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LIC Calculator - Premium, Maturity, Surrender Value, Return, Loan (Hindi) - YouTube
Channel: Asset Yogi
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Music
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Namaskar my name is Mukul
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And welcome to asset Yogi.
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Where we unlock the knowledge of finance,
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In this video, we will discuss about an app.
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How can you calculate the premium of the LIC policy?
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You can calculate the maturity amount, how many returns do you get, what loan amount you get
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What is its surrender value?
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I covered in the previous video how much loan you can take for your LIC policy
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How much loan do you get?
It depends on your surrender value,
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Surrender value and loan amount is also calculated from this app.
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So without delay let's see how the app works.
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So let's quickly see which app you have to download
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and how you can calculate LIC premium ?
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maturity amount, surrender value
what loan amount you can get
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how many total returns you can get,
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All these things can be calculated from this app,
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so what you have to do first
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First of all, you have to go to the play store on your mobile
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And there you have to type Leader.
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Leader is the name of the app.
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When you open it, you will get the option to install
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I have already installed it,
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You will open it after installing
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then you will get an interface like this, In this,
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you have to click on the first option of the premium calculator.
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Then you will get all these policies,
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In this, you will select the policy, in which you want to calculate.
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We will calculate for New Jeevan Anand policy as an example
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So here you will enter your details
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I enter any random name,
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Lets calculate it for Rahul.
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After that enter the age, I will enter 25 for example
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Sum Assured
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let's say they are taking a policy of ₹20 lakhs.
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So here we enter an amount of ₹20 lakh.
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enter term,
suppose it is a policy of 20 years.
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After that, you can also enter premium payment terms here.
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See here PPT stands for Premium Payment Term.
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This means if you want to make the premium payment differently.
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That means you don't want to pay every year.
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Suppose you want to pay a premium for a short period, so you can change also
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You can also select 10 years here if you want to pay a premium for 10 years.
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And you can change the bonus amount here
Here it is taking the latest bonus amount.
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I think 48 is going on for 20 years policy now.
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So you can change if you want.
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After that, you can select any riders from below
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If you want an extra rider, You can also checkmark here.
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After that you will come down further then you will get two more options.
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Summit and PDF,
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If you want your quick details then click on submit
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And if you want your complete year-wise details then click on PDF.
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Now, by clicking on the PDF,
we see what details are available in the PDF.
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So in this way, a PDF will open.
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You can also share this if you want.
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You can also store it in your Google Drive.
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Let me show you by rotating what details you get in this PDF.
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So here you have all your details
You have entered your age 25 years.
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Sum assured, your insurance policy,
20 years policy term
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And the premium payment term
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We have not selected any term rider yet.
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It has double accidental benefits.
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Now let's look down further.
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See the first year premium
if you pay the annual premium
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The amount will be ₹ 1,10,562.
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And GST is levied on it of 4.5%
GST is a bit high in the first year.
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So the payable premium for your first year will be ₹1,15,537
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You can fill it half-yearly, you can fill it quarterly or you can fill it monthly.
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If you fill the monthly then the first-month premium will be ₹9,831
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For 1 year you have to pay ₹9,831 every month.
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From the second year onwards the premium change,
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the premium gets reduced.
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So your annual premium which will be
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from the second year to the next 19 years,
It will be ₹1,13,050
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So this is your annual premium,
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After that, we will see if more details are available.
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here you get all the details year wise.
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Like you took this policy in 2018 and your age is 25 years.
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And your first-year premium is ₹1,15,537
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After that, your premium for every year is ₹1,13,050.
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If you have a natural death in the first year, then you will get this much cover amount.
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You get this amount in accidental death.
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And here you get both the cover amounts according to every year.
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You will get the returns only after 20 years.
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We will see below how much the amount of your total return is made.
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This is your surrender value.
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Surrender value means if you leave a policy midway
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Then how much money will you get?
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So in the first 2 years, the surrender value is zero.
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Your surrender value gradually increases.
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Let's say in 3 years you paid this amount of premium
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You have paid the premium of around Rs 3.25 lakh
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But your surrender value will be only ₹ 1.5 lakh.
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So basically you should not surrender the policy so soon.
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If you have taken the policy.
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Accordingly, your loan amount is calculated.
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You get a 90% loan on surrender value.
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I have already made a video on Loan Against LIC Policy.
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So you can watch that video
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How can you take a loan against LIC policy?
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In that, I have given all the details like eligibility criteria, interest rate, etc.
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Now let us quickly see what other details are available
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So see your surrender value is increasing gradually.
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Let's say if you turn 34
So how much total premium will you pay after 9 Years?
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Your total premium will be around ₹10-10.25 lakhs.
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And here let say your surrender value be around 8 lakhs
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So you will get a loan of about ₹7 lakh.
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We take a look at the total returns below.
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How much money will you get after 20 years?.
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So here your total amount is mentioned
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That's how much money you will get in total after 20 years.
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You will get ₹39,40,000.
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So if we talk about returns, here you are getting returns of 5% annually
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So if we talk about returns in LIC policy
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So in LIC, you do not get very good returns.
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You should not treat it as an investment.
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And if possible, you should take term plans.
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You should treat insurance as insurance.
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If you treat insurance as an investment,
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you can see that the returns are not very good.
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There are slightly better returns if you just compare it with the savings bank.
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Otherwise, you get better returns in FD than this
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If you invest in mutual funds, you get returns of 12% to 15% there.
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Even real estate, share market or bond market
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All returns are better than this.
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So it would be better you take term insurance
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And invest the rest of the money in some other investment.
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So in this video, we have seen how you can
calculate premium in the app,
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How you can see the maturity amount
Like here your amount is ₹39,40,000
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What is your surrender value?
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How much total loan do you get?
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All these calculations are possible
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So that's all in this video,
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See you in the next video,
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Till then keep learning and keep earning.
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and be happy as always
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