LIC Term Insurance 1 Crore Calculator
Term insurance gives you a large life cover at a low premium. Many people search for "how much will I pay for ₹1 crore LIC term insurance?" This guide gives you a clear answer.
What is LIC Term Insurance?
Term insurance is pure life insurance. You pay a low premium every year. If you die during the policy term, your nominee gets the full cover amount (₹1 crore). If you survive, you get nothing back.
LIC Term Insurance Plans
| Plan | Plan No. | Special Feature |
|---|---|---|
| Jeevan Amar | 855 | Offline plan, any doctor check allowed |
| Tech Term | 854 | Online plan, lower premium |
| Yuva Term | 875 | For young people, increasing cover option |
| Digi Term | 876 | 100% online, cheapest premium |
Estimated Premium for ₹1 Crore Cover
Below are approximate annual premiums for a non-smoker male with ₹1 crore Sum Assured and 30-year policy term:
| Age | Jeevan Amar (855) | Tech Term (854) | Digi Term (876) |
|---|---|---|---|
| 25 years | ₹11,000 – ₹13,000 | ₹9,000 – ₹11,000 | ₹8,000 – ₹10,000 |
| 30 years | ₹13,000 – ₹16,000 | ₹11,000 – ₹14,000 | ₹10,000 – ₹12,000 |
| 35 years | ₹17,000 – ₹22,000 | ₹15,000 – ₹20,000 | ₹13,000 – ₹17,000 |
| 40 years | ₹25,000 – ₹35,000 | ₹22,000 – ₹30,000 | ₹20,000 – ₹27,000 |
*Figures are approximate. Actual premium depends on health, smoking status, occupation, and LIC underwriting.
Factors That Affect Your Premium
- Age: Younger = lower premium. Buy as early as possible.
- Gender: Females pay lower premium than males.
- Smoker/Non-smoker: Smokers pay 30%–50% higher premium.
- Health condition: Existing illness increases premium.
- Policy term: Longer term = lower annual premium but more total paid.
- Online vs Offline: Online plans (Tech Term, Digi Term) are 20%–30% cheaper.
How Much Term Insurance Do You Need?
If you earn ₹8 lakh per year → you need ₹80 lakh to ₹1.2 crore cover
Jeevan Amar vs Tech Term vs Digi Term
| Feature | Jeevan Amar | Tech Term | Digi Term |
|---|---|---|---|
| Mode | Offline (agent) | Online only | Online only |
| Premium | Highest | Medium | Lowest |
| Medical Test | Any empaneled doctor | LIC authorized lab | Online + lab |
| Best For | Those who prefer agents | Tech-savvy buyers | Lowest cost seekers |
Should You Buy LIC Term or Private Insurer?
LIC is the most trusted insurer in India with the highest claim settlement ratio. However, private insurers offer lower premiums. Points to consider:
- LIC has 98%+ claim settlement ratio — very reliable
- Private insurers may offer 30%–50% lower premium for same cover
- For peace of mind, LIC is often preferred even at higher cost
Final Verdict
Disclaimer: Premium figures are approximate. Final premium is determined by LIC based on individual health and risk profile.
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