Traditionally when you want to know how much premium you need to pay for a LIC policy you want to buy, the LIC Agent is always there to guide us. However, what if you want to calculate 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 how you can calculate using LIC Premium Online Calculator to find LIC Premium of any LIC Product.
LIC India Premium Calculator to find your LIC Premium
This calculator lists down all the plans available with LIC and depending on which plan premium you want to calculate. Let’s see an example where I selected the LIC Endowment Plan.
- Open the LIC Premium Calculator
- Enter Name, Date of Birth, Gender, Email, and mobile no and click on the Next button.
- It will prompt with two options
- Quick Quote
- Compare Quotes
Quick Quote (Lic Premium Calculator)
Here you need to select the product, Sum Assured, Policy Term, and Premium Paying Term. If you are including any term rider like accident benefit, select that too.
Compare Quote (Compare LIC Policies)
Here you can compare LIC polices if they have a common sum assured and Premium Frequency. A maximum of three plans can be compared
Find the plan using the filter, and check the box against the plan you want to compare. Once you are sure of the selection, click on the compare button to find the differences.
The final result will also calculate the maturity amount which you should get when the policy matures.
The last section is about illustration. It will give you an overview of the plan.
Thats it now you know how much premium you need to pay when you choose to pay yearly or quarterly or even monthly. This tool is very handy and gives you enough details.