How is the LIC premium calculated?

To determine the LIC premium for a term insurance plan, the LIC premium calculator requires the following key inputs:

• Name, date of birth, gender, and contact details of the life assured.
• Smoker or non-smoker status.
• Policy term - the number of years for which coverage is required.
• Sum assured - the insurance coverage amount.
• Premium payment term - the duration over which premiums will be paid.

Based on these parameters, the LIC term plan calculator determines the mortality charges for providing life coverage to the policyholder over the policy term.

Applicable taxes and cesses are added to the mortality charge to arrive at the total yearly premium. The calculator also shows premiums for non-annual modes like half-yearly, quarterly or monthly payments.

In summary, the key inputs needed are age, gender, sum assured, policy term, premium term and smoker status. The LIC term plan calculator uses these details to determine mortality charges and provide premium quotes.