Founded in 1956, following the Government’s Life Insurance of India Act, Life Insurance Corporation of India is the largest insurance company in the country. Headquartered in Mumbai, Life Insurance Corporation of India is a state-owned insurance group and currently has an asset value of $240 billion. For those who are interested in availing a life insurance policy from LIC to secure the future of their family following untimely death (of the policyholder and breadwinner), they can facilitate the use of the premium calculator to determine how much they would have to put aside to avail a Life Insurance policy. To determine the premium of the policy that they wish to avail, all that the customer needs to do is to enter the plan name, their age, the tenure of the policy and the sum assured they wish to have with the policy. To ensure that there are no hidden costs, the premium calculator also displays the current applicable service tax (GST) that would be inclusive in the policy premium.
For customers interested in availing a Life Insurance policy from Life Insurance Corporation of India, even before getting in touch with an insurance agent, they can calculate the premium to sort of assess how much they will need to spend, as well as determine their coverage at the end of the tenure. If the customer has his/her mind set on the final return at the end of the policy tenure, then they can adjust the policy premium to achieve their goal. To ensure customers know exactly how much they would need to pay for the plan premium, the premium calculator includes the applicable service tax (GST) as well - making sure that customers can make their calculations to the last digit.
Availing a life insurance policy from Life Insurance Corporation of India offers financial security to the dependents or nominees of the policyholder following an eventuality or untimely death. In the case of untimely death of the policyholder, the nominees or dependents will receive monetary benefits to secure their future for the coming years. Customers can also avail a life insurance policy from Life Insurance Corporation of India for the purpose of building a pension corpus. The annuity at the end of the tenure of the policy will either be paid as lump sum or in regular monthly installments. In addition, policyholders can avail tax benefits for the premiums paid for each financial year.
The premium of a Life Insurance Corporation of India policy depends on a number of factors, ranging from the age of the individual, the type of plan that he/she has chosen, the sum assured that one wants at the end of the tenure, whether the applicant is a smoker or a non-smoker, gender, and the applicable service tax (GST). The premiums vary between insurance policies, and if the applicant is younger, the lesser the premium that will have to be paid. For example, if one applicant is 18 years old and the other 42 years old, it’s obvious to assume that the 42-year-old applicant will have to pay a higher premium. Also, if the applicant is a smoker, he/she will have to pay higher premiums as the risk of health issues and death is higher. Some policies offer premium discounts for female policyholders or applicants, but that is subject to the terms and conditions of the policy.
A policyholder will have to follow the steps mentioned below to calculate the premium of the policy that they have chosen on the Life Insurance Corporation of India website:
Note, premiums vary between plans offered by Life Insurance Corporation of India. Ensure you choose the right plan you wish to avail from the drop-down list.
Customers have four options when it comes to paying for an existing policy or purchasing a new Life Insurance Corporation of India plan:
Only those with existing LIC policies can pay their premiums on the Life Insurance Corporation of India website. You have to be registered on the website to make the payment or you can use the ‘pay direct’ option - but that’s only if you’re already registered.
No, you can purchase a policy on the other payment premium channels as listed above. It’s not necessary for you to visit the office and you can make the premium payment online using your credit card, debit card, or net banking account.
Not necessary, you can choose the annual, half-yearly, quarterly and monthly modes as well to pay your premiums.
Provided that you have chosen the policy and entered all the required details correctly, the premium calculator is quite accurate. It will also show you the applicable GST (Goods and services tax), so there is no hidden cost at all.
Yes, in case of the untimely death of the policyholder, the nominees or dependents will receive the benefits of the policy.
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