LIC fixed deposit scheme for senior citizens is a unique term deposit policy tailored to provide individuals aged 60 and above with a financial safety net.
LIC is a highly regarded organisation known for its diverse range of life insurance plans as well as transparency and convenience for its customers. To facilitate the process of selecting the right policy and making informed decisions, LIC offers a premium and maturity calculator. This online tool serves as a valuable resource by providing an estimated premium amount for the chosen policy.
By providing accurate results in just a few clicks, this calculator can help you contemplate your options thoroughly and eliminate any confusion. This article will delve into the intricate details of the LIC maturity calculator and LIC return calculator, unravelling their benefits and functionality.
The LIC premium and maturity calculator is a notable tool offered by the life insurance Corporation of India (LIC). As a free and invaluable resource, it proves to be highly useful for anyone seeking to purchase a life insurance policy.
The LIC return calculator helps you comprehend the impact of various factors on premiums and payouts, which allows you to make informed decisions. Apart from being a user-friendly tool, it simplifies the complex process of determining insurance premiums and understanding policy benefits.
The LIC return calculator eliminates manual calculations or relying on insurance agents for quotes. With just a few simple inputs, you can obtain estimates, empowering you to make well-informed decisions about your life insurance coverage.
The primary use of the LIC return calculator is to calculate the premiums associated with a chosen policy, taking into account several factors. Life insurance premiums are influenced by multiple variables, such as the policyholder's age, sum assured, policy term, premium payment frequency, and additional riders, among others.
By entering these factors into the calculator, individuals can obtain a clear estimate of the premiums they would be required to pay. Existing policyholders can also utilise the calculator to evaluate and understand the impact of making changes to their policy, such as modifying the sum assured or premium payment frequency. This feature assists policyholders in assessing the financial implications of such alterations and making informed decisions about their coverage.
One of the significant advantages of this calculator is its ability to provide estimates for different premium payment frequencies. You have the flexibility to choose between monthly, quarterly, half-yearly, or yearly premium payments. This way, you can evaluate the affordability and convenience of various payment options and select the one that best suits your financial situation.
The output of the LIC maturity calculator goes beyond just providing premium estimates, as it also offers insights into the maturity benefits of the chosen policy. Maturity benefits here refer to the sum of money that a policyholder receives at the end of the policy term if they survive the policy period. Using the maturity calculator, you can understand the potential payouts that you can expect from your life insurance policy.
If you already have an insurance plan from LIC, you can log into the LIC online portal, enter your policy number and learn about the applicable benefits of your LIC policy, including the maturity value. However, to simplify the process, you can also use the LIC maturity calculator, pick a plan by the policy number, and get the estimated maturity amount against the basic sum assured amount.
Some of the notable advantages of the LIC premium and maturity calculator are listed below:
Let's consider an individual, Mr Ahmed, who is 35 years old and is interested in purchasing a life insurance policy from LIC. He wants to understand the premium amount and maturity benefits associated with different policy options.
Mr Ahmed visits the LIC website and navigates to the Premium and Maturity Calculator section. He selects the desired policy term, such as 20 years, and enters the sum assured he is considering, let's say, INR10,00,000 (ten lakhs).
Upon entering these details, the calculator processes the information using its algorithm and presents Mr Ahmed with instant results. He receives a breakdown of premium amounts for various premium payment frequencies such as monthly, quarterly, half-yearly, and yearly.
For instance, the calculator displays that for a 20-year policy term and a sum assured of INR10,00,000, the estimated premium amounts could be as follows:
In addition to the premium amounts, the calculator also gives Mr Ahmed an estimate of the maturity benefits he can expect to receive at the end of the policy term if he survives. Let's assume that for this policy, the maturity benefits are projected to be INR15,00,000 (fifteen lakhs).
With these calculated results, Mr Ahmed can now compare different policies and premium payment frequencies to make an informed decision. He can also evaluate the affordability and convenience of various options based on his financial situation and future goals.
*Please note that the figures used in this example are for illustrative purposes only and may not reflect the actual premium and maturity amounts for LIC policies. The calculator's results are based on the specific parameters entered and can vary depending on individual circumstances and policy terms.*
The LIC Premium and Maturity Calculator provided by the Life Insurance Corporation of India (LIC) is a valuable tool that offers a myriad of benefits to individuals seeking life insurance policies. It can save you time by providing quick results and ensures accuracy through complex algorithms.
This calculator also allows for easy comparison of different LIC policies and helps in informed decision-making. Moreover, it assists with budget planning by calculating premiums in advance and brings transparency to the process by providing clear information about premiums and expected maturity benefits. The calculator is user-friendly and offers a seamless experience for users.
Overall, the LIC Premium and Maturity Calculator is a powerful resource that helps individuals navigate the complexities of life insurance and make well-informed choices for their financial future!