LIC Premium & Maturity Calculator Covering All Policies,:lic calculator premium

How Does an LIC Premium Calculator Work?

1.1 The Science Behind LIC Premiums

LIC premiums depend on 4 key factors:

1. Age: A 25-year-old pays less than a 45-year-old for the same policy.
2. Policy Type: Term plans (e.g., LIC Tech Term) are cheaper than endowment plans (e.g., LIC Jeevan Labh).
3. Sum Assured: Higher coverage = Higher premium.
4. Policy Tenure: Longer tenures (30+ years) reduce annual premiums.

Example: A 30-year-old opting for ₹1 Cr LIC Term Plan (20-year tenure) pays approx. ₹12,000/year. The same plan for a 40-year-old costs ₹23,000/year. 

1.2 Try Our Free LIC Premium Calculator

Instead of complex math, use our LIC calculator premium.in tool:

1. Go to LIC Premium Calculator.
2. Select your policy calculator  (e.g., Jeevan Anand, New Endowment Plan).
3. Enter age, sum assured, and tenure. Other information
4. Get instant premium Calculation Summary + Premium Details ,Year-wise Details, Maturity Benefits ,Death Benefit ,Total Comparison..

Pro Tip: Adjust the tenure to see how paying for 25 years vs. 20 years affects your premium. 

 Step-by-Step Guide to Calculate LIC Premium (Manual Method)

2.1 Formula for LIC Premium Calculation

The exact formula is complex, but here’s a simplified version:

• Premium Rate: Depends on age, policy type, and LIC’s charts.
• Taxes: 4.50% GST 1st year on premiums. and 2.25% GST Second Year Onward on premiums
• Riders: Critical illness or accidental death coverage.

Example: Sum Assured = ₹50 Lakh | Premium Rate (for 35-year-old) = 1.2% Annual Premium = (50,00,000 × 1.2%) = ₹60,000 + 18% GST = ₹70,800/year.Note:18% GST is applicable on LIC policies. Some users are confused by the 4.5% GST (like health insurance), but in life insurance the rate is only 18%." 

2.2 Download LIC’s Premium Rate Chart

1. Visit LIC’s Official Portal.
2. Navigate to Premium Rates under your policy (e.g., Jeevan Umang).
3. Match your age and tenure to find the rate.

Warning: Manual calculations can have errors. Always cross-verify with our LIC Calculator.

 Top 5 LIC Policies and Their Premiums 

3.1 LIC Term Insurance Plans

1. LIC Tech Term:
   • Coverage: Up to ₹5 Cr.
   • Annual Premium (30-year-old): ₹10,000 for ₹1 Cr (25-year tenure).
2. LIC Jeevan Amar:
   • Flexibility: Choose between Level or Increasing Cover.

3.2 LIC Endowment Plans

1. Jeevan Anand:
   • Returns: Bonuses + Maturity amount.
   • Annual Premium (35-year-old): ₹55,000 for ₹25 Lakh (20-year tenure).
2. New Endowment Plan:
   • Bonus Rate: ~₹50 per ₹1,000 sum assured.

 

Insurance Policy Comparison

Policy	Premium (₹25 Lakh Cover)	Tenure	Best For
LIC Tech Term	₹12,000/year	25 yrs	Affordable Coverage
Jeevan Anand	₹55,000/year	20 yrs	Savings + Coverage

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 5 Mistakes to Avoid When Using an LIC Calculator

1. Ignoring Riders: Adding a critical illness rider increases premiums by 10-15% but offers extra safety.
2. Underestimating Inflation: ₹50 Lakh today ≠ ₹50 Lakh in 2040. Use our calculator’s “Inflation Adjustment” feature.
3. Wrong Age Input: Even a 1-year difference can change premiums by 8-12%.
4. Not Comparing Policies: Term plans are 80% cheaper than endowment plans.
5. Forgetting GST: Premiums exclude  GST. Our tool includes it automatically!

Case Study: Rahul, 28, used our calculator and saved ₹3.2 lakh by choosing a 30-year Term Plan over Jeevan Anand.

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FAQs About LIC Premium Calculators

5.1 Is the LIC calculator accurate?

Yes, if it uses LIC’s latest premium rates. Our tool updates daily.

5.2 Can I reduce my LIC premium?

• Opt for longer tenures.
• Avoid unnecessary riders.
• Buy early (age 25-30 is cheapest).

 

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Why Use lic calculator premium.in?

Using an LIC premium calculator is super helpful for a few reasons:

1. 1. Quick & Easy: It helps you instantly calculate premiums, death benefits, and maturity values, saving you time and effort.

   2. Accurate Results: You get precise figures based on your age, sum assured, and policy term, so you know exactly what to expect.

   3. Compare Options: You can easily compare different plans and premium types to find what fits your needs.

   4. Clear Breakdown: It shows you how premiums are calculated, including taxes, so there are no surprises.

   5. Plan Your Budget: Helps you understand how much you'll need to pay and what you'll get in return, making it easier to plan financially.

Testimonial: “I saved ₹7,000/year by switching to a longer tenure using this calculator!” – Priya, Mumbai

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Conclusion: Plan Smart with the Right Tools

LIC premiums are a long-term commitment. A small mistake today can cost lakhs over 20 years. Use our LIC Premium Calculator to:

1. Avoid overpaying.
2. Compare policies in seconds.
3. Secure your family’s future.

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