LIC Term Insurance Plan 854 Premium Calculator

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LIC Term Insurance Plan 854 Premium Calculator

Two benefits options level and increasing sum assured. Lower rates for non-smoker lives Special rates for women coverage until age of 80years .Accident benefit rider available ,during PPT under regular  and limited premium policies. Option to pay premium as regular single or for limited period. Option to take death benefit in lump sum and for instalments.

Age limit for maximum or minimum

  • Entry age 18 to 65 years
  • Maximum maturity age -80years
  • Minimum & maximum Basic sum assured Minimum – Rs.50 lakhs , maximum – No limit
  • Policy term – 10 to 40 years
  • Premium payment – single
  • Regular limited (yearly / half yearly)

Death Benefit Option

Level sum assured – death benefit remain level through out the policy term. Death Benefit Option Level Sum Assured. Death benefit remain level through out the policy term.

Increasing sum assured

Death benefit remains level during first 5 policy years . Increases by 10% of BSA every year for the next 10year and then remains at that level for the remaining policy term.

Sum assured on death

Level sum assured vs increasing sum assured

  • Rs.1crore  to Rs.2crore
  • Regular premium (PPT – Policy term)
  • Limited premium (PPT – policy term -10)
  • Single premium (PPT =1)
  • Premium rate differentiation
Category age band (LBD)and above As a % tabular annual / single premium RS.2croreand above
30 years 12% 20%
31-50 years   10% 5%
51years 15% 7%

 

Option -II   increasing sum assured

Category age band (LBD)and above As a % tabular annual / single premium RS.2croreand above
30 years  10% 18%
31-50 years 8%  13%
51years 4%  6%

 

Policy term -10years,PPT – 10 years

(Regular premium policy),Sum assured – Rs.1crore

Mode – yearly

Category –non –smoker

sum assured

Age (LBD) Male Female
20   Rs.5,456 Rs.5192
30   Rs.6,248 Rs.5,896
40 Rs.10,260 Rs.8460

 

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