LIC Term Insurance Premium Calculator (2024)

Life insurance is essential when it comes to financial security and planning. It serves as a shield, providing loved ones with security and safety in unanticipated situations. Term insurance is unique among life insurance types because it offers straightforward protection. Knowing how premiums are calculated is one of the most important things to know about the LIC Term Insurance Premium Calculator. A tool that helps people understand the costs of term insurance policies is the Term Insurance Premium Calculator, provided by the Life Insurance Corporation (LIC).

What is the LIC Term Insurance Premium Calculator?

Customers can use the LIC Term Plan Premium Calculator, an online tool, to estimate the cost of LIC Term Insurance Policies. It is easy and hassle-free to use the LIC term plan calculator online. Simply enter the necessary data in the LIC term insurance calculator, and it will compute the premiums based on the information entered. This will determine the policy’s premium rate.

Benefits of LIC Term Insurance Premium Calculator

  • Simple to use and hassle-free. A LIC term insurance plan’s exact premium amount can be calculated by providing a few simple details.
  • When calculating the premium using the LIC term plan calculator, there are no additional costs.
  • You can choose the best plan for you and your loved ones by comparing the premiums of different plans.
  • Insurance holders can determine whether they can purchase the insurance policy’s sum assured amount or if they need to reassess their options by using the LIC term insurance calculator to calculate their premiums.
  • By using the LIC term plan premium calculator, insurance holders can calculate their premiums with complete accuracy and minimal error. To determine whether or not the policy is feasible, it is crucial to calculate premiums as closely as possible to the actual premium estimation.

Why Do We Need the LIC Term Insurance Premium Calculator ?

  • Easily Accessible: You can quickly and easily check the premiums for your profile using the LIC term plan calculator from any location at any time.
  • Select the Right Life Cover: The amount assured a person will require to safeguard the family’s financial future can be calculated with the aid of the LIC term insurance calculator.
  • Accurate Results: The LIC term insurance premium calculator ensures that the computed premium is clear and gives a pertinent image of the true cost.
  • Compare and Buy: You can use the LIC term insurance premium calculator more than once to compare the premium to other plans and see how it changes depending on various factors.
  • Helps in Financial Planning: To make sure that the premiums meet your budget, you can easily modify the plan details in the LIC term insurance calculator, including the policy term, sum assured, and other relevant details.

Details Required to Use LIC Term Insurance Premium Calculator

  • Gender
  • Policy term
  • Date of birth
  • Contact details
  • True smoking habit
  • Name of the customer
  • Required sum assured
  • Premium payment term

How to Use LIC Term Insurance Plan Premium Calculator?

  • Go to LIC of India’s official website.
  • Navigate to the homepage’s “Premium Calculator” option.
  • Enter the necessary basic information and select “quick quote” to obtain the premium for a single LIC term plan.
  • Click the “coverage” option after choosing your favorite plan from the term category.
  • Enter the policy term and preferred premium payment method, along with the basic information such as the sum assured, and click “quote.”
  • You can view the premium details with and without taxes using the LIC term premium calculator.

Factors Affecting LIC Term Insurance Premium

  • Sum Assured Selected: The money received after your passing to guarantee your loved ones’ financial security is known as sum assured. Take into account the family lifestyle, medical costs, the funds for your child’s education, and any outstanding debts or liabilities when choosing the assured amount. Choose an assured sum that fully meets the needs of the entire family.
  • Age of the Individual: Age is a major factor in deciding how much a life insurance policy will cost in premiums. The complexity of health issues increases with age. As a result, premium costs will be somewhat higher for older ages.
  • Occupation Type: Due to their low mortality rate, workers in high-risk occupations are required to pay higher premiums.
  • Medical History: Individuals’ and families’ medical histories have an impact on the cost of LIC term insurance policies. Pre-existing medical conditions and genetic disorders may result in higher premiums because of lower mortality.

FAQ for LIC Term Insurance Premium Calculator

Q1. Are GST included in term insurance premiums?

Yes, the premium for a plan is increased by an 18% GST slab.

Q2. Which methods are available for paying premiums for LIC Term Insurance?

Payment options for LIC Term Insurance premiums include cash, checks, demand drafts, net banking, mobile wallets, UPI, NEFT, and any other digital payment method.

Q3. How frequently can I pay my term insurance plan premiums with LIC?

There are various ways to pay premiums for LIC’s term insurance plans. According to their needs, policyholders may choose to pay premiums on a monthly, quarterly, half-yearly, or annual basis.


The LIC Term Insurance Premium Calculator serves as a helpful resource for anyone wishing to navigate the term insurance market. Its easy-to-use interface and precise approximations enable users to make informed decisions about their insurance requirements. Before deciding on a term insurance plan, it’s crucial to weigh other considerations and speak with insurance professionals, even though it streamlines the process of estimating premiums. Using the LIC Term Insurance Premium Calculator and other technologically convenient tools improves financial planning and guarantees a safe future for loved ones.

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