LIC Online Premium Calculator or LIC Premium Calculator is available at https://licindia.in/ for you to generate an instant illustration for Premium.
It can be used by anyone who wants to calculate their LIC premium. If you are looking to buy an insurance policy, then you must have heard of Life Insurance Corporation (LIC) of India.
LIC is one of the largest insurance providers in India and has been around for over six decades. They offer various insurance policies to suit the needs of different individuals, including term plans, endowment plans, money-back plans, and more.
Before buying an insurance policy, it’s essential to understand the premium amount that you need to pay.
The premium is the amount you pay to the insurance company to get the benefits of the policy. It’s essential to calculate the premium amount to ensure that you can afford the policy and that it fits into your budget.
Are you looking to calculate the premium of your LIC policy? Do you want to know the exact amount that you need to pay for your policy? If yes, then you have come to the right place.
LIC Premium Calculator
LIC premium calculator is a tool, which gives you an approximate amount of the premium as per the policy chosen by you.
This tool takes into consideration the policy you wish to purchase and other details associated with it, like the name of the policy, age of the policyholder, the sum assured, the tenure of the policy, the premium paying frequency, and riders (if any).
The entire form can be filled in in a minute or so and once all of the required information has been entered, the tool will give you an approximate figure of how much premium you will have to pay.
It is important to note that the figure generated by the LIC Online Premium Calculator is only an approximation and the insurance company could undertake further background checks which may increase or decrease the figure displayed by the tool.
The LIC of India has a LIC calculator to calculate the premium for life insurance policies and it is made available on the official website.
The premium payment to be made for each policy will depend upon the kind of policy you are purchasing.
Even the credentials of an individual can determine the amount of money that will have to be paid towards premiums. Younger and healthier customers usually avail lower premiums in comparison with their older counterparts.
| Name of the calculator | LIC Amount Calculator |
|---|---|
| Title | LIOC Calculator calculates the total amount of premium |
| Subject | Life Insurance Corporation of India provided the LIC Online Premium Calculator |
| Category | Calculator |
| Website | https://licindia.in/ |
| LIC Online Premium Calculator | https://ebiz.licindia.in/ |
Required details for LIC Premium Calculator
To know how much premium you will have to pay towards your LIC policy, the LIC Online Premium Calculator is the best tool you can use.
Usually, the LIC premium calculator includes the following fields where you have to provide all the information:
- Name of the plan
- Applicant’s age
- Sum Assured
- Frequency of the premiums
- Tenure of the Plan
- Riders (if any)
Here’s an example of the LIC Premium Calculator:
| Type of Plan | New Endowment Plan |
|---|---|
| Age of the Insured | 42 years |
| Policy Tenure | 15 years |
| Sum Assured | Rs.10 lakh |
| Riders | Selected |
The calculator will generate information in the following manner:
| Monthly Premium | Rs.5,000 |
| Quarterly Premium | Rs.14,500 |
| Half-Yearly Premium | Rs.29,250 |
| Yearly Premium | Rs.58,500 |
Once you have analyse the approximations of the LIC Online Premium Calculator, you can decide whether or not you want to go ahead and purchase the policy.
The life insurance premium is a one-time or recurring payment made by you towards your life insurance plan. A life insurance plan is valid only if you make payment of the premium on time and in accordance with the guidelines of the insurer.
In general, you will have the option to select the frequency of payment of premiums such as single premium, yearly, half-yearly, quarterly, or monthly. A part of this premium is paid out as an assured sum when the policy’s benefits get triggered.
How to Use the LIC Premium Calculator?
By using the LIC premium calculator, you can get an accurate estimate of the premium amount that you will be required to pay for a particular policy.
Using the LIC premium calculator is very simple and straightforward. Follow these steps to calculate your LIC premium:
- Visit the LIC website (licindia.in) and click on the ‘Premium Calculator’ option under the ‘Online Services’ tab.
- Choose the type of plan you want to calculate the premium for (Endowment Plan, Money Back Plan, Term Assurance Plan, Pension Plan, or Health Plan).
- Enter your age, policy term, premium payment frequency, sum assured, and rider benefits (if any) in the relevant fields.
- Click on the ‘Calculate’ button to get the premium amount that you need to pay for your policy.
- If you are satisfied with the premium amount, you can proceed with buying the policy by clicking on the ‘Buy Now’ button.
Benefits of Using the LIC Online Premium Calculator
Using the LIC premium calculator has several benefits. Some of them are:
- Accuracy: The LIC premium calculator gives you an accurate premium amount based on the information you provide. This helps you to plan your finances better.
- Saves Time: Calculating the premium manually can be a time-consuming task. Using the LIC premium calculator saves you time and effort.
- Convenience: You can use the LIC premium calculator anytime and anywhere. All you need is an internet connection.
- Customization: The LIC premium calculator allows you to customize your policy based on your requirements. You can choose the sum assured and rider benefits that suit your needs.
LIC Premium Calculator FAQs
What is the LIC premium calculator?
The LIC premium calculator is an online tool that allows you to calculate the premium of your LIC policy.
How accurate is the LIC premium calculator?
The LIC premium calculator is very accurate and gives you the premium amount based on the information you provide.
Can I use the LIC premium calculator for any LIC policy?
Yes, you can use the LIC premium calculator for any LIC policy.
Is the use of the LIC premium calculator free?
Yes, the use of the LIC premium calculator is completely free.
Is it mandatory to use the LIC premium calculator to buy an LIC policy?
No, it is not mandatory to use the LIC premium calculator to buy an LIC policy. However, it is recommended to use it as it helps you to plan your finances better.
How is the premium amount calculated?
The premium amount is calculated based on various factors such as your age, policy term, sum assured, etc.
Is the premium calculator accurate?
Yes, the premium calculator provides accurate results based on the details you enter.
Can I calculate the premium amount for all types of policies?
Yes, you can calculate the premium amount for various insurance policies offered by LIC, including the type of policy, policy term, sum assured, age of the policyholder, and other relevant factors. By entering the correct details, you can get an accurate estimate of the premium amount that you will be required to pay.