How to calculate LIC term insurance premium?
Term life insurance is the purest form of list insurance plan that offers comprehensive coverage for policyholders against life’s uncertainties. It is the best option for focusing more on their financial planning with various features. The term plans involve different types that aim to cater to customers’ needs when they want to get high protection from financial troubles. Several companies offer term life policies in the markets, and customers can choose the right one among them after doing complete research.
Life insurance corporation of India, shortly known as LIC, continues to have a strong position in the markets compared to other companies. It provides a wide range of products for all income groups to lead a trouble-free life. The company specializes in offering solutions for people who want to overcome financial troubles significantly. However, those willing to purchase a term insurance plan should know about the premium prices in detail. This, in turn, gives ways to select an insurance policy at affordable prices to get peace of mind.
What is LIC term plan calculator?
Anyone who wants to buy LIC term plans should know how to calculate the premium rates with more attention. LIC term insurance premium calculator is an online tool that lets customers know how much they have to pay for a policy when they want to buy. The primary advantage of this tool is that it allows people to estimate the insurance costs without contacting the insurer. Instead, one should just enter the relevant information in the calculator, which will help determine the premium amounts properly.
How to use the LIC term plan calculator?
Policy buyers should visit LIC’s official website first. They can find the LIC life term insurance premium calculator on the home page that will redirect to a new page. A person should enter the important details on the calculation page, such as name, date of birth, gender, mobile number, and email id.
In the next step, he/she clicks on the “Quick Quote Button” button after entering the information. It will redirect to a new page where customers can select the desired term plan based on their choices. They should submit additional details such as lifestyle, sum insured amount, policy tenure, income, etc.
New customers can calculate the premium amounts with a term plan calculator with all facts to help make the right decision. Furthermore, they can decide whether to buy a policy or not after knowing the premiums.
What are the advantages of using a LIC term plan calculator?
Saves a lot of time
Both buyers and sellers can save a lot of time with the LIC online term insurance premium tool because it correctly addresses their requirements. Companies can sell policies directly to customers without middlemen that will reduce the commission costs. Apart from that, buyers can avoid LIC agents or brokers, and they can purchase a plan after knowing the exact premium amounts. In addition, they can get discounts on policies while buying them online, which will help reduce expenses.
Easy to use
The calculator is easy to use because it involves some simple steps. Besides that, it makes feasible ways to calculate the premium amounts of a plan with ease. Another thing about the calculator is that it enables buyers to focus more on their objectives regarding coverage.
Easy Comparison
The LIC of India term insurance premium calculator allows new customers to compare insurance the premium of several plans with ease. It even gives ways to select a plan that suits the budget of a person. Additionally, people can explore a variety of term insurance policies with the calculator that provides ways to select the best plan accordingly.
Cost-Effective
Companies can calculate LIC term insurance premium prices with the calculator that will help buy plans for employees at the best prices. The LIC online calculator is a cost-effective tool that paves the way to determine the amount quickly.
What are the factors that can affect LIC term insurance plans?
Several factors can influence the premiums of LIC term insurance plans, and customers should know them in detail.
- Age: Age is an essential factor that decides the premium prices of a policy. Therefore, the risk factor will increase with increasing age, and policy buyers should consider purchasing a plan at a young age.
- Sum Assured: Policy buyers have to pay more for a high sum assured amount while buying an insurance plan, resulting in high expenses.
- Income: Income is one of the factors that will influence the premium rates of an insurance plan, and customers should keep the increasing inflation when purchasing a policy.
- Lifestyle: When buying a plan, customers should focus more on their lifestyles, such as alcohol consumption and smoking. This is because they have to pay more for smoking or alcohol habits as the risks are high.
- Gender: Gender is also another important factor that can affect the premium rates of an insurance plan. Insurance companies offer premiums for women at lower prices as the mortality rate is low when compared to men.
- Occupation: Occupation plays an essential role in influencing the premium prices of insurance policies because high-risk occupations carry high premium costs. Hence, it is imperative to consider the occupation type before purchasing a plan.
- Medical History: The medical history of an individual will determine the premium rates of an insurance plan, and those who have pre-existing illnesses have to pay more. Therefore, buyers should share all the health-related details with the insurer when investing money in a policy.
- Family History: Family history will also influence the premium prices of insurance policies because some of them may have hereditary diseases.
Where to buy the best insurance policies?
New customers who want to buy the best insurance policies can search for the details online. Also, they can compare the quotes of insurers that will help select a policy at the best prices.
