LIC Term Plan Calculator

Overview of LIC

If you know anything about insurance, you’ve probably heard of LIC. Established in 1956 and commanding nearly 60% of India’s insurance market as of 2025, LIC remains the go-to insurer for millions. But here’s the catch: its term plan premiums can vary widely based on your age, coverage, and plan choice. Pick the wrong one, and you could overpay by thousands every year.

At Ditto, we review hundreds of LIC term plans every year and stack them up against private insurers. For this guide, we pulled data from LIC’s official premium charts, ran multiple scenarios using their Term Plan Calculator, and compared the results with market alternatives. By the end of this guide, you’ll know how to quickly use the LIC Term Plan Calculator, which LIC term plans truly matter, and whether paying extra for the LIC brand is worth it.

Friendly reminder: It’s easy to get lost comparing different premiums. Instead of spending hours on it, why not get personalised insurance advice from Ditto? We offer free consultations with zero spam! Just 30 minutes to clarify all your doubts. So book a call now!

What is the LIC Term Plan Calculator?

Although LIC does not have a specific tool called the “LIC Term Plan Calculator” per se, we can manually calculate the premiums for their online term plans using their official website. Let’s see how to go about doing that:

1. Double-click on the “Buy Online” option at the upper right corner of the LIC home page.
2. Scroll down and select the “Term Insurance Plans” option.

3.  Scroll down further and select the Term Insurance plan for which you wish to calculate the premium. 

4. Click on “Know More.” Once you do, you will be prompted to leave the website and enter an external link. Click on “ok” as it is necessary to calculate the premiums. Rest assured that it is safe to do so.

5. This screen will pop up. Click on “Proceed.”

6. Fill in the required information and click on “Proceed.”

Disclaimer: We have used filler information to calculate the premiums. Once you input your actual phone number and email address, expect to start receiving phone calls and emails from LIC’s marketing department and agents.

7. Fill in the required details according to your needs and click on “Calculate Premium.”

Quick Tip: These figures are for illustrative purposes only. Your actual cover amount, payment mode, policy paying term, and smoking status, among other factors, will depend on your lifestyle and priorities.

If you’re skeptical about calculating your ideal term insurance coverage through LIC’s website-based calculator, use this easy term insurance cover amount calculator to find out how much coverage you truly need.

8. And, Voila! You have successfully understood and unlocked the LIC Term Plan Calculator. 

Note: The displayed premium is for LIC’s Digi Term Plan for a 30-year-old male non-smoker with a 1 crore cover until the age of 65. While the premium displayed includes GST, it does not include any riders. 

If you prefer not to navigate the website to find the premiums, you can call the official LIC number at +91-22-68276827 for assistance from agents.

LIC Term Plans You Can Calculate Premiums For

LIC sells multiple life insurance products, but when it comes to pure term plans, there are two main options you can calculate premiums for:

1. LIC Digi Term

• Purchase Mode: Exclusively online (Direct-to-Customer).
• Eligibility: Entry age 18–45 years; minimum education – 12th pass.
• Policy Term: Up to 40 years or till age 75 (whichever is earlier).
• Premium Payment Options: Single, Regular, or Limited Pay (10 or 15 years).
• Payment Frequency: Half-yearly or yearly.
• Sum Assured: ₹50 lakh to ₹5 crore (above ₹5 crore requires reinsurer approval).
• Plan Variants:
  • Level Cover: Fixed sum assured throughout the term.
  • Increasing Cover:
    • Years 1–5: Basic Sum Assured (X).
    • Years 6–15: Increases by 10% each year until 2X.
    • Year 16 onwards: Fixed at 2X.

2. LIC New Tech-Term

• Purchase Mode: Exclusively online (Direct-to-Customer).
• Eligibility: Entry age 18–65 years; minimum education – 12th pass.
• Policy Term: Up to 40 years or till age 85 (whichever is earlier).
• Premium Payment Options: Single, Regular, or Limited Pay (Policy Term minus 5 or 10 years).
• Payment Frequency: Half-yearly or yearly.
• Sum Assured: ₹50 lakh (minimum) with no maximum limit.
• Plan Variants:
  • Level Cover: Fixed sum assured throughout the term.
  • Increasing Cover:
    • Years 1–5: Basic Sum Assured (X).
    • Years 6–15: Increases by 10% each year until 2X.
    • Year 16 onwards: Fixed at 2X.
• Optional Rider: Accident Benefit Rider (UIN:512B203V03) for additional accidental death cover (available during PPT or till age 70).

Ditto’s Verdict: Both plans lack advanced features and flexibility often seen in private insurers, such as cover continuation benefit, Zero cost (early exit), life stage upgrade, or terminal illness benefits. Riders such as critical illness and waiver of premium are missing, and discounts are also negligible, making these plans relatively basic in structure.

After exploring the features and limitations of LIC’s term plans, it’s important to evaluate their cost-effectiveness. Premium affordability plays a key role in choosing the right policy, so let’s compare how LIC fares against competitors.

LIC Term Plan Premium Chart (2025)

The premiums shown below have been calculated for a non-smoker, earns 10 LPA, and lives in Delhi. The premiums include GST and are without any 1st year discount and are for illustrative purposes only and do not include any riders. The actual premiums may vary based on your health status, smoking habits, and any riders you select.

LIC term plans cost more mainly due to brand trust and a strong claim settlement record, but their features are quite basic with limited customization. In comparison, private insurers offer richer benefits and riders at much lower premiums.

Factors That Affect Your LIC Term Plan Calculator Quote

Your premium isn’t random—it’s the result of a few predictable levers. Here’s what moves the needle (and how you can use it to your advantage):

Age at Entry

The younger you buy, the cheaper it gets. That’s because your risk of dying during the term is lower.

Ditto’s advice: Lock in a long term early—even a few years can make a big difference.

Gender

Women usually pay less than men because they tend to live longer.

Ditto’s advice: If you’re a woman, check if the quote reflects this rebate.

Sum Assured

Bigger cover means a bigger bill—but LIC gives discounts on higher slabs. So the cost per ₹1,000 of cover drops as you go up.

Ditto’s advice: If your need is near ₹1 crore, don’t stop at ₹75 lakh. Going bigger can be cheaper per unit.

Policy Term

Longer coverage costs more since LIC carries the risk for more years.

Ditto’s advice: Balance affordability and need—don’t pick 40 years blindly if 25 covers you till retirement.

Smoking/Tobacco Use

This one’s brutal. Tobacco users pay a steep loading because of higher health risk.

Ditto’s advice: If you’ve quit, disclose it honestly but see if LIC counts you as a non-smoker after a period.

Plan Variant

Level cover (fixed sum) is the cheapest. Increasing cover starts small but adds cost because the benefit doubles later.

Ditto’s advice: Only choose increasing cover if you expect major future liabilities—don’t add complexity otherwise.

Premium Payment Mode

Single-pay feels heavy upfront but may cost less over the policy term. Limited-pay lets you finish payments early at a slightly higher yearly cost.

Ditto’s advice: If cash flow allows, limited-pay can give peace of mind without ballooning your budget.

High-Sum Assured Rebate (HSAR)

When you go for a higher sum assured, LIC rewards you with a discount called High-Sum Assured Rebate. So, while the base premium goes up with bigger cover, these rebates help cut costs. For example:

• No rebate if your cover is under ₹1 crore.
• If you pick ₹1–2 crore, expect a 10–13% discount (varies by age and option chosen).
• For ₹2 crore or more, the discount can go up to 20% or more for younger buyers.

Ditto’s advice: ₹1 crore is a sweet spot—it’s where rebates kick in and make the cover more cost-efficient.

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Conclusion

The LIC Term Plan Calculator makes it simple to estimate premiums for different plans based on your age, cover amount, and policy term. By understanding the features of LIC Digi Term and New Tech-Term, you can make an informed choice that aligns with your financial goals. Use the calculator to compare options and ensure you’re adequately protected without overpaying.