LIC Term Insurance Premium Calculator
Life Insurance Corporation of India (LIC of India) is one of the trusted life insurance companies serving customers with different types of life insurance plans to attain their financial goals and live a peaceful life. But buying a life insurance plan is not as simple as it may seem. More than 20 life insurance companies in the market, multiple life insurance plans, and various benefit options may puzzle a new customer looking to buy a life plan.
LIC Term Insurance Plans are the best suited for individuals who want a hefty life cover at low premium rates. Want to buy a suitable LIC term policy all by yourself that fits your lifestyle and financial goals but are worried about costly premiums? The LIC term life insurance calculator makes it possible with just a pinch of information and a few clicks. Read further to learn more about the LIC term plan calculator and how to use it.
What is LIC Term Plan Calculator?
LIC term policy calculator is an online tool that helps customers estimate how much premium they have to pay before buying an LIC policy. The LIC term life insurance calculator is very simple to use and helps you adjust the sum you think is enough for your family after your death. All you need to do is just to provide vital information, and the calculator calculates the term insurance premium. Increase or reduce the sum assured or policy tenure to fit the premium that suits your financial suitability perfectly.
LIC of India offers customers the following term insurance plans and lets them choose the best depending on their financial and life needs. You can get quotes for a single plan or compare different LIC term plans using the LIC term policy calculator.
Benefits of LIC Term Policy Calculator
The LIC term plan calculator makes it hassle-free for you to select the best LIC term plan. In addition to that, customers can take advantage of the LIC term life insurance calculator in the following way.
Compare LIC Term Plans
LIC of India offers various term insurance plans to customers, offering diverse benefits. With the LIC term life insurance calculator, get an online quote or compare different options per your financial suitability.
Save Time and Energy
The LIC term insurance 1 crore calculator reduces the lengthy process of manual premium calculation, which helps you save time and energy.
Get a Personalized Plan
You can increase or reduce the sum assured per your financial requirements and add various riders to enhance the base coverage. Your personalised LIC term insurance plan is ready.
Premium Estimates
The LIC term plan calculators are based on precise mathematical algorithms and are authentic, as available on LIC's official website. Hence, you get a reliable and accurate premium estimate without error.
Confident Decision
There are no limits on using the LIC term premium calculator; hence, you can select the best LIC term plan at an affordable premium cost that covers maximum benefits.
Details Required to Use LIC Term Insurance Calculator
The LIC term plan calculator requires the basic details to calculate the premium. We suggest you provide valid details for more accurate results. The following information is generally asked while using the LIC term policy calculator.
- Name of the customer
- Date of birth
- Gender
- Contact details
- True smoking habit
- Required sum assured
- Policy term
- Premium payment term
After providing all the information, you can click on the ‘Quick quote’ option. The next screen displays the LIC term premium details on an annual, half-yearly, quarterly, and monthly basis, depending upon the LIC term plan selected.
How to Use LIC Term Plan Premium Calculator?
Reducing customer's efforts and time to buy LIC term plans is the main objective of the LIC term plan calculator. Follow the step-by-step guide to calculate the LIC term premium.
- Visit the official website of LIC of India.
- Go to the ‘Premium Calculator’ option available on the homepage.
- Provide the basic details required and click on the ‘quick quote’ option to get the premium of an individual LIC term plan.
- Select the preferred plan from the term category and click on the ‘coverage’ option.
- Provide basic details like sum assured, select preferred premium payment type and policy term, and click on ‘quote’.
- The LIC term premium calculator will show you the premium details with and without taxes.
How Does LIC Term Plan Calculator Work?
LIC term plan calculator works on the algorithm and formula to estimate the term plan premium. Here’s a quick overview of the working process of the LIC term plan calculator.
Input Required Information
Since the LIC term plan calculator provides results depending on the information you enter, inputting relevant information is important. This includes personal details such as age, gender, annual income, and the desired sum assured.
Policy Term and Premium Payment Term
Users can select the required LIC policy term, which is the duration they want to be covered. Additionally, the LIC term plan calculator requires the premium payment term, which is the period that is suitable for a customer to pay the premium payments, whether annually, half-yearly, quarterly, or monthly.
Rider Options
Some LIC policies offer additional riders that policyholders can opt for and enhance their coverage. Riders may include critical illness coverage, accidental death benefits, and disability benefits. When you choose a rider, the premium rates may vary.
Risk Assessment
After providing all the relevant information, the LIC term life insurance calculator assesses the risk profile of the insured. All the information about your gender, age, and health conditions influences the risk profile.
Premium Calculation
Based on the information provided, the LIC of India term plan calculator uses complex algorithms to compute the LIC term plan premium amount.
Display Results
The LIC term policy calculator then displays the results, breaking down the premium amount, sum assured, taxes, and other relevant details. This information helps individuals make a well-informed decision before buying an LIC term life insurance policy.
Comparison and Customization
Once the results are displayed, you clearly know the most suitable premium price. Additionally, you can adjust the sum assured and policy term to get the premium prices in different scenarios. This way, you can customize the coverage and align the LIC term insurance policy within your budget.
Example of LIC Term Policy Calculator
Now that you have understood the working process of the LIC term life insurance calculator, let’s clarify it with some examples. Consider a hypothetical situation where an individual named Ashutosh wants to buy a LIC Tech Term plan and uses the LIC term plan calculator on the official website of LIC of India.
| Parameters | Policy Details |
|---|---|
| Policy Name | LIC New Tech Term Plan |
| Sum Assured | Rs. 50 Lakhs |
| Sum Assured on Death | Level Sum Assured |
| Policy Term | 15 years |
| Rider Options | NA |
For Premium Paying Type: Regular Premium
| Mode | Total Premium Including Taxes | Basic Premium |
|---|---|---|
| Yearly | Rs. 5,546 | Rs. 4,700 |
| Half-Yearly | Rs. 2,828 | Rs. 2,397 |
For Premium Paying Type: Single Premium
| Total Premium Including Taxes | Basic Premium |
|---|---|
| Rs. 52,333 | Rs. 44,350 |
For Premium Paying Type: Limited Premium (5 Years)
| Mode | Total Premium Including Taxes | Basic Premium |
|---|---|---|
| Yearly | Rs. 12,036 | Rs. 10,200 |
| Half-Yearly | Rs. 6,138 | Rs. 5,202 |
Factors Affecting LIC Term Insurance Premium
Some major factors that highly affect the LIC term insurance premium are mentioned below.
Sum Assured Selected
Sum assured is the amount received after your death to ensure the economic safety of your loved ones. While selecting the sum assured, consider the family lifestyle, medical expenses, child education funds, and any outstanding loans or liabilities. Select a sum assured that comprehensively covers the maximum family needs.
Age of the Individual
Age plays a vital role in determining the premium rates of a life insurance policy. The increasing age comes with higher health complexities. Hence, the premium rates for higher ages will be comparatively higher.
Occupation Type
The people working in high-risk occupations must pay higher premiums as they have a low mortality rate.
Medical History
The medical history of individuals and families affects the premiums for LIC term insurance plans. Any pre-existing illnesses or hereditary conditions may charge higher premiums due to reduced mortality.
Lifestyle Assessment
Lifestyle choices like smoking or non-smoking habits highly affect the premium rates using the LIC term plan calculator.
Conclusion
The LIC term life insurance calculator is the best tool to calculate the premium for various LIC term plans. You can use LIC premium calculator to calculate the premium rates for LIC endowment plan, LIC child plan, LIC whole life plan, LIC money back plan, LIC pension plan, LIC ULIP plan, and LIC health plans. Just provide true details and customize your policy effortlessly. Once you buy an LIC term policy, you can log in to the LIC customer portal to check your LIC policy status and pay the LIC policy premium payment without a miss.
Buying term life insurance is not easy, as you need true and unbiased advice. We suggest you connect with an insurance expert. RenewBuy Advisor Connect can help you find an LIC agent or life insurance agent near you in just a few clicks. Get expert insurance advice and buy a suitable term life insurance policy with RenewBuy POSP Advisor.