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The Life Insurance Corporation of India (LIC) offers four term insurance policies that cover the risk of death of individuals at low premium rates. With the help of the LIC term insurance calculator, individuals can calculate the approximate premium rate of the policy before buying it. Also, this calculator helps in adjusting the sum assured amount you would want your family to receive after your death. Read further to learn in detail about LIC Term Plan Calculator and how to use it.
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LIC Term Plan Premium Calculator is an online tool designed to help customers estimate the premium rate of LIC Term Insurance Policies. The LIC term plan calculator can be used online easily in a simple and hassle-free way. To calculate the policy's premium rate, one just needs to enter relevant information in the LIC term insurance calculator, which then computes the premiums based on the information provided.
Term Plans
Here is a list of benefits of using the LIC term insurance calculator 2023:
Free of Cost: The LIC term plan calculator can be used online to calculate the estimated premiums of term insurance free of cost.
Hassle-Free: The LIC term insurance premium calculator is a hassle-free tool to easily calculate the right premium amount for your desired life cover.
Convenient: You can conveniently calculate the premiums for various plans offered by the company, all on the same platform.
Time and Energy Efficient: The LIC term plan calculator not only saves you time but also the energy you would otherwise spend on calculating premiums manually.
Transparency: The LIC term insurance premium calculator displays the premium, including the tax amount.
We need the LIC term insurance premium calculator because of the following reasons:
Easily Accessible: The LIC term plan calculator is easily accessible and allows you to check the premiums for your profile from anywhere, anytime.
Select the Right Life Cover: The LIC term insurance calculator helps to determine the sum assured an individual will need to secure the family's financial future.
Accurate Results: The calculation done by the LIC term insurance premium calculator ensures no ambiguity in the computed premium and provides a relevant picture of the actual cost.
Compare and Buy: The LIC term insurance calculator can be used multiple times to see how the premium varies across different factors and compare it with other plans.
Helps in Financial Planning: You can easily customise the plan details like policy term, sum assured and other such details within the LIC term insurance calculator to ensure that the premiums fit within your budget.
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Go to the LIC Term Insurance premium calculator tool on the LIC website or mobile application. You will be asked to enter the following details -
Name
Date of Birth (DOB)
Gender
Contact Details
Smoker/non-smoker
Policy term
Sum Assured
Premium paying term
Once you enter all the details, click on 'Quick Quote'. This displays the yearly, half-yearly, quarterly, and monthly premiums along with taxes.
Let us consider a hypothetical situation where the LIC Term Plan Calculator is used with the above factors to arrive at a prospective sample premium.
The inputs in the Premium Calculator for the LIC Term Plan Calculator Policy are:
| Parameters | Policy Details |
| Policy name | Tech-Term |
| Sum Assured | Rs.1 Crore. (Minimum: Rs.50 Lakh Maximum: No limit) |
| Applicant's age | 30 years. (Minimum Entry Age: 18 years Maximum: 65 years) |
| Policy Tenure | 20 years. ( 10 to 40 years) |
| Premium Payment Frequency | Yearly. (Yearly, Half-Yearly, Quarterly, Monthly, Limited period 5 or 10 years, Single) |
| Option | Level Sum Assured |
| Rider Chosen | No |
The annualized premium payable (exclusive of 18% applicable GST) for the above parameters is:
| Premium Payment Term | Premiums |
| Regular Premium: | Rs.7216 |
| Five years limited premium: | Rs.8360 |
| Ten years limited premium: | Rs.10912 |
| Single premium: | Rs.87120 |
The annualized premium payable (exclusive of 18% applicable GST) if the chosen option is the Increasing Sum Assured:
| Premium Payment Term | Premiums |
| Regular Premium: | Rs.10350 |
| Five years limited premium: | Rs.12360 |
| Ten years limited premium: | Rs.15750 |
| Single premium: | Rs.124920 |
The premium rates of a term insurance policy are determined based on various factors. Some of these factors are:
LIC term plan premium rates increase with age due to increased risk to life.
The LIC term plan premiums are higher for a higher sum assured.
LIC offers lower premium rates for non-smokers as it decreases their chances of lung cancer.
LIC offers lower premium rates for female customers as they have a longer life expectancy.
Different premium payment modes will have different premiums. For example, annual premium payment modes will have a larger premium amount than monthly premium modes.
People who work in high-risk jobs will have larger premiums than those who work in low-risk jobs.
People with pre-existing illnesses or medical conditions may be charged higher premiums due to their reduced mortality.
While this online tool reduces alot of efforts, it is better to use this LIC Term plan calculator, keeping some things in consideration. Here is a list of following points that you should consider before using LIC Term insurance calculator:
Selection of right sum assured amount
Lower the age, lower will be the premiums
Types of occupation
Family medical history
Frequency of premium payment
Reducing customer effort is a top priority at Policybazaar. That's why we've introduced the LIC Term insurance premium calculator, so you can effortlessly calculate premiums without the stress of manual calculations.
Step 1: Visit Policybazaar’s website and go to the LIC Term Insurance Premium Calculator
Step 2: Fill your personal details in the LIC Tech Term Plan Calculator such as age, gender, life cover and coverage upto.
Step 3: After filling the requested deatils in the LIC term plan calculator, the premium rates will be displayed.
**Note: You can easily change the above variables that will affect the premium quotes.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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