LIC Term Plan Premium Calculator: Term life insurance, also known as term assurance, is a type of life insurance that offers coverage for a specific term, or limited time, at a fixed rate of payments. The client must either forgo coverage or possibly obtain additional coverage with different payments or conditions after that period ends, as coverage at the prior premium rate is no longer guaranteed. The beneficiary will receive the death benefit if the policyholder passes away within the term. The most costly option to buy a sizable death benefit on a coverage amount per premium dollar basis over a predetermined time period is through term insurance.
Term Assurance Plans Calculator
Why Choose LIC Term Insurance?
- The largest and most dependable life insurer in India is LIC (Life Insurance Corporation of India), which is trusted by more than 300 million Indians.
- Affordable Premiums: Pay little each month for comprehensive coverage.
- Tax Benefits: Take advantage of tax deductions under the Income Tax Act’s Sections 80C and 10(10D).
- Flexibility: Depending on your needs, select from a variety of policy terms and coverage amounts.
- Global Coverage: NRIs are also eligible for protection.
How the LIC Term Insurance Calculator Works
- Enter Basic Details – Age, gender, annual income, lifestyle (smoker/non-smoker).
- Choose Coverage Amount – Example: ₹50 lakh, ₹1 crore, or more based on financial needs.
- Select Policy Term – Ranging from 10 years to 40 years.
- Get Instant Premium Estimate – The calculator shows the exact monthly or yearly premium.
Take a look at an Example:
- Age: 30 years
- Coverage Amount: ₹1 crore
- Policy Term: 25 years
- Lifestyle: Non-smoker
- Estimated Premium: ~₹750/month*
(*Premiums vary based on health, age, and plan selection.)
Real-World Example
Before buying his policy, Ravi, a 32-year-old Bangalore IT worker, used the LIC Term Insurance Calculator. He obtained a 30-year, ₹1 crore policy for a monthly premium of ₹800. This guarantees that, even in his absence, his family will be able to pay for daily expenses, home loans, and the education of their children.
Expert Opinions
“A term plan should ideally cover at least 10–15 times your annual income. Using LIC’s calculator ensures transparency and helps buyers make informed decisions.”
– Arvind Kapur, Certified Financial Planner (CFP)
“With rising inflation, term insurance is not a luxury but a necessity. The calculator helps bridge the gap between income and family’s long-term financial needs.”
– Dr. Neha Sharma, Insurance Analyst
Benefits of Using the LIC Term Insurance Calculator
- Instant premium calculation
- Helps compare different coverage amounts
- Saves time by avoiding manual estimates
- Transparency before purchasing a policy
- Supports better financial planning
Frequently Asked Questions (FAQs)
Yes, it is completely free and available online.
The calculator provides an estimate based on standard inputs. Final premium may vary after medical tests and underwriting.
Yes, NRIs can calculate premiums and buy LIC term plans, subject to LIC’s policy terms.
Age, income, policy term, sum assured, and lifestyle (smoking, drinking) impact premium cost.
Coverage can range from ₹25 lakh to over ₹2 crore depending on the plan and eligibility.
Final Thoughts
Your first step to financial stability and peace of mind is the LIC Term Insurance/Assurance Calculator. You can compare plans, make better decisions, and protect your family’s future without breaking the bank by being aware of the appropriate premium in advance.
Start using the LIC Term Insurance Calculator today and secure your tomorrow.