LIC Term Calculator Plan – License Term Calculator Plan is an online tool that helps users calculate the Licence term for their software. It has a variety of features and benefits, including the ability to enter the product name, edition, and version, and to generate a Licence term estimate. Reviews of LIC Term Calculator Plan indicate that it is a handy tool that can be helpful in calculating the Licence term for software.
LIC’s term insurance charge mini-computer is an internet based device that permits clients to work out the exceptional payable for the term contract that they need to buy. The calculator uses the information provided by customers to calculate premiums. Customers are required to enter the necessary information into the calculator. offers two different plans for term insurance with different sum assured levels and features. The LIC premium calculator allows you to adjust the amount of money that you want your family or loved ones to receive in the event of your death.
LIC Term Calculator Plan
In the event of an unexpected death, a term insurance policy acts as a guardian for the policyholder’s family. It provides a steady income during their absence and helps the family deal with the emotional turmoil brought on by the sudden death of a loved one. The nation’s oldest insurance provider is LIC, a public sector insurer. It is well-known for having the highest claim settlement ratio for more than three years in a row.
Among its many different products, LIC e-Term is one of its most well-known term insurance policies. The LIC e-Term plan is a pure insurance policy that only provides Death Benefit, or the payment of the insured sum to the beneficiary in the event of the policyholder’s death. The beneficiary will not receive any Maturity Benefit if the policyholder survives the LIC e-Term plan’s term.
LIC Term Calculator Plan in India 2024 Details
| Name Of Article | LIC Term Calculator Plan 2024 |
| LIC Term Calculator Plan | Click Here |
| Category | Insurance |
| Official Website | Click Also |
What is LIC’s Term Insurance Premium Calculator?
Looking for information on LIC’s Term Insurance Premium Calculator? Look no further – LIC has the perfect solution for you! This online tool allows you to calculate your term insurance premium based on a variety of factors, including your age, health, and occupation. It’s easy to use, and you can find all the information you need right here. So why wait any longer? Get started today!
The term insurance premium calculator from LIC is an online tool that lets people figure out how much they’ll have to pay for the policy they want. The calculator determines the premiums based on the information provided by users, who are required to enter pertinent information.
LIC’s term insurance premium calculator Benefits
LIC’s term insurance premium calculator has various benefits which includes the following –
- The calculator is user-friendly. A term insurance plan’s exact premium amount can be determined by entering a few straightforward details.
- Individuals can use the calculator to determine whether or not they can afford the term insurance plan’s premium.
- Individuals can find the term insurance plan with the lowest premiums by calculating the premium in advance.
- The calculator’s calculation is accurate. This guarantees that the calculated premium does not contain any ambiguity and accurately depicts the cost of a term insurance plan.
Factors affecting LIC term insurance premiums
Based on the information entered, the LIC online premium calculator determines the premium for the selected term insurance plan. A term insurance policy’s premium is affected by a variety of factors in addition to personal information and plan details.
Age of the insured –
A person’s death risk is influenced by their age. The higher the risk of death, the older the individual. Because of this, the insured’s age influences the premiums for term insurance. Premiums rise with age and fall with age.
Sum assured –
The insurance company’s risk is determined by the level of coverage. As a result, the premium rate is affected. The premium would rise in proportion to the amount of coverage, and vice versa.
Term of the policy –
The premium would be lower the longer the tenure of the selected policy. This is because the insurance company has more time to collect the cost of insuring the individual’s life when they have a longer tenure. As a result, premiums are reduced.
Smoking history –
Smoking poses a physical threat because it raises the risk of death. As a result, smokers are subject to higher premiums than non-smokers.
Gender –
The mortality rate of female lives is lower than that of male lives. As a result, females pay less for insurance than men do.
Premium paying frequency –
The mortality rate of female lives is lower than that of male lives. As a result, females pay less for insurance than men do.
Medical history –
The insured’s death risk would rise if they had any medical issues.
Occupation –
The insured’s occupation also has an impact on the premium rate. Premiums would be high if the insured works in a hazardous occupation that increases the risk of death. Aviation, mining, and other dangerous occupations are examples.
Also Read-ICICI Term Insurance Plan Benefits
LIC e-Term Plan: Product Information
| PARAMETERS | CRITERIA |
|---|---|
| Plan Tenure | Minimum – 10 years Maximum – 35 years |
| Sum assured | Minimum – Rs.25 lakhs Maximum – No limit |
| Annual Premium | Based on the sum assured and application category |
| Premium payment mode | Annual with a grace period of 30 days |
| Covers | Policy tenure applicable till the age of 75 years |
| Add-on Riders | Term Assurance Rider |
| Surrender Value | Surrender Value is not offered on LIC e-Term Plan |
| Free Look Period | 30 days |
The documents Needs for LIC e-term are as follows-
- Medical history,
- proof of address (PoA) – Aadhaar Card, PAN Card, Voter ID, Driver’s License KYC (Know Your Customer)
- documents Medical and diagnostic tests (if deemed necessary by LIC) based on
- the applicant’s age, medical history, and sum assured
Claim Process
The following documents must be submitted by the policyholder when making a claim against a LIC e-Term plan upon the policyholder’s death:
- A copy of the original LIC e-Term Plan Claim Form A – Claimant’s Statement containing information about the claimant and the deceased.
- If the policy is not nominated, assigned, or issued in accordance with the M.W.P. Act, a certified copy of the First Information Report,
- the post-mortem report, and the Police Investigation Report are required in the event of an accidental or unnatural death.
- Proof of Age (PoA)
LIC e-Term Plan Review
The first and oldest life insurance company in India is called Life Insurance Corporation of India (LIC).This state-owned insurance company offers a variety of term insurance plans to meet the diverse insurance requirements of their large customer base The nominee is eligible for a sum assured upon the policyholder’s death during the policy term under these insurance plans, which are well-known for their low premiums. Even in the event of the policyholder’s death, this guarantees the family’s financial stability. Because they are available online, the LIC e-Term plan provides customers with even more convenience. In addition, the LIC e-Term plan’s dependability is bolstered by its favorable claim settlement ratio.
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