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Financial CalculatorLIC Jeevan Shiromani Plan (Plan No. 947), which has been crafted for individuals seeking a blend of life security and wealth accumulation. Explore its core features, benefits, eligibility criteria, and other aspects so that you, as a prospective policyholder.
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LIC International is a globally renowned name in the field of insurance and investment. It has a vast collection of insurance and investment plans that can help you plan for your future and ensure the financial security of your family. With LIC International, you can get excellent plans and products across life insurance, term insurance, savings plans, professional education plans, pension plans, endowment plans, and more.
With that said, confusion can certainly arise when we sit down to decide which plan to opt for. While we can choose a policy based on our goals and requirements, it is often difficult to ascertain whether the premium for the targeted sum assured is feasible as per our budget.
For such dilemmas, the LIC life insurance calculator can come to help. With this tool, you can easily calculate the premiums based on the targeted sum assured, age, and policy term, and find out more details about your plan as well.
Let’s explore the LIC life insurance calculator in detail and find out how it works as well as its benefits.
How Does the LIC Life Insurance Premium Calculator Work?
LIC life insurance premium calculator is an online tool that you can use to find out the estimated numbers related to your chosen LIC life insurance policy. These calculators are generally programmed to include the details such as interest rates and benefits of all the policies offered by LIC international.
If you are interested in any of the LIC life insurance plans, you can choose a policy from the drop-down option of this calculator and enter details such as your age, expected sum assured, policy term, and purchase mode (online/offline).
Once all the details are filled in, you can click on the ‘Calculate’ option. The calculator will give the premium amount required to achieve the expected assured sum and other crucial details related to the plan.
Advantages of Using the LIC Life Insurance Calculator
Given below are some benefits of using the LIC life insurance premium calculator -
1. Easy and Robust Calculations
Different policies have different loyalty benefits and guaranteed additions. Moreover, with the complexity of the formulae involved, manual calculations may not be accurate or convenient for us.
In such cases, using the LIC life insurance premium calculator can be beneficial as it accounts for all policy terms and inclusions and quickly gives accurate results based on the policy term and other factors. As a result, you can get accurate results in an instant using this calculator without going through the hassle of lengthy calculations.
2. Helps in Finding the Best Plan and the Sum Assured
A remarkable aspect of this LIC life insurance calculator is that it can be used as many times as you want, meaning that you can access and utilise it on repeat until the premium value suits your budget. Consequently, you can adjust the sum assured based on whether you wish to increase or reduce the premium and find the best plan for yourself.
3. Easy Financial Planning
While an LIC plan is a value addition, unaffordable premiums may be detrimental to personal finances. The LIC life insurance calculator, however, can be immensely helpful in planning finances accordingly before investing in a plan.
4. Reduces the Risk of Defaulting Payments
Missed LIC payments can lead to policy suspension, additional charges, a poor reflection of your financial history, and more. However, if the premium has been accounted for in the financial planning before the commencement, the risk of default goes down. This, as we have seen, can be easily accomplished by using the LIC life insurance premium calculator.
5. Easy Plan Comparison
Once you are aware of the premiums of all the plans that will help you reach a specific sum assured, it becomes easy to compare the plans and decide which one suits your budget and planning the best.
Wrapping Up
The LIC life insurance premium calculator is a free online tool that can help you make an informed decision while investing in an LIC life insurance policy. Just by entering a few details related to your profile and the selected plan, you can easily calculate the premium for the said plan. This can be highly beneficial for you, as you would be able to modify your budget accordingly and get the best plan for your requirements.
With that said, do read the fine print of your policy thoroughly before signing up to be aware of all the charges and conditions for your plan.
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