Lic E Term Policy Premium Calculator - Traditionally, when you want to know how much premium you need to pay for an LIC policy you want to buy, the LIC agent is always there to guide you. However, what if you want to calculate the LIC premium you already own or plan to buy without asking the agent. LIC India has a premium calculator available. In this post, we will show you how you can calculate using the online LIC Premium Calculator to find LIC Premium of any LIC product.
This calculator lists all the plans available with LIC and according to the premium plan you want to calculate. Let's see an example where I have selected the LIC Endowment Plan.
Lic E Term Policy Premium Calculator
Here you have to select the product, Sum Assured, Policy Term and Premium Payment Term. If you are including any fixed term rider as an accident benefit, select this option as well.
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Here you can compare LIC policies if they have Lump Sum Assured and Frequency Premium. A maximum of three plans can be compared
Find the plan with the filter and check the box against the plan you want to compare. Once you are sure of the selection, click the Compare button to find the differences.
Now you know how much premium you have to pay when you decide to pay annually, quarterly or even monthly. This tool is very practical and gives you enough details. LIC's Tech-Term plan is a term insurance plan (Pure Risk) sold only in 'online' mode. As no middleman is involved, the premium is less compared to its offline counterpart Jeevan Amar (855 Plan).
Death Benefit is the "Death Sum Assured" payable in the event of a death claim, provided the death occurs before the maturity date and the policy is in force at the time of death.
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The absolute sum assured payable in the event of death will be an amount equal to the basic sum assured which will be maintained throughout the term of the policy.
In the event of an Increase in the Sum Insured, the absolute sum insured to be paid remains the same as the Basic Sum Insured, until the end of the fifth policy year. From then on, it is increased by "10% of the basic sum assured" every year from the sixth policy year to the fifteenth policy year. From the sixteenth year of insurance, the "absolute sum assured payable on death" remains fixed at twice the basic sum assured.
Let us consider an example of an insured policy of one crore with a term of 20 years. The risk cover will be as stated below.
The Accident Benefit Rider will only be available on regular and limited premium paying policies. You may opt out of this engine at the time of initiation or at any time after the premium payment period.
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If this indemnity is opted for and if the insured is involved in an accident resulting in death and this incident occurs within 180 days from the date of the accident, an additional amount equal to the insured amount of the accident indemnity will be paid. The maximum accident benefit amount insured will be one crore, including all existing policies (excluding the Jeevan Shiromani plan, where an additional benefit of one crore will be available).
The death benefit can be received in installments over the selected period of 5 or 10 or 15 years, instead of a lump sum if required. This option can be exercised by the life assured even during his lifetime. The amount chosen for the insured life can be in absolute value or as a percentage of the total product of the claim to be paid.
The applicable interest rates for the achievement of installment payments in this option will be those set by the corporation at any given time.
The minimum premium payment for the regular/increasing sum assured will be Rs. 3000. If the first installment is less than 3000, make changes to raise it above 3000, either to increase the sum assured or the terms.
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You can download this infographic and share it freely by clicking here. Click here to download LIC Tech-Term Plan brochure.
The high assured returns available for the Tech-Term plan make it even more attractive as the Sum Assured premium is reduced when it is higher.
If you are experienced in buying products online and good at using computers, you can buy this plan online from LIC website without much difficulty.
You have to provide your family history details and health information on the following screens and pay the premium. You have to undergo a medical examination and the center to
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Anish L J is a 'Financial Planner' and a member of the Chartered Insurance Institute (CII) London and the Insurance Institute of India. He is also a financial, insurance and software consultant. Closely follow developments in finance, insurance and other related sectors.
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Like other life insurance policies, term life insurance is a pure protection plan where the policyholder is insured for a sum assured for which he has to pay premiums over a period of time. The insurer undertakes to pay the sum insured upon the death of the insured during the term of the policy.
However, before opting for the sum assured and the premium to be paid, you need to make sure about both aspects. The amount of premium you will pay must be reasonable enough to be able to continue the same for the entire term of the policy. Therefore, you need to calculate the premium amount based on your income, age and many other factors. And for that, you can use a term insurance premium calculator.
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A term plan calculator is a tool that helps you calculate the premium amount you need to pay for your term insurance plan. It is a free online tool or calculator for term insurance premiums that is easily available online and allows you to get a better idea of how much you need to pay to receive the required sum assured. Through this assessment, you can better plan your financial budget. You can also check that the term plan suits your pocket and whether the life cover you are looking for will be enough for your family or not.
To use the term insurance premium calculator, you need to provide various details like your age, gender, date of birth, policy terms and sum assured required. In addition, you also need to give details about your lifestyle habits, such as smoking, etc. Once you complete all the details, the term plan calculator will provide you with an estimated life cover and calculated premiums based on the parameters provided.
If the parameters change, the term insurance premium amount will also change accordingly. If a lower age is entered, the sum insured will be higher and the premium amount will be lower. Whereas, in the case of entering a higher age, the amount of the premium will be higher by the same amount insured.
At a young age - the higher the sum insured and the lower the premium amount and vice versa.
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A term plan calculator is essential before buying term insurance; here are the benefits of using it –
The bottom line is that a term insurance policy is necessary to ensure the financial security of your family in case of sudden death. However, before buying a term plan, you need to compare the premiums of different term life insurance plans using the term insurance calculator to determine exactly how much you need to pay and whether you can actually afford the cost or not. .
The term insurance calculator is available on each insurer's website. You can visit to use the thermal insurance calculator.
A heat insurance calculator is a tool to calculate the premium amount you must pay for your heat insurance plan. It is free and easily available online. The term insurance calculator gives you a good idea of how much you should pay for the required sum assured relative to your affordability and whether the chosen sum assured will be sufficient for your family or not.
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You need to fill in your details such as your age, gender, date of birth, policy terms, lifestyle details and sum assured required. After completing the submission, the term insurance calculator gives you an estimated amount of sum assured and the amount of premium you need to pay based on
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