LIC Term Insurance Calculator
Generic LIC Term Plans Premium Calculator
LIC Generic Term Insurance (Plan Term) Overview
This Generic Term Insurance Calculator helps you estimate the premium for a standard pure protection life cover. Term insurance provides a large life cover (Sum Assured) at a nominal premium, ensuring your family's financial security in your absence.
Eligibility & Rules
- Minimum Sum Assured: ₹25,00,000 to ₹50,00,000 depending on plan
- Policy Term: 10 to 40 Years
- Entry Age: 18 to 65 Years
Key Plan Benefits
- Death Benefit: The chosen Sum Assured is paid to the nominee if the policyholder passes away during the term.
- Maturity Benefit: Generally Nil (unless it is a Return of Premium variant).
- Tax Benefits: Premium paid is tax-deductible under Section 80C.
Detailed Maturity Benefit
Nil. This is a pure risk protection term plan. No amount is payable on surviving the policy term.
Standard Policy Features
- Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: Not Applicable. Pure term plans do not offer maturity or surrender values.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C.
Example Calculation
| Parameter | Value |
|---|---|
| Sum Assured | ₹1,00,00,000 (1 Crore) |
| Age / Policy Term | 30 / 30 Years |
| Yearly Premium (Approx) | ₹10,000 |
| Total Paid Premium | ₹3,00,000 |
| Maturity / Total Benefits | ₹Nil (Pure Protection) |
Calculating…