While LIC doesn’t publicly share all the exact formulas due to varying plans, a simplified version of how the premium is calculated looks like this:
Annual Premium = (Sum Assured × Rate per ₹1,000 of SA) + Rider Charges + TaxesExample 1:
- Age: 30 years
- Sum Assured: ₹5,00,000
- Policy Term: 20 years
- Rate per ₹1,000: ₹45 (varies by plan)
Premium = (₹5,00,000 / 1,000) × ₹45 = ₹22,500/year (before tax and riders)
Example 2:
- Age: 40 years
- Term: 15 years
- Sum Assured: ₹10,00,000
- Rate: ₹60
Premium = (₹10,00,000 / 1,000) × ₹60 = ₹60,000/year
📌 Note: Different LIC plans have different rates and benefits. Our tool automatically adjusts calculations for better accuracy.
How to Use LIC Premium Calculator Correctly (Beginner Tips)
Our LIC Premium Calculator is designed with beginners in mind. Here is a brief guide:
👇 In detail:
Put Your Age Here: aids in calculating base premium and risk.
Select a policy type, such as ULIP, Endowment, or Term.
The term of the input policy typically falls between 10 and 30 years.
Enter the desired amount of coverage in the Sum Assured.
Choose a payment method, such as monthly, quarterly, etc.
✅ Extra Advice: Compare outcomes by experimenting with different values.
Make use of reasonable sums that correspond to your income.
For precise benefits, view the plan brochures on the LIC website.
🙌 You don’t have to be an expert to use MyPolicyTools’ LIC Premium Calculator. Complete the fields to receive your estimate right away.
🎉 Fun Break: Guess Your Future in 5 Seconds! 🎯
Let’s play a quick game:
If you were handed ₹10,00,000 on your LIC maturity date… What would you do first?
A) Buy your dream bike 🚴
B) Take a world trip ✈️
C) Invest it again like a smart pro 📈
D) Tell your mom – “See, I planned this!” 👩👦
No matter your answer, just know — planning today makes dreams real tomorrow.
Use our LIC Calculator now and see how close you are! 💡
LIC Premium Chart (Age-Wise and Plan-Wise Comparison)
Here’s a simplified sample table to help you understand how premiums vary based on age and policy term (estimated for Endowment Plan):
| Age Policy | Term Sum | Assured | Yearly Premium (Approx) |
| 25 | 20 years | ₹5,00,000 | ₹19,500 |
| 30 | 20 years | ₹5,00,000 | ₹22,500 |
| 35 | 20 years | ₹5,00,000 | ₹25,000 |
| 40 | 20 years | ₹5,00,000 | ₹28,000 |
Try these values in our calculator to test different combinations based on your needs.
What Has the Biggest Impact on LIC Premium? (Unknown Cost Elements)
Many users are perplexed as to why two individuals with identical ages and sums assured receive disparate premium quotes. Some lesser-known factors are as follows:
🔍 Important Factors:
Health: People who smoke or have health conditions might pay more.
Policy Riders: The premium goes up a little with each add-on.
Payment Frequency: The total cost of monthly payments is marginally higher than that of annual payments.
Policy Type: Term plans are less expensive than money-back or endowment plans.
Gender and Occupation: Certain LIC plans provide women or those in safe occupations with reduced premiums.
🎯 Our calculator is easy to use; it shows you the entire estimated premium, including these costs when they apply.
Why Use Our LIC Premium Calculator?
✅ Fast – No waiting, no agent calls
✅ Free – 100% free to use
✅ Simple – Clean interface, mobile-friendly
✅ Accurate – Based on LIC data and plan logic
✅ No Login – No sign-ups or personal data needed
User Questions Answered Simply
How can I know my LIC premium?
Just enter your age, sum assured, and term into our calculator – you’ll get an instant estimate.
What is the LIC premium amount for ₹10 lakh?
It depends on your age, term, and plan. Try entering ₹10 lakh in the calculator to get your answer.
Is this calculator accurate?
It provides close estimates based on LIC formulas, ideal for planning and comparison.
Does this save my information?
No. Our calculator does not save or share your private data. 100% privacy guaranteed.
Now Check Your LIC LIC Premium Value
👉 Read More About: LIC Premium vs Maturity Value – How They Work Together
People also asked
1. What is the LIC 70,000 per year plan?
Use our calculator to check which LIC plans fit your ₹70,000 annual premium budget. Just enter your age and term – the tool instantly shows possible sum assured and benefits.
2. How is LIC calculated?
Our tool uses LIC’s basic formula (age, sum assured, term, and plan type) to estimate your premium. You get a clear and quick idea of what you’ll pay – no math needed!
3. Which LIC plan is best for 5 years?
Try our calculator with a 5-year term to compare plans like LIC’s single premium endowment or short-term savings plans. It helps you explore options based on your budget and goal.
4. Is LIC better than SIP?
LIC is insurance with savings; SIP is investment-focused. Use our tool to understand how much you pay for LIC and compare it with SIP returns based on your risk preference.
5. Is LIC 100% safe?
LIC is backed by the Government of India and is considered one of the safest insurance options. Our tool helps you explore LIC plans without needing to talk to agents or share personal info.
6. Which SIP is best for 5 years?
SIP choices depend on your risk level. While our tool doesn’t calculate SIPs, it helps you see what LIC offers in 5 years – ideal for comparing with any SIP calculator.
