How to Use the LIC Premium Calculator?

1. Enter Your Age: Start by inputting your current age. The calculator accepts ages between 18 and 65, as these are typically the age limits for most LIC policies.

2. Select Your Gender: Choose between male and female. This factor can affect premium rates, as statistically, females often receive slightly lower premiums due to longer life expectancy.

3. Input the Sum Assured: This is the amount of coverage you want. Enter the desired sum assured in rupees, with a minimum of ₹100,000. You can adjust this amount to see how it affects your premium.

4. Specify the Policy Term: Enter the number of years you want the policy to last. The tool allows terms between 10 and 30 years. A longer term usually means lower annual premiums but a longer payment period.

5. Choose Premium Frequency: Select how often you want to pay premiums – yearly, half-yearly, quarterly, or monthly. More frequent payments often result in a slightly higher total annual premium but can be easier to budget for.

6. Select Policy Type: Choose between Endowment, Money Back, or Whole Life policies. Each type has different features and benefits, affecting the premium amount.

7. Add Riders (Optional): You can select additional riders such as Accidental Death Benefit, Critical Illness Benefit, or Premium Waiver Benefit. These provide extra coverage but will increase your premium.

8. Calculate: After entering all the required information, click the “Calculate Premium” button. The tool will process your inputs and display the results.

The calculator will show you the premium amount based on your chosen payment frequency, the annual premium, and an estimated maturity amount. This gives you a comprehensive view of your potential policy.

Though this calculator provides a good estimate, it’s always recommended to consult with an LIC agent for the most accurate and up-to-date information. Insurance premiums can be affected by many factors, including your health status and specific policy terms, which may not be fully captured by an online calculator.

This tool is particularly useful for those in the early stages of considering life insurance. It allows you to experiment with different scenarios and understand how various factors affect your premiums.

By using this calculator, you can enter the conversation with an insurance agent more informed and with a clearer idea of what you’re looking for in a policy.

Whether you’re planning for your family’s future, looking to invest in a savings-linked insurance policy, or simply curious about life insurance costs, this LIC Premium Calculator can help you a lot.