LIC New Term Assurance Rider Calculator: Quick Premium Estimates

1. Introduction

You need extra death protection for your LIC base policy. The LIC New Term Assurance Rider Calculator gives you fast premium estimates. This add-on delivers pure death cover during the term. It pays an extra sum assured if death occurs. Savings play no role here.

Consider a 25-year-old choosing ₹10 lakh in rider coverage. Premiums run about ₹2,000 to ₹3,000 each year. That step adds security because your family depends on you.

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2. About the Plan - Key Details

Plan Overview: LIC offers the New Term Assurance Rider under UIN 512B210V02. You attach it to eligible base plans for death benefits over a fixed period.

Eligibility: Entry age falls between 18 and 60 years. Coverage lasts until age 75 at the latest.

Rider Terms: Rider terms range from 5 to 35 years.

Sum Assured: The minimum sum assured equals ₹1 lakh. The maximum hits ₹25 lakh or 25% of your base sum assured.

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3. Key Features & Benefits

Death Benefit: Death happens before the rider term ends. You receive the full rider sum assured right away. It adds to your base policy payout.

Tax Benefits: You claim 80C tax deductions on premiums. Benefits arrive free of tax.

Pure Protection: It targets mortality risks alone. No maturity payout comes with it. Protection stands as the core focus.

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4. How to Use the Calculator

Step 1: Enter Date of Birth

From the calendar, you make a selection in the "Date of Birth *" field. Age must be between 18 and 60 years.

Step 2: Enter Rider Sum Assured

In "Rider Sum Assured (₹) *" you put the figure. It starts at a minimum of ₹1,00,000.

Step 3: Enter Policy Term

You extend "Policy Term (Years) *" by a certain number of years. The numbers are from 5 to 35.

Step 4: Calculate and View Outputs

You click "Calculate Rider Premium." Outputs show age, rider sum assured, term, annual rider premium, total rider premium, and death benefit.