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LIC Term Insurance Premium Calculator

LIC term insurance plans are some of the most popular policies offered by the provider. These low-cost policies, also known as LIC term plans, promise significant benefits in the scenario that the policyholder dies before the tenure of the plan ends. There typically is no kind of maturity value payable under such policies in case the policyholder survives till the end of the tenure. LIC offers multiple types of term insurance plans.

To find the right type of term policy that perfectly meets the coverage requirements and budget, one can easily use the LIC term plan calculator that is featured on the website of the insurer.

What is LIC Term Insurance Plan Calculator?

An LIC term insurance coverage policy would only be valid till the policyholder makes duly premium payments as per the guidelines of the insurer. The policyholder would ideally have to make annual or semi-annual premium payments for the LIC term plans. A part of this premium tends to be paid out as the assured amount when the benefits of the policyholder get triggered.

The premium of any life insurance would depend on the plan chosen by the policyholder, as well as their overall credentials. Typically, a healthier and younger individual would be quoted a lesser premium in comparison to someone crossing the age of 50.

Similarly, non-smokers would get to enjoy a preferential premium rate in certain LIC term insurance plans, while a smoker probably would be quoted a superior sum. As there are multiple variables involved in ascertaining the premium amount one might be required to pay for a LIC term insurance plan, identifying the perfect policy as per their budget can prove to be a complicated endeavor for people. This is where the LIC term insurance premium calculator comes to their rescue.

The LIC insurance plan calculator is a specially designed tool, with the help of which people can calculate the needed monthly premium that has to be paid in a particular term insurance plan, so as to get the desired sum assured amount. The LIC insurance premium calculator is extremely easy to use, and comes as a huge help when a person is trying to compare coverage plans online to identify the perfect LIC term policy as per his/her requirements. This insurance calculator enables people to adjust the sum they would like their family to receive in the scenario of their unfortunate demise.

Types of LIC Term Insurance Plans

 

Plans

Term of  Policy

Tax Benefit

Age of Entry

Age of  Maturity

LIC Anmol Jeevan II Plan

Minimum: 5 years

Maximum: 25 years

Offers tax benefit under section 80C of Income Tax Act.

Minimum: 18 years

Maximum: 55 years

65 years

LICAmulya Jeevan II Plan

Minimum: 5 years

Maximum: 35 years

Offers tax benefit under section 80C of Income Tax Act.

Minimum: 18 years

Maximum: 60 years

70 years

LIC e-Term Plan

Minimum: 10 years

Maximum: 35 years

Offers tax benefit under section 80C of Income Tax Act.

Minimum: 18 years

Maximum: 60 years

75 years

Need for Premium Calculators

The life insurance domain in India is flooded with many insurance providers promising top-notch insurance products. Almost all the leading risk management service providers of India have diverse variants of term insurance policies for their customers. Prior to choosing a policy, the customers ideally look for the various features of a plan and the benefits offered by it. Apart from this, the premium to be paid for the plan is also a major factor that helps people to identify the ideal insurance plan to invest in. With multiple players offering diverse policies with appealing coverage, it seems to be difficult at times to decide on the right policy.

Through premium calculators, people can easily find the costs involved in a policy without having to contact any insurance agent or go to a bank.  People can easily compare diverse term insurance plans online by finding out the approximate premium they have to pay in each of them, through the premium calculators. The LIC term insurance plans are some of the most affordable insurance policies offered by this insurer, and with the help of the LIC term insurance premium calculator people would be able to see that such policies would be a great way to secure the financial future of their family without putting a dent on their pockets.

How to Access the LIC Term Insurance Plan Calculator?

Here are the step-by-step instructions for using the LIC term insurance plan premium calculator:

1: Visit https://www.licindia.in which the official website of LIC
2: Click on the ‘products’ option on the top of the homepage
3: Choose the ‘insurance plan’ option from the drop-down menu in order to find the list of active plans offered by LIC
4: On the page where all the available LIC products are listed, people would be able to find an option labeled ‘calculator’. This option would be present on the left side of the page
5: As soon as one clicks on the ‘calculator’ option, the calculator page would open
6: On this premium calculator page one has to enter multiple details, like name, age, gender, policy term, desired policy, sum assured, smoking habits and so on
7: After entering all the relevant details, they would be able to identify how much they have to spend every year on their chosen term insurance plan from LIC
8: In case insurance seekers find the premium amount fitting into their budget, they can either visit an LIC branch or contact any insurance agent in order to apply for the necessary coverage plan.

Benefits of LIC Term Insurance Premium Calculator

A term insurance calculator, such as the LIC term insurance plan calculator is the perfect tool that one might need while searching for the perfect term insurance policy to invest in. Through such calculators, people can compare the premium sum they have to pay for diverse term coverage plans, and subsequently identify the insurance policy that perfectly matches their needs. Here are some of the prime advantages offered by the LIC insurance premium calculator:

Time-Saving Technique

Time is precious for all, and the term insurance premium calculator can significantly help people in saving their precious time. The insurance seekers do not need to submit any documents to get premium quotes when using the LIC term insurance calculator. Within a couple of minutes, this tool would suggest the approximate insurance premium to be paid by a person, as per the details entered. A lot of people tend to avoid investing in insurance plans as they do not have the time needed for the documentation and enquiring needed to purchase those products. The LIC insurance plan calculator uses some basic algorithms of insurance to enable people to avail the insurance quotes they need in just a few clicks and a couple of minutes.

Comparison of Various Plans

A lot of people these days compare coverage plans online prior to investing in any policy, as identifying the perfect plan is among the most difficult aspects of investing in life insurance cover. LIC term insurance premium calculator enables people to get premium quotes for the diverse term insurance policies offered by LIC, so that people can make a well-informed decision on which plan to invest in. Budget is among the most vital points most people consider before investing in an insurance plan, as they would be required to pay the premiums at regular frequencies for it. Having a proper knowledge about the costs involved in a plan significantly simplifies the comparison among diverse policies, thereby facilitating an easy decision.

Convenient

The LIC term plan calculator provides people with an extremely easy and hassle-free way to acquire premium quotes right from the comforts of their home. This is an extremely easy-to- operate tool where people would just need two minutes to fill out all requisite details, and the approximate premium amount to be paid by them in case they invest in the plan would be available in no time.

Cost-Effective

Using an insurance premium calculator would be among the most cost-effective methods to carry out the research for an insurance plan purchase. When investing in a term insurance policy, the premium to be paid for is among the key factors that are taken into consideration by all prospective policy-buyers. The easy calculation of the premium for a term coverage plan online zeroes down the research on a large scale, while not even costing a single penny to the proposer.

Factors to Consider Before Calculating LIC Term Insurance Premium

As people choose to calculate the approximate insurance premium amount they have to pay when investing in a LIC term plan with the help of the LIC term insurance plan calculator, there are a few factors that they must keep in mind. Here are some of them:

The Insurance Requirements

The very first element that would play a key role in deciding the premium sum through the term insurance calculator is the insurance requirements and needs of a person from the chosen policy coverage. Diverse term insurance policies tend to cater to the distinct needs of the policy buyers. As a result, as per the life goals and future concerns of people, they must select a plan that would help them to achieve their financial objectives and orderly secure the financial future of their family.

Age

It is widely known that the sooner people decide to invest in a term insurance plan, the lesser sum of premium they have to pay for it. Age is among the crucial factors that come to play when calculating the premium of a term insurance plan. The LIC term insurance premium calculator typically calculates a lesser premium for the people who are at their young age. Hence, it is prudent that people try to invest in a term insurance plan as early in their life as possible, so as to maintain a low-cost insurance coverage for a longer period of time.

The Coverage Amount

The coverage amount of a term insurance plan is another vital factor that the LIC term insurance premium calculator considers when deciding the premium. People must try to select the term insurance coverage amount as per their future requirements, as well as the rate of inflation. The amount they choose should be sufficient to support their whole family in case of any unfortunate circumstance, and therefore must be chosen after a lot of thought and deliberation.

The Chosen Policy Term

The policy term chosen by a person also plays a vital role in calculating the premium through the LIC term plan calculator. Typically, the longer the duration of the coverage plan, the lesser premium one has to pay. Hence, in order to make the most cost-effective investment, it would be a good idea for a person to acquire a LIC term insurance plan for a long duration, rather than investing in a short-term policy.

Purchase Online

As there are no intermediaries involved, buying a term insurance policy online is not just convenient and simple but cheaper as well. People can easily invest in the LIC e-Term Plan directly through the LIC website and need not contact any insurance agent or visit any bank branch for it.

Habits

In the case of certain LIC term insurance coverage policies, non-smokers get the benefit of paying a lesser premium sum in comparison to the smokers.

It is crucial for people to be quite cautious in their approach when purchasing a term insurance plan, as the financial stability of their family may depend on it. This is the reason why a majority of people opt to carry out extensive research prior to investing in a term insurance plan. Using the LIC term insurance premium calculator can go a long way in enabling people to compare the costs of various LIC term plans and differences in their coverage.

About Life Insurance Corporation of India

The Life Insurance Corporation of India or LIC was established on 1st September 1956.  It is the oldest life insurer of the nation and offers diverse types of insurance plans to cater to the various life insurance needs of the people. The range of products offered by this company includes multiple term plans, traditional saving plans, child plans, pension plans, and ULIPs. One can find further details about these plans online

LIC Term Insurance Premium calculator - FAQ’s

  • Q: What type of a LIC term insurance policy should I invest in?

    Each of the LIC term insurance plans has its own features and benefits. People must select the plan that meets their long-term goals, requirements and comes under their budget. One can compare the multiple LIC term coverage plans online and see which one matches his/her requirement  perfectly  before  zero down the plan they should invest in. People should also use the LIC term plan calculator to get a rough idea about the sum of premium they may have to pay for the plan, to check if it comes under their budget or not.

  • Q: Where can one find the LIC Insurance Calculator?

    The LICinsurance calculator can be found on its official websitehttps://ebiz.licindia.in/D2CPM/#qni/basicinfo

  • Q: What are the general details  required while using the LIC term plan calculator?

    Certain general details are required for using an insurance calculator of LIC, such as the date of birth, gender and contact details of the prospective policyholder.

  • Q: Are there any discounts on premiums in LIC term coverage plans?

    Yes, LIC does offer specialized discounts for female customers and non-smokers. In certain cases, there also are discounts offered on the modes of premium payment, based upon the relevant policy terms and conditions.

  • Q: What will happen if I forget to pay the term insurance premium for one month?

    In case you do not pay the premium before or on the due date, LIC would provide you with a grace period of 30 days to  initiate the payment. However, the grace period tends to be only for 15 days in case of monthly premiums. If your premium is not paid in this period as well, then your policy would be considered to have lapsed and you have to revive it. If you do not revive your coverage plan during the relevant period, then the policy would ultimately be considered to be null and void and no claims can be made in the future.

  • Q: Are LIC term insurance premiums paid monthly or annually?

    The LIC term insurance premium can be paid semi-annually or annually. However, if selecting the semi-annual mode of premium payment, the policyholder would have to pay an extra sum of premium that is an extra of 2% of the tabular premium for the annual mode of premium payment for both LIC Anmol Jeevan Plan II and the LIC Amulya Jeevan Plan II.

  • Q: Are people given any rebates on the premiums of LIC Term Plans? 

    While there are no rebates given on these plans, the LIC e-Term Plan does provide preferential rates on premiums for non-smokers.

  • Q: What should I do to cancel the LIC term insurance policy before completion of the policy tenure?

    In case the policyholder desires to cancel the LIC term insurance plan before it has reached its maturity, he/she has to personally visit any LIC branch and submit a duly filled policy surrender form there, along with the original policy document

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