When it concerns life insurance, picking the right plan is vital to ensure your family’s financial stability. The most well-known insurance plans available that are available in India is the LIC Jeevan Labh which is a combination of savings and protection. To help you comprehend the benefits and costs of this plan it is recommended to use using the calculator for the LIC Jeevan Calculator is an essential tool. In this article we’ll take through the functions of the LIC Jeevan Labh calculator and how to utilize it efficiently and the reasons it’s crucial to make informed choices about the life insurance you purchase.
What is the LIC Jeevan Labh Calculator?
The Jeevan Labh calculator is a LIC Jeevan Labh calculator is an online tool that permits prospective policyholders to estimate the cost of the premium they’ll have to pay and their benefits they’ll receive at the policy’s maturity or death. This calculator will help you organize your finances by providing a clear knowledge of the costs associated with the policy in terms of coverage, returns, and. After entering a few details, you’ll receive an instant estimate of the cost which will help you choose if the policy meets your financial objectives.
Key Inputs for the Calculator:
These are the most important inputs you’ll require to use the Jeevan Labh calculator of LIC:
| Input | Description |
|---|---|
| Age of the Policyholder | Calculates the risk-factor and assists calculate the rate of premium. |
| Sum Assured | The sum that your family could be entitled to in the event of your death or maturity benefits at the conclusion period of your policy. |
| Policy Term | The term of the policy usually is 16-21 or 25 years. |
| Premium-Paying Term | The number of years that you are required to pay the cost (e.g. 10 15, 16 and 16 years). |
| Mode of Payment | You can choose to pay yearly, half-yearly or quarterly. |
How to Use the LIC Jeevan Labh Calculator
Utilizing the Jeevan Labh calculator is simple. You can follow these instructions to receive your estimates of benefits and premiums:
-
Go to the Calculator Go to the official site of LIC, or any other reliable insurance portals that offer the calculator.
-
Enter Your Personal Information Input your age and the amount guaranteed (the amount you wish to be covered for) as well as the policy’s term, premium-paying term and payment method.
-
Calculate Calculate: Click the ‘Calculate button and the calculator will display:
-
Yearly Premium What amount do you have to pay every year.
-
The Maturity Benefit the amount you’ll get at the end of the period.
-
The Death Benefit The amount that you pay to your nominee in the event that you die within the policy’s term.
-
The LIC Jeevan Labh calculator provides instant estimates, assisting you to understand the cost and returns from the policy in just one click.
Benefits of Using the LIC Jeevan Labh Calculator
1. Transparent Premium and Benefit Estimates
This insurance company’s Jeevan Labh calculator gives you an exact estimation of the amount of premium and the possible benefits you could expect. This information allows you to make better choices by knowing precisely how much you’ll pay and how much your beneficiaries or family members will get.
2. Quick Comparisons
Utilizing the calculator, you are able to test different policies terms (16 21 and 25 years) as well as the terms for paying premiums (10 15, and 16 years). This flexibility lets you test how changing the terms of your policy impacts the premium and benefits.
3. Helps Plan Your Finances
The The LIC Jeevan Labh calculator helps you organize your financial plan by giving you an initial estimate of the financial commitment you have made. Knowing the amount of your premium can help you budget efficiently and knowing the benefits of death or maturity will allow you to make plans for your future security.
Example Calculation Using the LIC Jeevan Labh Calculator
Let’s look at an example of a calculation made using the Jeevan Labh calculator. Jeevan Calculator Labh.
Let’s say you’re 30 years old, need to purchase a Sum Assured of Rs.10,00,000. opt for an insurance period of insurance for 21 years and the premium-paying time that is 15 years. On this basis, the math could be able to show:
-
Annual Premium: Rs50,000
-
The Maturity Bonus The amount is Rs15,00,000. (includes the amount guaranteed and bonuses)
-
Death benefit of Rs10,00,000. (or higher, based on the bonus)
The exact amounts will be contingent on the inputs you provide and also the bonuses announced by LIC however, this will give you an understanding of the coverage and the premiums you’ll have to pay.
Key Features of the LIC Jeevan Labh Plan
While the Jeevan Labh calculator from LIC Jeevan Labh Calculator will help you determine the cost of your premium and benefits but it’s equally essential to be aware of the advantages of the plan. This is what you can expect from the LIC Jeevan Labh plan offers:
| Feature | Description |
|---|---|
| Dual Benefit | Offers life insurance and saving (bonuses). |
| Bonus Facility | The plan takes part in the profit-sharing scheme of LIC Corporation, and offers bonuses. |
| Policy Term Options | It is available in 16-21 and 25-year periods, which gives you the option of flexibility. |
| Premium Paying Term | You can choose between 10, 15 or 16 years old to pay your monthly premiums. |
| Tax Benefits | Ineligible for tax deductions in Section 80C under the Income Tax Act. |
These characteristics provide the LIC Jeevan Labh an adaptable plan that allows you to combine life insurance and long-term savings plans.
Important Things to Remember
Although the LCI Jeevan Labh calculator offers estimates, there are couple of important points to be aware of:
-
Bonus Rates aren’t Fixed Calculators use the assumed rates for bonuses. The actual bonus could differ based on the performance of LIC and could be greater or less than the one that was estimated. (licindia.in)
-
policy Terms and conditions Be sure to read the conditions and terms attentively to fully understand the range of coverage, including concerning the exclusions and bonuses.
-
Pay-up and Surrender Benefits If you cease paying the premiums before the time expires, you could be eligible for an amount that you have paid up or a surrender value, something that the calculator does not always give with specifics.
Conclusion: Why Use the LIC Jeevan Labh Calculator?
It is the Lic Jeevan Labh Calculator is a must-have tool for anyone who is considering this well-known life insurance plan. With just a few details, you’ll be able to receive an instant estimation of your premiums as well as the benefits you get. It will allow you to make better financial plans and allows you to compare various options and make sure that your plan is in line with your financial goals.
If you’re a first-time purchaser or are looking to change your insurance coverage, your Jeevan Labh calculator from LIC Jeevan Calculator is an excellent way to begin and make informed decisions regarding your future.
Learn more about LIC Jeevan Labh and its benefits on PolicyBazaar