Planning your finances before purchasing an insurance policy is crucial. Life Insurance Corporation (LIC) of India, one of the largest insurance providers in the country, offers an efficient tool to help you do just that—the LIC Online Premium Calculator.
This tool, available on the official LIC website, allows you to calculate the premium you will pay for your chosen policy.
What is the LIC Online Premium Calculator?
The LIC Online Premium Calculator is a user-friendly tool that estimates premiums based on the specific policy details you input.
Whether you are considering a term plan, endowment plan, money-back plan, or any other insurance policy, this calculator can give you a close approximation of the premium amount.
How Does the LIC Premium Calculator Work?
The process of using the LIC Premium Calculator is simple and efficient. Here’s a step-by-step guide:
- Visit the LIC Website: Go to licindia.in and navigate to the ‘Premium Calculator’ option under the ‘Online Services’ tab.
- Select Your Policy Type: Choose the type of policy for which you want to calculate the premium, such as an endowment plan, money-back plan, term assurance plan, pension plan, or health plan.
- Input Your Details: Enter the required details, including your age, policy term, sum assured, premium payment frequency, and any rider benefits.
- Calculate the Premium: Click on the ‘Calculate’ button to estimate the premium amount.
- Proceed with Purchase: If satisfied with the estimate, you can purchase the policy by clicking the ‘Buy Now’ button.
| Name of the calculator | LIC Amount Calculator |
|---|---|
| Website | https://licindia.in/ |
| LIC Online Premium Calculator | https://ebiz.licindia.in/ |
Key Features of the LIC Online Premium Calculator
- Accuracy: Provides an accurate estimate based on the details you provide.
- Convenience: Available online 24/7, allowing you to calculate premiums anytime.
- Time-Saving: Eliminates the need for manual calculations, saving you time and effort.
- Customization: You can customize your policy options, including sum assured and rider benefits.
Important Details Required for Calculation
To use the LIC Premium Calculator effectively, you’ll need to provide the following information:
- Name of the Plan
- Applicant’s Age
- Sum Assured
- Frequency of Premiums
- Policy Tenure
- Riders (if applicable)
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 |
| Riders | Selected |
The calculator will generate information in the following manner:
| Monthly Premium | Rs.5,000 |
| Quarterly Premium | Rs.14,500 |
| Half-Yearly Premium | Rs.29,250 |
| Yearly Premium | Rs.58,500 |
Benefits of Using the LIC Premium Calculator
Using the LIC Premium Calculator offers several advantages:
- Financial Planning: This helps you plan your budget by providing a clear understanding of the premium costs.
- Informed Decision-Making: This allows you to assess whether a policy fits your financial needs before committing to it.
The LIC Online Premium Calculator is an essential tool for anyone purchasing an insurance policy from LIC.
It provides accurate and customizable premium estimates, helping you make informed decisions and ensuring that your policy fits within your financial plan. Take advantage of this tool to explore the best insurance options for you and your family.