LIC is one of the largest insurance providers in India regulated by the Government of India. This company offers a range of insurance policies to the customers at an affordable premium. Term insurance plan is highly popular in the LIC because it provides comprehensive coverage at the low premium rates. And customers will receive tax benefits on the premium paid towards the insurance plan.
LIC Term Insurance Premium
LIC allows customers to pay one time or choose payment frequency as per their convenience to retain the policy active. Your life insurance is only valid if you pay a premium on time. However, you will get the flexibility to select the payment frequency- monthly/ half-yearly/ yearly. The premiums of the LIC vary depending on many factors.
Generally, a young and healthier person premium is relatively lower than an individual whose age is above 50. There are several variables the company’s consider when deciding a premium rate for their customers. To make the process easier for the customers, they offer LIC term insurance premium calculator.
What is LIC Term Insurance Premium Calculator?
The LIC term insurance calculator is designed to help customers to calculate the premium payable for the insurance plan they want to avail. Along with that, this calculator also tells customers how much amount they will receive at the maturity period. This online tool gives you a clear insight into the premium payable for the plan.
The LIC term plan calculator doesn’t stop after providing the approximate premium amount; it will also help you to find out the other technicalities of the plan like the sum assured. Many reputed insurance companies are also offering this kind of online premium calculation tool to help you decide efficiently.
How does LIC Term Plan Premium Calculator Work?
The LIC term insurance premium calculator asks for some basic information from you. Once you provide the information to this tool, it offers the following information for you that you need to fill. The information that tool expects is minimal and does not take more than 2 minutes of the customers to fill the form.
- Name of the plan.
- Applicant’s Applicant’s age.
- Sum Assured.
- Frequency of the Premiums.
- Tenure of the Plans.
Once you entered all the information successfully, the tool will display the approximate premium amount for the particular plan in front of the screen. After getting information about the premium and sum assured amount, you can go further to avail the request for the plan. All in all, the LIC term insurance plan calculator helps customers to find the approximate premium without having to contact an insurer.
Example of LIC Premium Calculation
Understand the functionality of the Life Term Plan Calculator with this example.
The LIC term insurance plan premium calculator has 4 to 5 fields depending on your selected plan. To make you understand better, we have chosen a new endowment plan that contains a maximum number of fields.
|Type of the Plan||New Endowment Plan|
|Age of the Insured||38 years|
|Tenure/Term of the Plan||20 years|
|Sum Assured of the Plan||10 Lacs|
|Accident Benefits/rider||Yes/ selected|
Accident/ rider benefits are optional here. If you don’t need this you can click on “No”. If you select “Yes” your premium amount will slightly get increased.
After entering information the form, the inference of this calculation are as under:
|Monthly Premium||INR, 4250|
|Quarterly Premium||INR, 12,750|
|Half yearly premium||INR, 25, 235|
|Yearly Premium||INR, 49,940|
How to Access the LIC Term Insurance Premium Calculator?
Follow the step-by-step instructions and get the information about the premiums of the plan.
- Head over to the official site of the LIC https://www.licindia.in/
- Now, move your cursor on the top of the home page, then click on “Products” “Insurance Plan” to figure out the active list of the life insurance plan.
- On the page that contains a list of the life insurance plans, you can find the button labelled “calculator”, move your eye at the left side of the page.
- When you click on it, you will be redirected to the “LIC term insurance premium calculator” page.
- On the LIC term insurance plan calculator page, you will be requested to fill the form with basic details, like, name, age, desired policy, policy term, the sum assured and so on.
- Once you enter all the details carefully, you can find out how much premium amount you have to pay to avail an insurance plan.
- If the premiums fall in your budget, then you can generate the request for the policy from the comfort of your home.
Advantages of Using LIC Term Insurance Premium Calculator
Following are the significant advantages of using LIC term plan premium calculator.
- The LIC term plan calculator has eliminated the need for a middleman to know the premium of a particular plan. Rather approach an agent to know the premium and sum assured details, open the website of the LIC, click on the premium calculator page, enter your details and get the information about the premiums and sum assured spontaneously.
- Another significant benefit of using the LIC term insurance plan calculator is you can change the details of the fields until you get the satisfactory premium results.
- When using the LIC Term Plan Premium Calculator, you can help you in making a wise decision whether a plan is worth to avail or not.
- This online tool is easy to use—all you need to enter the basic details and get the information in the blink of an eye.
- The calculator helps you to find the most affordable plan without compromising insurance benefits.
- This online tool offers you an accurate result because there is no human intervention.
Factor Affecting the Premium for LIC Term Insurance
The ability to precisely calculate the premium in underwriting a new policy is important for the consumer because it can build or break the insurance company’s profit. If the company cost the premiums fairly, understanding the claim risk, it may be profitable, as premiums will surpass the benefit paid.
Alternatively, if the insurer doesn’t sufficiently perceive the risk associated with underwriting a specific policy, it can lead to a big loss. And a company may end up paying more benefits than receiving premiums.
LIC term plan premium calculator calculates the premium for a selected term insurance plan based on the variables that are listed below-
- Sum assured.
- Term of the Policy.
- Premium paying frequency.
- Medical history.
- Family history.
On considering the above-mentioned factor, the actual premium is calculated.
In a nutshell, LIC is a leading company that has gained huge acceptance from individuals due to its diverse insurance plans and affordable premium rates.
Now, by launching an advanced algorithm-based LIC term plan calculator, it has made it very easy for the customers to reach out at the ideal plan. This online tool is straightforward to use and offers you accurate and detailed premium information.
You will be glad after knowing that the company will not charge any cost to use this tool. One of the best things about using a calculator is that you can modify the values until you get satisfactory premium plans. For more query visit Financegab.
You May Also Like to Read: HDFC Term Insurance Premium Calculator
LIC Term Insurance Premium Calculator – FAQ’s
Can I compare prices?
Yes, the LIC term insurance calculator enables you to compare quote prices from different plans.
Can I buy an LIC term insurance calculator?
No, you cannot buy this calculator. The company only allows you to add the details and check the premiums.
Can Premiums for LIC term insurance be paid in cash?
Yes, you can pay the premium in cash by visiting the nearest branch office of the LIC.
Are there any charges for using LIC term insurance premium calculators?
No, the company won’t take any charges to use its online calculator.