LIC Child Plan Calculator

LIC Child Plan Calculator- An Overview

LIC Child Plan Calculator is a valuable tool available on the official website of LIC of India. This tool helps you estimate the premiums and benefits of various child insurance policies offered by LIC, ensuring you choose a plan that aligns with your financial goals and your child’s future requirements. 

Benefits of Using the LIC Child Plan Calculator

• Simplifies Planning: The calculator simplifies planning for your child’s future by providing instant estimates. You don’t need to sift through complex policy documents or manually compute figures.

• Quick and Efficient: Instead of waiting for an insurance agent or financial advisor to provide calculations, you get immediate results online. This efficiency saves time and allows you to make informed decisions faster.

• Provide Flexibility: You can customize the plan based on your child’s age, financial goals, and coverage amount. This flexibility ensures you can tailor the plan precisely to your needs.

• Informed Decision-Making: By understanding the premium and benefits in advance, you can better manage your finances and make informed decisions about your child’s future.

How Does the LIC Child Plan Calculator Work?

Using the LIC Premium Calculator is a simple process. Here’s a step-by-step guide to how it works:

• Enter Basic Details: The calculator requires you to input details such as your child’s age and the policy term. 

• Choose the Desired Coverage: Specify the amount of coverage you wish to provide. This could be based on projected education costs, potential career needs, or other financial goals. The coverage amount will significantly impact the premium you pay.

• Input Additional Information: You may have to fill in the additional details, such as the premium payment frequency (monthly, quarterly, annually) and any specific riders or add-ons you wish to include in the policy.

• Calculate and Review: Once all the details are entered, the calculator processes the information and estimates the premium you need to pay. It also shows the benefits you will receive, such as maturity benefits and any additional payouts.

• Plan Comparison: The calculator often allows you to compare different LIC child plans, giving you a clearer picture of which plan best suits your needs.

Premium Structure for Child Plans

The premium calculator displays the payable premium based on the inputs matching LIC child plans. The results are shown in the frequencies applicable in the LIC Child Plan Calculator Plan - yearly, half-yearly, quarterly, and monthly.

Let us consider a sample illustration for the LIC Child Plan Calculator Policy, which pertains to the LIC New Children’s Money Back Policy with a proposed Rs.1 Lakh Sum Assured. The annual premium arrived by the premium calculator for the child’s different entry ages are:

• 0 years: Rs. 4327

• 5 years: Rs.5586

• 10 years: Rs.7899

• 12 years: Rs.9202

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