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Understanding the LIC Endowment Policy Calculator and How to Use It

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A life insurance plan certainly makes for a great option for those who want financial security for their family even after their death. With LIC endowment plans, however, you can have the benefit of protection and savings in a single life insurance plan.

When an individual signs up for an LIC endowment plan, they get the sum assured upon maturity. However, in case of their demise during the tenure, their beneficiaries receive the sum assured plus bonus, if any).

As we can see, the dual benefit of LIC endowment plans makes them a well-rounded savings-linked life insurance policy. At the same time, you must consider a few things before opting for this plan. An excellent way to do this is to use an LIC endowment policy calculator.

Read on to know more about how you can calculate the premiums and the sum you would receive upon policy maturity for an LIC endowment plan using an LIC endowment policy calculator.

LIC Endowment Plans – A Brief

An LIC endowment plan, as mentioned earlier, differs from a traditional life or term insurance policy with respect to its additional features and maturity/survival benefits. While the death benefit of an endowment plan provides a financial cushion to the policyholder’s family in case of their sudden death, the survival benefit ensures that adequate money is saved for long-term goals and retirement over a specified period.

Additionally, LIC endowment plans allow you to add optional riders/add-ons to your plan for enhanced protection. You also get the flexibility to choose the premium payment frequency (monthly, quarterly, half-annually, annually).

With all such features, you can enjoy high returns and a sizeable corpus when the policy matures to help you meet your financial goals. You can use the LIC endowment plan maturity calculator to know what will the maturity amount would look like for a certain policy before signing up for it.

What Is The LIC Endowment Policy Maturity Calculator?

An endowment policy premium calculator is a financial tool that can help you ascertain the total amount (sum assured plus bonus) you would receive when your selected endowment plan matures as well as the applicable premium amount. The LIC endowment policy calculator can also help you understand the year-wise death claim amount for accidental and natural death.

After accessing the LIC endowment policy calculator, you would be required to enter these details as per the specified parameters –

  • Your age at the time of getting the policy
  • The basic sum assured
  • The policy term
  • Year of purchase

How Does The LIC Endowment Policy Calculator Work?

The functioning of an LIC endowment plan calculator is rather straightforward to grasp. You can visit the official provider website and access the calculator there. Keep a few details ready such as the plan you want to avail of, the policy's tenure, the sum assured, the year of purchase, and your age at the time of purchase handy. Enter these details in the designated slots of the endowment calculator.

After entering all the details, hit the “Submit” button and wait for the results to load. Details like the maturity amount, the year-wise death claim amount, the applicable premium, and others will now be visible on the screen.

What Are the Benefits of Using the LIC Endowment Policy Calculator?

Here are some of the benefits of using an LIC endowment policy calculator –

1. Understand the maturity amount

The LIC endowment plan calculator can help you calculate the amount that you would be receiving upon maturity. This can help you with your financial planning for long-term goals by being certain of the amount to be received.

2. Easy to use

This calculator is easy to use and displays the results within a few seconds after you enter the relevant details. As a result, this calculator ensures that you get all the required details without requiring you to get involved in any tedious mathematical calculations.

3. Understand the death benefit

The calculator also helps an individual get a detailed break-up of the year-wise death claim amount that their beneficiaries would receive in case they pass away during the policy tenure.

4. Compare plans

As the LIC endowment plan premium calculator is free and can be used for different details, you can compare different policies based on the death and/or survival benefits and other factors to get the best endowment plan for yourself.

To Conclude

LIC endowment plan calculator is a user-friendly tool that helps you find out the maturity amount of your selected endowment plan. With this tool, you can decide whether a particular plan suits your requirements and helps you with your long-term financial goals. Importantly, this calculator makes the policy evaluation and analysis process considerably easy, as you no longer have to manually calculate the maturity amount on each policy.

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