Life insurance premiums can either be paid once at the time of purchasing a policy or at regular intervals of time depending upon the kind of policy you purchase from the Life Insurance Corporation of India. Any life insurance policy will only be valid if you make premium payments on time as well as in keeping with the rules and regulations of the LIC. Customers usually have the option to choose the premium payment term based on their preference. The options afforded by most policies are monthly, quarterly, semi-annual and annual.
The premium payment to be made for each policy will depend upon the kind of policy you are purchasing. Even the credentials of an individual can determine the amount of money that will have to be paid towards premiums. Younger and healthier customers usually avail lower premiums in comparison with their older counterparts. To know how much premium you will have to pay towards your LIC policy, the LIC Premium Calculator is the best tool you can use.
LIC Premium Calculator
The LIC Premium Calculator is a tool that will help you ascertain the approximate amount of money you will have to pay as premium. The tool takes into consideration the policy you wish to purchase and other details associated with it, like the name of the policy, age of the policyholder, the sum assured, the tenure of the policy, the premium paying frequency, and riders (if any).
The entire form can be filled in in a minute or so and once all of the required information has been entered, the tool will give you an approximate figure of how much premium you will have to pay. It is important to note that the figure generated by the LIC Premium Calculator is only an approximation and the insurance company could undertake further background checks which may increase or decrease the figure displayed by the tool.
Here’s an example of the LIC Premium Calculator:
|Type of Plan||New Endowment Plan|
|Age of the Insured||42 years|
|Policy Tenure||15 years|
|Sum Assured||Rs.10 lakh|
The calculator will generate information in the following manner:
Once you have analyse the approximations of the LIC Premium Calculator, you can decide whether or not you want to go ahead and purchase the policy.