LIC of India Life Insurance Premium Calculator

The critical features of the LIC Life Insurance Premium Calculator by InsuranceDekho are as follows:

• Instant Price Check: The calculator quickly gives you an idea of how much your term or life insurance might cost. This gives you the freedom of not waiting around for quotes because you get an estimate immediately.

• Easy to Use: InsuranceDekho's LIC premium calculator is quite simple and easy to use. You can access it online from anywhere, anytime. And to use it, you simply need to fill in the required details, and you'll see the LIC life insurance premium estimate right then and there.

• Smart Decision-Making: The LIC life insurance premium calculator by InsuranceDekho helps you make smart choices about your life insurance. By entering details like your age, desired coverage amount, and how long you want the policy for, you can see how these factors affect the cost of your life insurance policy.

• Flexibility: While using the premium calculator, you have the flexibility to tweak different options and factors to see how they affect the price. For example, change the coverage amount to see how it changes the premium. This will allow you to customise your term insurance to fit your budget and plans.

• Saves Time: Last but not least, the calculator saves your time by giving you fast results. Instead of spending hours doing calculations, you can get all the information you need in just a few minutes. This way, you can make decisions quickly and more confidently.

The top factors that can influence the premium calculation in InsuranceDekho's LIC Life Insurance Premium Calculator are listed below:

• Age: Generally, younger individuals tend to pay lower premiums in comparison to older individuals, as they are perceived to be at lower risk of health issues.

• Sum Assured: The higher the sum assured, the higher the premium is likely to be, as it increases the insurer's liability.

• Policy Term: Longer policy terms often result in higher premiums, as they provide coverage for a longer duration, increasing the risk for the insurer.

• Health Condition: Individuals with pre-existing medical conditions or poor health may face higher premiums due to increased risk factors.

• Lifestyle Choices: Factors such as smoking, excessive alcohol consumption, or participation in high-risk activities can lead to higher life insurance premiums.

• Occupation: Riskier occupations, such as those involving heavy machinery or hazardous environments, may lead to higher premiums.

• Gender: Statistically, women tend to live longer and have lower mortality rates, resulting in slightly lower term insurance premiums compared to men.

• Coverage Options: Additional riders or benefits added to the policy can increase premiums but will definitely provide enhanced coverage for specific risks.

• Location: Premiums may vary based on the policyholder's geographic location due to factors such as local healthcare costs and mortality rates.

While using InsuranceDekho’s LIC premium calculator, the following premium calculation methodologies can be used:

• Base Premium: When you use the LIC Premium Calculator, it starts with your base premium. This is like the starting price for your life insurance. It depends on things like how old you are, how long you want the insurance for, how much coverage you need, and what type of coverage you pick. Usually, if you're younger and don't need a lot of coverage, your base premium will be lower. But if you're older or need more coverage, your base premium will be higher.

• Extra Charges: On top of the base premium, there might be extra charges called loading factors. These charges depend on things like your health history, if you have any existing health issues, if you add extra riders to your policy like special benefits, your lifestyle choices (like if you smoke or drink), your job, and where you live. If you have health problems or do a risky job, you might have to pay more in loading charges, which makes your overall LIC life insurance premium higher.

• Discounts: LIC Life Insurance sometimes gives discounts to make insurance cheaper. These discounts can be for things like choosing a longer insurance period, covering more family members under one policy, staying healthy, or meeting certain rules from the insurance company. These discounts can help lower your premium, so it's always good to check if you qualify for any LIC life insurance discount.

Here's how you can use InsuranceDekho's LIC premium calculator to calculate the premium for your chosen life or term insurance policy:

Step 1: Start by visiting the official website of InsuranceDekho. Once there, find the Life Insurance Premium Calculator Page.

Step 2: Once you're on the page, scroll down until you see the Premium Calculator section. Here, you'll need to fill in some important information. This includes details like your gender, date of birth, whether you smoke or not, and how much coverage you need. After filling in these details, click on the "Calculate Premium" button.

Step 3: After clicking the button, a pop-up window will appear showing the details you entered. Take a moment to review everything, then click the "Submit" button to proceed.

Step 4: Now, based on the information you provided, you'll see the premiums for LIC life insurance plans. Keep in mind that you can adjust your search using the filters provided above to find plans that suit your needs better.

Ques 1. What is the LIC Life Insurance Premium Calculator?

Ans. It's a user-friendly tool by InsuranceDekho that estimates life insurance premiums accurately. It helps you understand the cost of various LIC life insurance policies based on your needs.

Ques 2. What details do I need to input into the Calculator?

Ans. In the LIC premium calculator by InsuranceDekho, you'll need to enter your gender, date of birth, and the coverage amount you desire.

Ques 3. What factors affect the premium calculation?

Ans. Factors like age, sum assured, policy term, health condition, lifestyle choices, occupation, gender, coverage options, and location influence the life insurance premium calculation.

Ques 4. How does the Calculator save me time?

Ans. Instead of waiting for LIC life insurance quotes, the calculator gives you an instant estimate of how much premium you will have to pay for your life insurance policy. You can get all the information you need in just a few minutes, helping you make decisions quickly.

Ques 5. Are there any discounts available?

Ans. Yes, LIC Life Insurance may offer discounts based on factors like policy duration, covering multiple family members under one policy, maintaining a healthy lifestyle, or meeting certain criteria set by the insurer.