Why you should calculate your premium before buying any LIC policy in India?

If you want to make your income double, only earning and saving will never give you a good result. Along with both of these, you also need to invest the money you earn. While we talk about investment, we mostly consider the ones where we might need to deposit a large sum of money. However, the fact is different. Several investment options will enable you to start investing your money with a small amount.

And if you worry about your family’s future for a situation when you are no more with them, then the best option for you is to purchase a term insurance policy. The only challenge that you can find is choosing an insurance company from which you can buy the term insurance policy. Well, if you want to take a term insurance policy from a government-owned company, that comes with some of the best features and benefits, then you can consider LIC.

Life Insurance Corporation of India or LIC is one of the most trusted insurance companies that has been providing services to its customers for ages. It is one of the largest as well as oldest life insurance companies. LIC is also known for having the biggest market share and also for coming up with customer-centric insurance plans. The company provides two term insurance plans that make sure the financial security of the family after the demise of the policyholder. These plans are for people at several stages of their life and the premiums are at the most affordable rates. You can use the LIC Term Insurance Calculator so that you can very easily calculate the premiums that you will be paying for the policy.

Benefits of LIC Term Insurance Premium Calculator

When you use an LIC term insurance premium calculator, you will be able to enjoy several beneifts. Let us take a look at some of them.

Easy to use

To use the LIC Term Insurance Premium Calculator, you do not have to put in any extra effort. All that you need to enter is the basic details and get a quote for the premium amount that you will be paying in the future under a LIC term insurance policy.

Budget planning

Using a LIC Term Insurance Premium Calculator will help you to plan your budget properly. You will be able to get an idea of the maximum life cover that you can choose on the basis of your needs as well as the premium that you would be required to pay.

Comparing the various term insurance plans

As you use this calculator, you will be able to compare the premiums for various types of temr insurance plans. This will further help you to choose the perfect plan on the basis of your needs by checking the premium amount, policy term, and sum assured.

Types of LIC Term Insurance Plans

There are two term insurance plans provided by LIC, which include LIC Tech Term Plan and LIC Jeevan Amar. Mentioned below are their details:

LIC Tech Term Plan

It is a non-risk, non-linked pure protection plan term insurance plan that provided the family of the insured with financial support in an uneventful situation. You visit the website of LIC to buy this plan. The features of this policy include two death benefits such as Level Sum Assured and Increasing Sum Assured. The policy covers all types of death.

LIC Jeevan Amar

LIC Jeevan Amar is a pure protectioon plan that comes with two benefit options such as Increasing Sum Assured and Level Sum Assured. On the untimely demise of the policyholder within the tenure of the policy, the nominee of the policy will get the death benefit. You can add riders under this policy by paying an additional cost.

For more information on term insurance policies from various life insurance companies, you can visit the website of IIFL.

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