How An Endowment Policy's Premium Is Calculated?
Table of Contents
The Endowment Plan Calculator Plan combines protection and savings elements to financially support the deceased policyholder’s family. The Premium Calculator helps the applicant with the wherewithal about the plan to purchase. It is a handy tool that provides answers to design the plan, the contours suiting the preferences and financial capability to sustain the policy in the long run.
Eligibility Criteria
The Endowment Plan Calculator Policy eligibility norms are checked using the versatile Premium Calculator tool provided in the LIC’s official portal. It is an uncomplicated way to know in advance what the plan will return in the long run to match the individual’s future goals. The calculator asks a few simple questions to get you started. The endowment plan can be designed with the outcome to the following inputs, not necessarily in this sequence.
- Applicants Name, Middle Name, and Surname
- Enter Date of Birth to automatically display Age
- Gender
- Phone number
- Email ID
- Select Plan Name
- Define the Policy Term
- Enter the planned Sum Assured
- Select Premium Payment frequency
- Mark the appropriate Check Box for the Rider
- Click on the Get Quote Button
Your queries are answered in a matter of minutes, to help arrive at an informed decision. The crucial input in this module is the plan name, which helps you to navigate and restrict your inputs to the eligibility norms defined in the named plan. For example, if the minimum sum assured in the plan is Rs.1 Lakh, the premium calculator sum assured field will prompt you to enter Rs.1 Lakh and above.
Core Benefits of Endowment Plan Calculator
The LIC Endowment Plan Calculator Plan provides a host of benefits. It is a versatile, yet powerful tool to help predict the financials as a guide to match with one’s credentials. The basis for choosing an Endowment Plan is building a corpus in the long-term in consonance with the applicant’s present financial status. Some of the benefits are described below:
- The Premium Calculator is a user-friendly tool seeking simple inputs, which requires no special expertise.
- Starting from the essential personal information, all the other inputs are prompted for easy navigation till the desired output is obtained.
- The LIC Endowment Plan Calculator Policy allows the option to compare up to three plans with identical parameters.
- There are two ways to check for future financials through the Quick Quote option.
- Get the premium for your entered sum assured
- Get the prospective sum assured by entering the premium you can afford to pay
- The Premium Calculator projects accurate results, preventing any ambiguity in the financials of the chosen plan.
Conclusion
Endowment life insurance policies have certain obvious benefits. For starters, the policy holder has a pool of savings when the endowment insurance policy matures. He can either reinvest the amount or use it to enjoy life post-retirement. Thus, endowment policy is almost risk-free and offers a steady amount on a fixed date as long as the premium is paid.
Also Read: What Is Investing And What Does It Mean? Learn About Several Investment Options.
Some Considerations Before Purchasing A Money-Back Guarantee
