LIC Life Insurance Premium Calculator Formula

Life Insurance Premium Calculator for LIC and SBI Policy Holders

LIC Life Insurance Premium Calculator Formula - Life Insurance is an agreement between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses can also be included in the benefits.

LIC Life Insurance Premium Calculator Formula - Life Insurance policies are legal agreement and the terms of the agreement describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion. Life-based contracts tend to fall into two major categories:

  • Protection policies
  • Investment policies

LIC Life Insurance Premium Calculator Formula - Life insurance may be divided into two basic classes: temporary and permanent; or the following subclasses: term, universal, whole life, and endowment life insurance.

  • Term insurance
  • Group life insurance
  • Permanent life insurance
  • Whole life
  • Universal life coverage
  • Endowments
  • Accidental death
  • Senior and pre-need products

Here is a list of Life Insurance Companies in India:

 

Public Sector - LIC Life Insurance Premium Calculator Formula
  • Life Insurance Corporation of India

Private Sector - LIC Life Insurance Premium Calculator Formula
  • Aviva India
  • Bajaj Allianz Life Insurance
  • Star Union Dai-ichi Life Insurance
  • Exide Life Insurance
  • HDFC Standard Life Insurance Company
  • ICICI Prudential Life Insurance
  • IDBI Federal Life Insurance
  • IndiaFirst Life Insurance Company
  • Kotak Mahindra Old Mutual Life Insurance
  • SBI Life Insurance Company
  • Reliance Nippon Life Insurance Company Limited

LIC Endowment Plan Calculator

LIC Money Back Plan Calculator

LIC Term Insurance Plans Premium Calculator
 

LIC Pension Plans Premium Calculator
 

 

History of LIC (Life Insurance Corporation)

Life Insurance Corporation of India (LIC) is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of ₹1,560,482 crore (US$240 billion). As of 2013 it had total life fund of Rs.1433103.14 crore with total value of policies sold of 367.82 lakh that year.

The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation. As on 31 March 2014, LIC had 1,20,388 employees, out of which 24,867 were women (20.65%).