Many visitors search here to know how they can calculate the premium for LIC policies.
Here is a step-by-step guide for the same.
Step 1: VisitÂ http://www.licindia.in/premium_calculator.htm
Step 2: From the list of the insurance plans, choose the plan for whom you want to calculate premium. E.g., here I choose LIC Jeevan Saral Plan.
Here I choose Jeevan Saral Plan. I entered Date of birth in the format of dd/mm/yyyy. You can choose DOB from the calendar link there. Next, enter the monthly premium you want to pay.
Now, click on Calculate Sum Assured. You’ll get screen like this.
It will display your age, and S.A. In our case, the result was 12,50,000 i.e. for a monthly premium of Rs.5000, you can take Jeevan Saral policy for S.A. Rs.12.50 lacs.
Please note that sometimes, due to technical problem on LIC website, you may see error message like “We are unable to process your request. Please try again later or contact LIC for further details.” I get this error for 3-4 days before writing this article and even now, after giving finishing touch to it.
Secondly, the net premium amount you’ve to pay may be differ from what you see on screen as it depends upon under-writer for final premium calculation. Also, some policies do not allow monthly premium payment option and premium is different in different tenure i.e. half-yearly, annually, etc. You need to verify the final premium amount from LIC office or from your agent.
But using this calculator, you’ll get some idea of your premium amount with S.A.