LIC Premium & Maturity Calculator

What is the LIC Premium and Maturity Calculator?

The LIC Premium and Maturity Calculator is a free online tool offered by the LIC of India. It gives policyholders an estimate regarding premiums payable and maturity payouts and helps them understand the impact of different parameters on their premiums and maturity payouts.

With the LIC Calculator, the policyholder can calculate the premiums payable for their LIC policy and customize the plan according to their needs and budget. In addition to this, the calculator shows the monthly, quarterly, half-yearly, and yearly premium estimates, making it easy for the policyholder to choose.

You can also check your term insurance plan's premiums using the term insurance calculator.

What are the Benefits of the LIC Return Calculator?

Using the LIC Return Calculator not only helps in estimating premiums and maturity benefits but also offers several benefits, such as:

• Time-Saving:

  Calculating LIC premiums or maturity amounts manually can be time-consuming. However, calculating using the LIC maturity calculators can save time and give quick results in just a few clicks.

• 100% Accuracy and Transparency:

  LIC Calculators give accurate results for premiums and maturity amounts based on age, policy term, sum assured, etc. Using the LIC Calculator also adds transparency. It lets individuals know exactly how much they will pay in premiums and how much they can expect to receive upon maturity.

• Easy Comparison:

  Using the LIC Premium and Maturity Calculator, you can compare several LIC policies easily and choose the right LIC policy for you as per your needs and requirements

• Budget Planning:

  With LIC Premium and Maturity Calculator, you can calculate the premiums beforehand and better plan your budgets by knowing how much you need to set aside each month or year for your LIC policy.

How Does the LIC Calculator Work?

The LIC Calculator is an essential tool designed to help users evaluate the premium amounts, maturity benefits, bonuses, and other key details of LIC insurance policies. Below is the process to use the LIC Online Premium Calculator:

The LIC Calculator is an essential tool designed to help users evaluate the premium amounts, maturity benefits, bonuses, and other key details of LIC insurance policies. Below is the process to use the LIC Online Premium Calculator:

• Enter Policy Information: Specify the type of policy (e.g., endowment plan, term plan, or money-back policy).

• Choose the Sum Assured: Fill in the sum assured amount. This is the guaranteed amount the insurance company will pay if the policyholder dies during the term.

• Choose Policy Term: Enter the duration to keep your LIC policy active.

• Select Premium Payment Mode: Choose from monthly, quarterly, half-yearly, or yearly payment options.

• Provide Age Details: Enter the policyholder's age, significantly impacting the premium amount.

• Add Riders (if applicable): Specify additional benefits or riders for enhanced coverage, such as accidental death or critical illness.

**Review the brochure of your chosen LIC Policy before using the LIC Calculator. Every LIC plan has certain eligibility requirements that must be met before purchasing a plan.

**The result displayed by the LIC calculator is an approximation, as the insurance company may ask for more details regarding your background, which can affect the premium calculation.

Sample LIC Premium Calculation using LIC Premium Calculator

Here is an example of a life insurance premium calculation using the LIC premium and maturity calculator.

For this illustration, we have selected LIC’s Jeevan Umang.

*The Accident Benefit rider offers an additional cover in case of accidental deaths on the top of the base life insurance plan. The insurer charges an extra premium amount for such riders. The LIC premium calculator also offers visibility on the extra premium charged for riders.

The premium payable under the plan is:

Other LIC Plan Calculators

Policyholders can explore various other LIC plan calculators tailored to specific policies. Here is a list of available LIC plan calculators:

• LIC Index Plus Calculator

• LIC Nivesh Plus Calculator

• LIC Jeevan Umang Calculator

• LIC Jeevan Utsav Calculator

• LIC New Jeevan Shanti Calculator

Using these calculators, you can estimate premiums, maturity benefits, and other essential details for the respective plans. Always review the policy brochure before making decisions.

5 Tips to Reduce LIC Premiums

• Start Early:
  Buying a Life Insurance Policy at a younger age is a cost-effective move. Younger individuals are usually considered lower risk, leading to more affordable premium rates. By buying an LIC policy early, individuals can lock in lower rates and ensure long-term financial protection.

• Choosing the Right Sum Assured:
  Before finalizing an LIC policy, assess your coverage needs carefully. You can ensure adequate protection without unnecessary premium expenses by choosing a sum that aligns with your financial obligations and goals.

• Maintain a Healthy Lifestyle:
  Maintaining a healthy lifestyle can positively reduce LIC premiums. Regular exercise, a balanced diet, and well-being contribute to lower risk factors. By prioritizing health, individuals enhance their quality of life and potentially enjoy lower insurance costs.

• Quit Smoking:
  Quitting smoking is beneficial for overall health and can affect premium costs. Insurance companies consider smokers to be higher-risk individuals, and hence, they have to face higher premiums. Policyholders can enjoy lower premiums by quitting smoking, reflecting the positive impact on their health and reduced risk profile.

• Selecting an Appropriate Policy Term:
  The policy term plays a vital role in determining premiums. Choose a term that aligns with your financial goals and objectives. You can balance coverage duration and premium affordability by selecting an appropriate term.

Summing It Up

LIC Return Calculators are a valuable tool for deciding an ideal LIC policy. These user-friendly calculators save time, produce reliable results, simplify comparing policies, support budget planning, provide customization possibilities, increase process transparency, and calculate premiums for multiple policies simultaneously. Therefore, it is recommended that you use LIC calculators to make financial decisions about your future investments if you have life insurance or are considering purchasing one.

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