In short, Life insurance policies are meant to be the financial helping hand for insurer’s family in case of his/her uncertain death or accident. A Life insurance policy is a contract between insurer and Insurance Company which determines the claim which the insurer is legally required to pay. An insurance Company charge specific amount of money to the insured person with the promise of covering all of their related their expenses with respect to coverage in their issued policy. The Amount you are paying for coverage is called Premium.
Life Insurance Premium: It can be onetime payment or even recurring (according to your choice) payment for the coverage you opt for. You can pay your premium even as single premium, yearly, half-yearly, quarterly, or even monthly. The premium (or a Part of It) you paid is assurance that you’ll be covered in policy, in case.
There are some conditions in defining the premium for an insured person. In General, the lesser premium quoted to a younger and healthier person and greater premium is quoted aged person. In the same way, a non-smoker will receive a preferential premium rate while a smoker is probably quoted a higher amount. In addition to these things your pre-determined diseases is also one of the important point which is considered while quoting the premium. There are several variables which plays an important part.
Sample LIC Premium Calculation:
Calculations for LIC premium are little bit complicated. Potential customers can’t do it at their own because of the numerous fundamental variables. At such scenario A LIC premium calculator is the best tool you can go with.
Click Here to Calculate Premium for LIC Policy.
There are few more things you must know about LIC Insurance Policies:
Premium Payments: There are 2 Ways to Pay the Premium for Your Policy. One is you can Pay Whole Lump-sum Amount of Premium in One go or you can go with partial payments in regular time intervals. It can be half-yearly, quarterly or even monthly.
Premium Defaulter: IF you stopped paying premium for your policy in any conditions then company offer you grace period of 30 days. You can pay the premium for your current policy in that time period. After that your policy will get lapsed and you may lose the continuity benefits.
Policy Cancelations: If you are not satisfied with the policy terms or the services of company, even after the inception of your policy then you can cancel your Policy in order to get refund for it. You get 15 days of time to do that, so try to make it as soon as possible if you ever wanted to.
You can Also Visit Nearest or Know LIC Merchants to Know More about LIC Insurance Policy and Other Benefits of It like Tax Exemptions, Terminal Bonus, Additional Riders and Top-ups and Value for Your Money. Your Life is Important. Choose Everything Wisely.