Life Insurance Corporation (LIC) offers a plethora of products and services to its customers and hence it is important that proper research is done by an individual before purchasing insurance. LIC provides its own premium calculator which can be used by an individual to determine the premium he/she has to pay for a particular plan. We will discuss how one can calculate the premium for the plan he/she is interested in depending on his/her requirements.
Step 1: Any person who wishes to purchase an LIC insurance product or determine the premium he/she will have to pay for a particular plan will have to log on to www.licindia.in.
Step 2: Towards the bottom of the page, the person can locate the tab ‘Premium Calculator’, clicking on which directs him/her to a different page.
Step 3: The person will then have to enter his/her details such as Name, age, and gender before clicking on the ‘Next’ button.
Step 4: The next step will be to select the plan in which the person is interested. In order to make it easier for the individual, the plans are divided as per their categories. For example, if the person is interested in purchasing the Amulya Jeevan II Plan which is a term insurance plan, he/she can click on the Term tab and click on the plan. After the person has selected the plan he/she is interested in, he/she will click on the ‘Coverage’ button.
Step 5: A form type page will open where the person will have to enter the cover amount, the policy term, and also state whether he/she smokes or not. After entering all these details, he/she can click on the ‘Quote’ button.
A separate page opens which states the information provided by the person including the premium payment term, policy term, and the sum assured. The page also provides the individual with the information related to the premium he/she will have to pay on an annual/bi-annual basis. The person can then click on the ‘exit’ tab and repeat the process for finding out premiums for other plans.
The LIC premium calculator is a brilliant tool and helps a person in finding the exact premium he/she will have to pay as per his age, lifestyle habits, plan, policy term, and the cover amount.
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