What is the LIC Premium Calculator?
The LIC Premium Calculator is a free online tool that helps you estimate the premium payable for any major Life Insurance Corporation of India (LIC) plan. Just enter your age, the policy term you want, and the sum assured (the guaranteed payout on maturity or death), and the calculator instantly shows you the premium amount for yearly, half-yearly, quarterly and monthly payment modes — with 18% GST included.
How is the LIC Premium Calculated?
LIC uses a tabular rate system. The premium per ₹1,000 of Sum Assured depends on your age at entry and the policy term. This rate is multiplied by (Sum Assured / 1000) to get the base annual premium.
If you choose to pay more frequently than yearly, LIC gives you a small mode rebate:
- Yearly: 0% rebate (full premium)
- Half-Yearly: 1.5% rebate
- Quarterly: 2.25% rebate
- Monthly (SSS): 4.5% rebate
Finally, GST @ 18% is added on the premium. For example:
Yearly Premium = (Sum Assured / 1000) × Tabular Rate × Mode Factor + 18% GST
What Inputs Does the Calculator Need?
- LIC Plan — pick from New Endowment (714), New Jeevan Anand (715), New Money Back (720, 721), Jeevan Lakshya (733), Jeevan Labh (736), Jeevan Umang (745), Jeevan Utsav SP (883) or Jeevan Anand (149).
- Your Age — age at the time of policy issuance (LIC uses the Nearest Birthday method for most plans).
- Policy Term — the number of years the policy will remain in force (e.g., 15, 20, 25, 30 years).
- Sum Assured — the basic guaranteed amount that LIC will pay on maturity (for endowment plans) or death (whichever happens first, plus bonuses).
- Optional Riders — Accidental Death & Disability Benefit (AD&DB) Rider, and Term Rider (extra life cover for a low premium).
Example Premium Calculation
Let's say Ramesh, age 30, wants to buy LIC New Jeevan Anand (715) with a Sum Assured of ₹10,00,000 and a 20-year term.
Approximate tabular rate for age 30, term 20: ₹70 per ₹1,000 SA per year.
Base annual premium = (10,00,000 / 1000) × 70 = ₹70,000
Mode adjustment (yearly): × 1.0 = ₹70,000
GST @ 18% = ₹12,600
Total yearly premium = ₹82,600
Total premiums paid over 20 years = ₹16,52,000
Estimated maturity benefit = Sum Assured (₹10,00,000) + Bonus (~₹10,40,000) + FAB (~₹1,10,000) = ~₹21,50,000
Why Use Our Premium Calculator?
- ✅ All major LIC plans in one place — 714, 715, 720, 721, 733, 736, 745, 883, 149.
- ✅ All premium modes — yearly, half-yearly, quarterly, monthly.
- ✅ Riders included — AD&DB and Term Rider.
- ✅ GST @ 18% applied automatically.
- ✅ 100% free, no sign-up, no email.
- ✅ Mobile-friendly — works on phone, tablet, desktop.
- ✅ Privacy first — no data leaves your browser.
Important Notes
Please Note: The figures shown are estimates based on indicative tabular rates, mode rebates and GST. Actual premiums depend on LIC's prevailing rate card, your age proof, medical examination, and any extra premiums or restrictions imposed by underwriting. Always verify the final premium with an authorised LIC agent or on
lic.in.
Frequently Asked Questions
Is the LIC premium calculator accurate?
Our calculator uses LIC's tabular premium rates, mode rebates, GST and indicative bonus rates. It gives a very close estimate, but the actual premium in your policy document from LIC is final. Cross-check with LIC's official premium calculator for the most accurate figure.
What is the minimum premium for LIC?
The minimum premium depends on the plan and your sum assured. Most plans require a minimum sum assured of ₹1,00,000 to ₹2,00,000. The premium for that minimum is usually a few thousand rupees per year.
Is GST included in the premium shown?
Yes. Our calculator adds 18% GST to the base premium and shows the total premium payable by you.
Which LIC plan has the lowest premium?
LIC's term insurance plans (like LIC Digi Term, Yuva Term) have the lowest premiums because they provide pure protection with no savings component. Among savings-plus-protection plans, the premium varies by age, term and sum assured.
Can I pay LIC premium monthly?
Yes. Most LIC plans support monthly premium payment through ECS / NACH / SSS mode. Note that the monthly premium is slightly higher than 1/12th of the yearly premium (because of the way rebates are calculated) — but with the 4.5% mode rebate, the total annual cost is similar.
What is the difference between Sum Assured and Premium?
Sum Assured is the guaranteed amount LIC pays on maturity or death. Premium is the amount you pay to keep the policy active. Premium is much smaller than the Sum Assured because LIC pools risk and invests the premiums over a long period.
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