Term Insurance Companies

Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.

What Our Customers Have to Say

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Varsha Verma

Goa

October 4, 2023

Policyx.com s partnership with LIC Term Insurance is a winning combination for anyone seeking financial security.

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Vaishali

Mysore

October 4, 2023

LIC Term Insurance, suggested by Policyx.com, offers comprehensive coverage at a competitive premium.

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Charu Verma

Guwahati

October 4, 2023

I m impressed with Policyx.com s dedication to helping users find quality insurers like LIC Term Insurance.

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Bhumika Sahu

Gandhinagar

October 4, 2023

LIC Term Insurance, discovered through Policyx.com, has been a reliable safeguard for my family s future.

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Ayesha Tiwari

Dehradun

October 4, 2023

Policyx.com simplified my search for term insurance, and LIC Term Insurance provided comprehensive coverage.

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Anuja Singh

Chandigarh

October 4, 2023

Policyx.com s user-friendly interface simplifies the search for term insurance, and LIC Term Insurance fit my needs perfectly.

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Anshul Kapoor

Allahabad

October 4, 2023

Choosing LIC Term Insurance through Policyx.com was the right decision. They ve been supportive during a recent claim.

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Ankita Sharma

Allahabad

October 4, 2023

Policyx.com is my trusted source for insurance advice, and their choice of LIC Term Insurance was spot on.

View All LIC Term Insurance Reviews

Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.

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