LIC Term Insurance Premium Calculator
What is the LIC Term Insurance Premium Calculator?
LIC (Life Insurance Corporation of India) has various term insurance plans that help protect your family if you pass away. These plans have low monthly payments (called premiums).
The LIC Term Insurance Calculator helps you find out how much the plan will cost before you buy it. It also lets you choose how much money you want your family to get if something happens to you.
Need for Using Online LIC Term Insurance Premium Calculator
The LIC Term Insurance Calculator is a very helpful tool. It makes it easier for people to understand insurance plans and choose the right one. Here are the main reasons why we need to use it:
- 01
It is Easily Accessible
The LIC term insurance calculator is very easy to use and can be opened anytime, anywhere. You just need a mobile phone, tablet, or computer with internet. You don't have to visit any LIC office. You can check the premium from the comfort of your home, office, or even while travelling.
- 02
Helps in Selecting the Right Life Cover
The calculator helps you choose the correct amount of life cover. This is the amount your family will receive if something happens to you. It helps you think about your family's future needs, like education, rent, or daily expenses. This way, you can make sure they will be financially safe.
- 03
Gives the Accurate Results
The LIC calculator gives you very clear and correct results. It shows the exact amount of premium (the money you need to pay) for the plan you select. You don't have to guess or do any hard calculations. This helps you understand the real cost of the insurance plan before buying it.
- 04
You can Easily Compare and Buy
You can use the calculator many times to try different plans. You can change your age, the policy amount, or the time period to see how the premium changes. This helps you compare many options and pick the best plan for your needs and budget.
- 05
Helps in Financial Planning
The calculator also helps you plan your money better. You can adjust the policy term, the sum assured, and other details. This way, you can make sure the premium amount is something you can afford. It helps you stay within your budget while still protecting your family.
Benefits of LIC Term Insurance Premium Calculator
Here are some benefits that you will get from the use of the LIC premium calculator:
- 01
It Can be Used Free of Cost
The LIC term insurance premium calculator is completely free to use. You don't have to pay any money to use it. Just go to the LIC website, enter a few details, and the calculator will show you the estimated premium amount. This means you can plan your insurance without spending anything.
- 02
It is Easy to Use
Using the LIC calculator is very simple and easy. You don't need any special knowledge or help. Just type in the required details, how much life cover you want, and the calculator will do the work for you. It saves you from the confusion of trying to understand difficult numbers or long forms.
- 03
You Can Use it Anywhere, Anytime
The calculator lets you check premium amounts for different LIC term insurance plans in one place. You can do this from your home, using your phone or computer. There's no need to go to a LIC office or wait for an agent to explain everything. This makes it very comfortable and easy for anyone.
- 04
It Saves Time and Energy
This tool saves a lot of your time because it gives results quickly. You don't have to do any manual calculations or visit offices. Within a few seconds, you can see how much you may need to pay for your insurance. It also saves your energy because everything is done online in a simple way.
- 05
It Provides Transparency
The LIC calculator clearly shows the total premium amount, including taxes. There are no hidden fees or surprise charges. You can see what you have to pay before you buy the insurance. This helps you make better and smarter decisions.
Details Needed to Use LIC Term Insurance Premium Calculator
To use the LIC term insurance calculator, you need to give some basic details. These help the calculator show the correct premium amount. Here's what you need:
Your name
Date of Birth
Gender
Contact Details
Policy Term
Smoker or Non-Smoker
Sum Assured
Premium Paying Term
Example for LIC Term Insurance Premium Calculator
Let's say Rahul is 30 years old. He wants to buy a term insurance plan from LIC to protect his family. He uses the LIC Term Insurance Premium Calculator to find out how much premium he needs to pay. Here's what Rahul enters in the calculator:
| Details | Inputs |
|---|---|
| Name | Rahul Sharma |
| Date of Birth | 1st January 1995 (Age: 30 years) |
| Gender | Male |
| Contact Details | Mobile number and email |
| Policy Term | 25 years |
| Smoker/Non-Smoker | Non-Smoker |
| Sum Assured | Rs. 50,00,000 |
| Premium Paying Term | 25 years |
Calculator Result
| Premium Type | Amount (Estimated) |
|---|---|
| Annual Premium | Rs. 8,000 per year |
| Monthly Premium | Rs. 670 per month |
| Total Premium in 25 Years | Rs. 2,00,000 (8,000 × 25 years) |
| Life Cover (Sum Assured) | Rs. 50,00,000 (Given to family if Rahul dies) |
Factors that Affect the LIC Term Insurance Premium Rates
When you buy LIC term insurance, the amount you pay (called the premium) can be different for each person. This is because the premium depends on a few important things. Let's look at each one in simple words:
- 01
Your Age
Age is one of the most important things that affects your premium. If you are young, your premium will be low because you are likely to be healthy and have fewer health risks. But as you get older, the chances of illness or health problems increase. That's why the premium becomes higher when you are older.
- 02
Sum Assured (Life Cover Amount)
The "sum assured" is the amount of money your family will get if something happens to you. If you choose a higher sum assured, then your premium will also be more. This is because the insurance company is giving more protection and will need to pay a bigger amount if needed.
- 03
Smoking Habits
Whether you smoke or not also affects your premium. If you are a smoker, your premium will be higher because smoking can cause serious health problems like lung cancer and heart disease. People who smoke are seen as having more health risks. But if you are a non-smoker, you will pay less because you are considered healthier and less risky for the insurance company.
- 04
Type of Job (Occupation)
The kind of job you do also plays a role in deciding your premium. If you work in a dangerous job like construction, mining, or as a pilot, you may have to pay a higher premium. This is because these jobs have more chances of accidents or harm. But if you work in a safe job, like in an office, your premium will be lower as your job has fewer risks.
- 05
Sum Assured Amount selected
Before using the LIC term insurance calculator, it is important to choose the right sum assured amount. This is the amount your family will get if something happens to you. You should think about your family's future needs, like your child's higher education, your parents' medical expenses, and giving your spouse enough money to live a comfortable life.
FAQs
LIC term insurance of 1 crore means your family will get Rs. 1 crore if something happens to you during the policy term. You pay an amount every year (called a premium), and in return, LIC promises to give Rs. 1 crore to your family if you pass away during that time. It helps protect your family's future.
The LIC premium calculator helps you know how much money (premium) you need to pay for your policy. It is free, easy to use, and works online. It saves your time, shows clear results, and helps you choose the best plan that fits your budget.
LIC is backed by the Government of India, so it is considered very safe and trustworthy. It has been around for many years and has a strong record of paying claims.
Term insurance is good for protecting your family's future. It gives them money if something happens to you. The premium is low, and the cover is high. You don't get any money back if you survive the term, but it gives peace of mind knowing your loved ones will be safe.