How to calculate LIC premium

Preview

To calculate the premium for a Life Insurance Corporation of India (LIC) policy, you can use various online tools and calculators designed to simplify the process. These tools help you estimate the premium amount based on specific details such as age, sum assured, and policy term.

Steps to Calculate LIC Premium

Access an Online Calculator: Visit a reliable website or app that offers an LIC premium calculator. Websites like Policybazaar, InsuranceDekho, and LIC's official site provide easy-to-use calculators.
Enter Basic Details: Input the necessary information such as your age, gender, sum assured, policy term, and premium payment frequency (monthly, quarterly, half-yearly, or yearly).
Select the Policy Type: Choose the type of LIC policy you are interested in, such as term insurance, endowment plans, or ULIPs. Each policy type has different premium structures.
Calculate Premium: After entering all the required details, click on the calculate button to get an estimate of your premium amount. The calculator will provide you with the premium based on the inputs provided.
Review and Adjust: If the premium is higher than expected, you can adjust the sum assured or policy term to see how it affects the premium amount. This helps in finding a balance between coverage and affordability.

Tools and Resources

All In One Calc App: This app is specifically designed for insurance agents to calculate premiums and maturity amounts offline. It also allows sharing results with clients, making it a practical tool for agents.
LIC Policy Calculators Mini App: Available on Google Play, this app provides calculators for all LIC policies, including premium and maturity calculations.
LIC Premium Calculator on Policybazaar: This tool helps in estimating premiums by considering factors like age, income, and premium paying term.

Using these tools and following these steps will help you accurately calculate your LIC premium and make informed decisions about your insurance needs.