LIC Saral Jeevan Bima Premium Calculator

What is LIC Saral Jeevan Bima Yojna Premium Calculator?

LIC Saral Jeevan Bima Yojna Premium and Maturity Calculator is an online tool offered by the LIC of India that allows the policyholder to understand the premium calculation and maturity amount they will receive at the end of the policy term. This calculator considers various factors such as the policyholder's age, sum assured, policy term, and other relevant details to calculate an approximate premium amount. One can easily customize the LIC Saral Jeevan Bima Premium Calculator as per their needs and calculate the approximate premium amount for their ideal LIC Term Plan.

How to Use LIC Saral Jeevan Bima Premium Calculator 

Using LIC Saral Jeevan Bima Premium Calculator is so easy and simple! You can compute the LIC Saral Jeevan Bima online in just a few clicks. Here’s a step-to-step guide: 

Step 1: Visit the official website of LIC

Step 2: Click on ‘products’ present on the top of the homepage and select ‘insurance plan’ like LIC Saral Jeevan Bima, to find the list of all the active policies offered by LIC 

Step 3: Then, click on the option ‘premium calculator’ present on the left side of the page. 

Step 4: Enter the required details such as 

• Date of birth

• Name

• Gender

• Email ID

• Mobile number

• Desired policy

• Sum assured amount

• Smoking habits

• Policy term, etc. 

Step 5: After entering all the details, the premium amount that you are required to pay will be displayed on the screen. 

Step 6: Proceed to pay, if the policy prices are satisfactory 

Note: You can calculate the term plan premium on the term insurance calculator online tool by Policybazaar.

Advantages of LIC Saral Jeevan Bima Premium Calculator 

The benefits of LIC Saral Jeevan Bima Yojana Premium Calculator are multiple, as discussed below: 

1. Selecting the right cover amount 

   LIC Saral Jeevan Bima premium Calculator estimates the term cover amount that covers the family’s financial requirements, premium payable, and other liabilities. The selection of coverage depends upon different parameters such as existing liabilities, annual income, number of dependents, etc.

2. Cost –Saving 

   Using LIC Saral Jeevan Bima Premium Calculator, one can opt for the highest possible amount of life cover for their LIC Saral Jeevan Bima policy that fits into their budget.

3. Hassle-free and time-saving

   While comparing the term insurance plans displayed on the screen using the LIC term calculator, you are not required to submit any of the documents. You get a premium quote within a few clicks and then you can make an informed purchase decision. 

4. Comparison of different plans 

   The LIC Saral Jeevan Bima Premium Calculator provides you the option of comparing different plans and selecting the right one. 

5. Instant Results 

   Once you enter the required details, you do not have to wait around for the results. The LIC Saral Jeevan Bima Premium Calculator offers accurate and prompt responses, which is unlikely when it is done manually 

6. Helps in Financial Planning 

   The LIC Saral Jeevan Bima Calculator helps you know the amount of premium to be paid immediately. Once you know the premium you must pay regularly, you can plan your budget accordingly.

Factors Affecting the LIC Saral Jeevan Bima Premium Rates

The premium rates of a LIC Saral Jeevan Bima policy are determined based on the following factors:

• Age: Term insurance premium rate increases with the policyholder’s age. A younger individual is less likely to fall ill due to lifestyle diseases that occur with age or immature death. So, the premium rates are lower for younger people than for older individuals.

• Gender: As per the research, women's average life expectancy is higher than men's. This means women can avail of a lower premium than men of the same age.

• Smoking Habits: A smoker has a higher death risk than a non-smoker. Because of the physical hazard, a smoker has to pay higher premium amounts than non-smokers

• Sum Assured: The higher the sum assured amount chosen by the insurance buyers, the higher the premium rates of the policy. 

• Premium Payment Term: The shorter the premium payment term chosen, the higher will be the term insurance premium increase. 

• Health Conditions: The plan's premiums will be higher for someone with pre-existing illnesses. Thus, when buying a plan, it is important to correctly share all the health-related details with the insurance company.

Wrapping It Up

LIC Saral Jeevan Bima Premium Calculator is an online-free tool which allows policyholders to get an estimate of the premiums payable for their LIC Saral Jeevan Bima Policy. By using the LIC Term Plan Calculator, prospective policyholders can input their details and preferences to get an approximate premium amount for the desired coverage. It helps individuals plan their insurance needs, compare different coverage options, and make an informed decision