LIC Premium Calculator
The LIC Term Plan Premium Calculator is an online tool designed to assist users in estimating the premium rates for LIC Term Insurance Plans. This user-friendly tool allows customers to calculate premiums quickly and effortlessly by simply entering the required details.
Factors Taken into Consideration by LIC Premium Calculator
The LIC calculator requires users to provide the following information:
- Name of the plan
- Applicant's age
- Sum Assured
- Frequency of premium payment
- Tenure of the Plan
- Riders (if any)
To complete the form, users must refer to the brochures of the policies they are interested in. Every LIC plan has specific eligibility criteria that must be met before purchasing the plan. Completing the form takes less than a minute. After entering all the necessary information and preferences, the tool displays an estimated premium amount. However, it is crucial to note that the result provided by the LIC calculator is an approximation. The insurance company may require additional information about the applicant, which can affect the premium calculations.
Benefits of the LIC Term Plan Calculator
The following are the benefits of the LIC Term Plan calculator:
- Free Of Cost: The LIC Term Plan Calculator is used online in order to calculate the approximate premiums of term insurance for free.
- Convenient: You will also be able to calculate the insurance premiums conveniently for different plans provided by the insurer on a single platform.
- Hassle-Free: The LIC term insurance plan calculator is a hassle-free tool which will help in calculating the right premium amount for getting a desired insurance cover.
- Transparency: The tool also displays the premium which includes the tax amount.
- Time and Energy Efficient: The LIC Ter Plan Calculator will save the time and energy you would spend on calculating the insurance premium.
Details about Life Insurance Premiums
If you pay your premiums on time and according to the insurer's guidelines, your life insurance plan remain active. The life insurance premium can be a recurring payment, or a one-time payment made by you towards your life insurance plan. Here are some additional important points to note about life insurance premiums.
- You typically have the option to choose the frequency of premium payment, including single premium, yearly, half-yearly, quarterly, or monthly.
- Premiums vary depending on the plan you select and the applicant's credentials. Generally, a younger, healthier individual will be quoted a lower premium than an individual who is over 50 years old.
- Non-smokers typically receive preferential premium rates, while smokers will be charged a higher amount.
- The LIC maturity calculator is a useful tool that allows you to make all the necessary calculations yourself. In addition to providing an estimated premium rate for the policy, the LIC calculator helps you choose the best LIC policy that suits your needs and requirements and also saves time.
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 | 38 years |
Policy Tenure | 20 years |
Sum Assured | Rs.10 lakh |
Riders | Selected |
The calculator will generate information in the following manner:
Monthly Premium | Rs.4,250 |
Quarterly Premium | Rs.12,750 |
Half-Yearly Premium | Rs.25,235 |
Yearly Premium | Rs.49,940 |
Once you have analysed the approximations of the LIC Premium Calculator, you can decide whether or not you want to go ahead and purchase the policy.
LIC Maturity Calculator through Policy Number
Every plan offered by LIC of India is assigned a distinct policy number that serves as a crucial identifier for all policy-related transactions and settlements. You can access the LIC maturity calculator using this policy number to determine premiums and maturity amounts based on the basic sum assured. If you're an existing LIC policyholder, simply login to your account and enter the policy number to instantly view the associated benefits.
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Why Do You Need the LIC Term Insurance Calculator?
The following are the reasons on why you need the LIC Term Insurance Calculator:
- Select the Right Life Cover: The LIC Term Insurance Calculator helps the users in determining the sum assured to a user to secure the financial future of the family.
- Easily Accessible: The LIC Term Plan Calculator is easily accessible which helps to check the premiums for your account anytime and anywhere.
- Compare and Buy: The LIC term insurance calculator can be used at various times to check how the premium amount differs across several factors and compare it with other insurance plans.
- Help in Financial Planning: Customers will be able to customise the plan details such as sum assured, and several other details with the help of this tool in order to ensure that the premiums fit within the budget of the user.
FAQs on LIC Premium Calculator
- What factors decide the premium rate of a life insurance policy?
The LIC Term Insurance Plan calculator considers several factors when determining the premium rate for a life insurance policy. Key factors include the sum assured amount, policy tenure, and the policyholder's age. Additionally, other aspects that may influence the premium rate include gender, weight, height, number of dependents, occupation, medical history, marital status, income, international travel, debt, smoking and alcohol habits, and participation in high-risk hobbies. By evaluating all these factors, the LIC calculator provides an accurate premium estimate based on the level of risk associated with the policyholder.
- What are the different options for paying life insurance premiums?
There are various options for paying life insurance premiums, which can be categorized into two types - single premium payment and regular premium payment. With a single premium payment, the policyholder can pay the entire premium amount in one go. On the other hand, with regular premium payment, the policyholder has the option to pay the premium on a yearly, half-yearly, quarterly, or monthly basis. The LIC calculator takes into account the chosen premium payment mode to provide accurate results, enabling the policyholder to make an informed decision.
- What is the process for calculating life insurance premiums?
To calculate life insurance premiums, one can use the LIC premium calculator. This involves entering key information such as the sum assured amount, age, income, and premium payment frequency. An individual can determine the premium amount required for the policy by inputting these details into the LIC premium calculator.
- What are the consequences of not paying life insurance premiums?
Regular payment of premiums is crucial to ensure uninterrupted coverage. The insurer generally provides a grace period of 30 days if a policyholder fails to pay the premium by the due date, during which the overdue premium can be paid. However, if the policyholder stops paying the premium, the coverage of the policy will come to an end, and the policy will lapse.
- What is the current rate of insurance premium tax?
The current rate of insurance premium tax is 4.5% plus 18% GST applied to 25% of the premium in the first year.
- What are the options for lowering life insurance premiums?
Typically, life insurance policies do not offer the option to lower the premium amount. However, if the policyholder wishes to change the premium amount, they can submit a request to the relevant branch office or customer service centre to request a lower premium rate. Another option is for the policyholder to adopt healthier lifestyle habits to obtain a better premium deal. The healthier the individual is, the less risky it is to insure them, which could potentially result in a lower premium.
- Under what circumstances can a life insurance policy be cancelled?
A life insurance policy cannot be cancelled at any time. However, if the policyholder is dissatisfied with the terms and conditions of the policy, they may cancel the policy during the free-look period of 15 days.
- What is the duration of life insurance premium payments?
The duration of premium payments for a traditional life insurance policy is usually the same as the policy tenure. However, the premium payment period for each plan may differ.
- What are the tax implications of paying life insurance premiums?
The amount of tax paid on a life insurance premium varies depending on the type of plan. For LIC term insurance plans where the entire premium is for life cover, a GST of 18% will be levied on the total premium. In the case of LIC's single premium annuity plans, a GST of 18% will only be charged on 10% of the premiums, not the entire amount. For LIC's traditional endowment plans, GST is charged 25% of the premium in the first year and 12.5% of the premium paid in subsequent years.
- Is it possible to claim tax exemption on the life insurance premium amount?
It is possible to claim tax exemption on life insurance premium payments up to a maximum limit of Rs. 1.5 lakh under section 80C, as per the Income Tax Act 1961.
- Are taxes applicable on the life insurance policy pay out?
According to section 10 (10D) of the Income Tax Act, the payout received from a life insurance policy is exempted from taxes.
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