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LIC Term Insurance Premium Calculator

13 reviews Rate This
Highlights
Claim Settlement Ratio98.62%
Customer Care8:00 AM to 8:00 PM
Death Benefit Paid For73,3809 Policies
Inception1956
Presence2048 Branches
Total Death Benefit Paid12797.85 Crore

LIC Term Insurance Mediclaim Policy Premium Calculator

LIC’s term insurance premium calculator is an online tool that allows customers to calculate the premium payable for the term policy that they want to purchase. Customers are required to enter requisite information in the calculator and the calculator calculates the premiums based on the information provided. LIC provides 2 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.

Steps To Use LIC Term Insurance Premium Calculator

The calculation of LIC Term Insurance plans premiums is simple and hassle-free with the online premium calculator available on our website.

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

Step 2: On the page, fill 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 Premium Calculator, the premium quote will be generated.

You can change the variable 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 LIC Term Insurance Premium Calculator:

  • Hassle-Free and Easy to Use: The calculator is easy to use. By entering some basic details, the exact amount of the premium is calculated for a 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.
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Term Life Insurance Premium Calculator

Gender

  • Male
  • Female

Date of Birth

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Do you smoke or chew tobacco?

  • Yes
  • No

Choose required coverage to secure your family’s future

50L
1Cr
1.5Cr
2Cr
Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

LIC Term Insurance Plan List

    Name of PlanSum Assured
    Tech Term Plan20 lac - 10 cr Get Quotes Now

    LIC Term Insurance User Reviews

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    13 User reviews
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    Why to Buy Term Insurance Policy Online from InsuranceDekho

    • Tax benefit upto 1,50,000*
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    • 45 Lacs+ happy customers

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    LIC Term Insurance Contact Details

    Reach us for help anytime

    Claim Process at LIC Term Insurance

    • 1

      Claim Intimation

      In the case of death of the life assured, a claim intimation to the insurance company must be made as early as possible.
    • 2

      Submission of Documents

      Claim form, death certificate, original policy document, and more documents must be submitted to ensure smooth claim settlement.
    • 3

      Claim Evaluation

      Once the documents are submitted, the insurance company will conduct thorough evaluation of the claim filed.
    • 4

      Claim Settlement

      If claim request is approved, claim settlement is done within 30 days. If additional investigation is required, it make take 6 months.

    LIC Term Insurance Premium Calculator FAQs

    • How often can I pay my premiums for LIC’s term insurance plans?

      LIC’s term insurance plans allow premium payments in different modes. Policyholders can pay premiums monthly, quarterly, half-yearly, or annually as his/her requirements.

    • Are Term insurance premiums exempt from tax?

      Yes, the premium paid for term insurance policies is allowed as a tax-free deduction from your taxable income. Premiums paid up to INR 1.5 lakhs can be claimed as a deduction under Section 80C of the Income Tax Act,1961.

    • What are the different ways of paying LIC Term Insurance premiums?

      LIC Term insurance premiums can be paid through cash, cheque, demand drafts, net banking, UPI, NEFT, mobile wallets, or any other digital mode.

    • Do Term insurance premiums include GST?

      Yes, a GST slab of 18% is added to the premium charged for a plan.

    • What happens when the premium is not paid?

      If the premium is not paid in case of term insurance plans for the specified duration, the policy lapses. In case of a lapse, the coverage halts and the policyholder loses the premiums paid earlier.

    • How will I get maturity under my term LIC Term insurance plans?

      You will not receive anything as there are no maturity benefits under LIC term insurance plans. The only benefit you get is the death benefit. Your family or your loved ones can gain the sum assured in your absence.

    • What is the grace period offered for LIC term plans?

      LIC offers a grace period of 30 days for yearly and half-yearly premium payments under the LIC Term Insurance plans.

    • What is the toll-free customer care number of Life Insurance Corporation of India?

      The 24x7 toll-free number of Life Insurance Corporation Of India is 022 6827 6827. 

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