LIC Term Insurance Premium Calculator

Do you wish for a tool that will make the process of calculating the payable premium for your LIC's term insurance hassle-free? If yes, that is indeed a possibility now! As a customer, all you are asked to do is to put in the required information in the LIC term plan calculator, and it will provide you with the results.

LIC provides two term insurance plans with varying sum assured levels and features. LIC premium calculator helps you to adjust the sum assured you would want your loved ones or the family to receive after your death.

What Are The Things You Should Think About Before Using The Premium Calculator?

While the tool reduces a lot of customer efforts, it's better to proceed with this tool, keeping a few things in mind. Here are some of the things that you should consider before you start utilising the LIC term plan calculator:

1. The Selection of Assured Amount

Multiple factors come into play when you are trying to make the decision to consider the assured amount. It can be the economic safety of your lady love, or for the well-being of the senior members of your family, or even the higher education of your children. It is extremely vital to select the maximum assured amount.

2. The Vital Role of Age

Prior to considering the premium, you should have an understanding of how age plays a big role in this. Therefore, it is one of the biggest prerequisites prior to utilising the Premium Calculator.

Remember, the higher the age of the insured person at the time of purchasing the term plan, the higher will be the premium amount.

3. Occupation Types

The risks involved in your occupation or work also play a huge role, so it is another vital factor. Before using the premium calculator, consider the type of your work and the work hazards that come with it.

4. The Family Medical History

It is yet another strong factor before utilising the LIC premium calculator. Your family medical history and any hereditary diseases are strong points to consider before you use the LIC term policy calculator.

5. Premium Payment Frequency

If premiums are paid on a monthly basis, the company's administrative expenses rise. Because of this, monthly premiums are a little bit more expensive than annual or biannual premiums.

Steps To Use LIC Term Insurance Premium Calculator

Lessening the customer effort is what InsuranceDekho always looks forward to. That is why we have made sure to implement the LIC term policy calculator so you don't have to bite your nails while calculating premiums on your own.

Step 1: Visit InsuranceDekho's website and navigate to the LIC Term Premium Calculator.

Step 2: On the page, fill in your personal details in the LIC Term Insurance Premium calculator such as gender, age, life cover, and cover-up to which age.

Step 3: After filling up the required details in the LIC term policy calculator, the premium quote will be generated.

You can change the variables such as age, life cover, and cover-up to change that will change the premiums rates.

Benefits of LIC Term Insurance Premium Calculator

The following benefits you get from using the LIC Term Insurance Premium Calculator:

• Hassle-Free and Easy to Use: The LIC term insurance plan calculator is easy to use. By entering some basic details, the exact amount of the premium is calculated for an LIC term insurance plan.

• Cost-Effective: By using a LIC Term insurance premium plan calculator, you can opt for the highest possible life cover amount that suits your requirements. You can also opt for Additional Benefits at the best possible rate of premium.

• Compare and Contrast Between Various Premiums: LIC Premium Calculator helps you to compare the premiums offered by various plans. This will help you to determine which is the most suitable plan for you and your family by weighing the premium amount and the time frame in which you have to pay.

Key Factors Affecting LIC Term Insurance Premium Amount

The LIC term Insurance premium amount is affected by a variety of factors, a few of which are listed below:

• The LIC term plan premium amount increases as you age because aging involves more risks

• If you opt for a higher sum assured, your premium amount will also be high

• If you are a non-smoker, the premium amount of your LIC term insurance will be low as you will have less chance of lung cancer

• People working in high-risk jobs will have to pay high premiums in comparison to those working in low-risk jobs

Information Needed to Use LIC Term Insurance Premium Calculator

The following details are required to proceed further with using the LIC term insurance plan calculator:

• Name
• Date of Birth
• Gender
• Contact Details
• Policy Term
• Smoker/Non-Smoker
• Sum Assured
• Premium Paying Terms

Frequently Asked Questions (FAQs)

Q 1. How frequently can I pay my term insurance plan premiums with LIC?

Ans. Different methods of premium payment are accepted for LIC's term insurance policies. According to their needs, policyholders can choose to pay their premiums monthly, quarterly, half-yearly, or annually.

Q 2. Are the fees for term insurance tax-exempt?

Ans. Yes, you are eligible to deduct the cost of your term insurance premiums from your taxable income tax-free. Section 80C of the Income Tax Act of 1961 permits a deduction for premiums paid up to INR 1.5 lakhs.

Q 3. How can I pay my online LIC life insurance premium?

Ans. You must pay your insurance premium on an annual, half-yearly, quarterly, or monthly basis, depending on the chosen insurance policy. Visit an LIC location to pay your insurance premiums in the easiest way possible. Cash, checks, demand drafts, credit cards, debit cards, net banking, electronic clearing systems, etc., are all more convenient and time-saving ways to pay your insurance payment.

Q 4. When the premium is not paid, what happens?

Ans. When a term insurance plan's premium is not paid for the allotted time, the policy expires. In the event of a lapse, the policyholder forfeits any previously paid premiums and the coverage ends.

Q 5. How long do premium payments need to be made?

Ans: The length of time that premiums must be paid varies amongst life insurance plans. If the plan offers the opportunity to pay premiums regularly, payments are due for the duration of the coverage. For restricted premium payment options, premiums are due for a predetermined period of time that is less time than the insurance duration. When purchasing a single premium plan, a lump sum payment is due immediately. Remember that the term insurance plans offered by LIC require continuous premium payments.