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LIC Money Back Calculator – An Overview
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LIC money back policies are types of insurance products that ensure regular returns or a lump sum amount to the policyholder as well as coverage for their life. An important thing that you must consider before getting such a plan is the LIC money back calculator, which allows you to calculate the maturity value of your policy and other related details.
Let’s find out how this LIC policy calculator works and what are the benefits of using such an online money-back calculator.
What is an LIC Money Back Calculator?
Manually calculating the maturity value of your money back policy can be challenging, time-consuming, and prone to errors. With an LIC money back policy maturity calculator, however, you can avoid such challenges and get the results that you want.
It is an effective tool that helps you calculate the maturity value of your money back policy. This calculator from LIC can help you determine the total amount that you would invest over the tenure, the total amount you will receive at maturity, and other details.
How to Use the LIC Money Back Calculator?
You can follow the steps below to calculate the maturity value of your money back policy with the LIC money-back policy calculator.
- First, select whether you are making a one-time payment or a monthly payment
- Enter the amount you wish to invest
- Mention the number of years you want to invest and the tenure you want to stay invested for
- Finally, enter the expected rate of return
Click on the ‘calculate button’ after entering all these details to get the results
Benefits of Using the LIC Money Back Calculator
Listed below are the primary benefits of using the LIC money back policy calculator –
- This LIC policy calculator speeds up the calculation and removes the hassle of undertaking complex calculations manually
- The calculator is fairly easy to use – you won’t need a high-level technological proficiency to use the tool
- It gives you the total amount you will be investing in the money back policy. Thus, you will have a clear idea of the amount that you must regularly set aside.
- Since the calculations are automated, there are no errors in the results
- By using the LIC money back calculator, you can compare different money-back plans before buying the most suitable one
Check out some more details related to the LIC money back policy calculator with some frequently asked questions –
FAQ's
Q1. Is the LIC money-back calculator free to use?
Ans: Yes, the LIC money-back plan calculator is free to use.
Q2. Why should I use the LIC money-back policy calculator?
Ans: The LIC money back plan calculator helps you save time by displaying prompt results and eliminating inaccuracies. Moreover, this tool can help you decide whether a particular plan is suitable for you in terms of coverage amount, affordability, and other such factors.
Q3. What details am I required to enter into the LIC money-back calculator?
Ans: You can be required to enter the policy name, your age, sum assured, tenure, premium frequency, and any other selected benefits to calculate the maturity value of your money back policy and other such details.
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