LIC Digi Term Plan 876 Calculator
Plan No. 876 (UIN: 512N356V02) - Calculate Your Term Insurance Premium
Premium Calculation Results
Key Features of LIC Digi Term Plan 876
- Pure term insurance plan with no maturity benefit
- Two death benefit options: Level and Increasing Sum Assured
- Flexible premium payment terms
- Online purchase only through LIC website
- Special rates for women
- Death benefit guaranteed and non-participating
The LIC Digi Term Plan 876 Calculator is an essential digital tool for anyone considering LIC’s Digi Term Plan 876, enabling simple, accurate, and fast premium estimations and policy benefit calculations for the modern, tech-savvy insurance customer.
What is LIC Digi Term Plan 876?
LIC Digi Term Plan 876 is a pure term life insurance product introduced by Life Insurance Corporation of India (LIC), designed specifically for digital sales. It provides high protection at affordable premiums, aiming to cover the financial needs of a family in the event of the unfortunate demise of the policyholder.
- Protects with large sum assured at comparatively lower cost
- Available only through LIC’s digital channels
- Flexible payment options and customizable coverage
Key Features:
- Minimum Sum Assured: ₹50 lakhs
- Maximum Sum Assured: No upper limit
- Policy Term: 10 to 40 years
- Entry Age: 18 to 65 years
- Coverage till age 80
Note: No maturity or survival benefits, as this is a pure risk plan.
Why Use a LIC Digi Term Plan 876 Calculator?
An LIC Digi Term Plan 876 Calculator is vital because manual premium calculation can be complex, involving factors like sum assured, age, term, smoking status, and payment frequency.
Main Advantages:
- Quick: Instantly gets premium amounts and benefit details for the chosen parameters
- Accurate: Reduces errors compared to manual calculation
- Convenient: User-friendly interface accessible from any device
- Customizable: Allows users to compare options by adjusting parameters
How the Calculator Works
The calculator computes the premium and benefits primarily based on these factors:
- Age of policyholder
- Sum Assured
- Policy Term
- Premium Payment Type (Regular, Single, Limited)
- Smoking/Non-smoking status
- GST (Goods and Services Tax)
For each input, the calculator uses a premium rate chart prescribed by LIC for Digi Term Plan 876.
Sample Calculation
Suppose a 35-year-old healthy non-smoker wants ₹1 crore coverage for 20 years:
- Enter age: 35
- Enter sum assured: ₹1,00,00,000
- Policy term: 20 years
- Choose a non-smoker.
- Premium frequency: Yearly
The calculator instantly shows the total annual premium, including GST.
Step-by-Step Usage Guide
1. Open the Official LIC Digi Term Plan 876 Calculator
Visit the official LIC portal or trusted financial services websites offering this calculator. Example resource: LIC Digi Term Plan Official Page.
2. Enter Personal Details
Fill in:
- Name (optional)
- Age
- Gender
- Smoking status
These details affect the risk profile and premium amount.
3. Sum Assured and Policy Term
Select:
- Sum Assured (₹50 lakh and above)
- Desired Policy Term (between 10 and 40 years)
4. Premium Payment Type
Choose:
- Regular (all years)
- Single (one-time payment)
- Limited (specified years)
5. View Results
The calculator shows:
- Base premium (yearly/half-yearly/quarterly/monthly)
- GST breakdown
- Total premium payable
Tip: Use different scenarios to check premium across terms and sum assured for better planning.
Essential Benefits of LIC Digi Term Plan 876
The Digi Term Plan 876 stands out for several reasons:
- Pure Protection: Only risk cover, so premiums are lower than plans with maturity benefit
- Flexible Options: Choice of limited, regular, or single premium payment
- Special Coverage: Accidental benefit rider (optional)
- Online Convenience: Hassle-free purchase and servicing
Comparison Table: Digi Term Plan 876 vs Traditional Term Plans
| Feature | Digi Term Plan 876 | Other LIC Term Plans |
|---|---|---|
| Availibility | Online only | Online & Offline |
| Minimum Sum Assured | ₹50 lakh | ₹25 lakh |
| Maximum Age at Entry | 65 years | Varies, up to 65 years |
| Max Coverage Age | 80 years | Usually up to 80 |
| Riders Available | Accidental | Accidental, others |
Eligibility Criteria
Before using the calculator, check eligibility for Digi Term Plan 876:
- Age: 18 – 65 years
- Sum assured: Minimum ₹50 lakh
- Term: 10 – 40 years
- Indian Resident: Only for Indian citizens
- Medical tests may be required for high sums assured/older ages
Important Documents Needed
- Age proof
- Identity proof (Aadhaar, PAN, Passport)
- Address proof
- Income proof for higher sum assured
- Medical reports (if needed)
Understanding the Premium Calculation Formula
LIC uses age and term-based rates, factoring in smoking status and GST: Premium=(Rate per thousand×Sum Assured)/1000+GST
- Non-smoker rates are lower than smoker rates.
- GST is applied as per current government norms (4.5% for first-year premium, 2.25% for renewal).
What Affects Your Premium Amount?
Several factors impact the premium shown on the LIC Digi Term Plan 876 Calculator:
- Age: Younger age = lower premium
- Sum Assured: Higher sum = higher premium
- Policy Term: Longer term may mean higher premium
- Smoking Status: Smokers pay more
- Payment Frequency: Annual, half-yearly, quarterly, monthly
The calculator lets users view combinations to find the best fit.
Steps for Buying DIGI TERM Plan Online
- Visit the LIC Digi Term Plan website
- Fill required details in the online application form
- Use the calculator to estimate the premium.
- Upload documents digitally
- Pay premium online
- Complete medical (if necessary)
- Receive policy electronically
Pros and Cons of LIC Digi Term Plan 876 Calculator
Pros
- Saves time
- Easy to use
- Adjust parameters instantly
- Transparent
- No agent intervention needed for calculation
Cons
- Estimates only; underwriting may change final premium
- Does not cover rider premiums unless added manually
- Medical report results may affect final premium
Additional Tips for Insurance Buyers
- Always use the calculator for different sum assured & terms to find affordable coverage.
- Consider health & lifestyle factors for accurate estimates.
- Add accidental rider in the calculator if needed.
- Double check with LIC’s official premium quote before final purchase.
- Contact LIC customer care for queries or technical help.
Quick Reference Table: Key Parameters
| Parameter | Minimum | Maximum | Notes |
|---|---|---|---|
| Age | 18 years | 65 years | Entry Age |
| Sum Assured | ₹50 lakhs | No limit | Higher sum = medical required |
| Policy Term | 10 years | 40 years | Coverage up to age 80 |
| Premium Payment | Regular | Single/Limited | Frequency: Annual/Monthly options |
Frequently Asked Questions
What is the LIC Digi Term Plan 876 Calculator?
It is an online tool that helps estimate the premium amount and benefits of LIC Digi Term Plan 876 quickly and accurately based on inputs like age, sum assured, and policy term.
Is the premium shown by the calculator final?
No, the calculator provides estimated premiums based on LIC’s rate charts. The final premium may vary after underwriting and medical evaluation.
Can smokers use the LIC Digi Term Plan 876 Calculator?
Yes, smokers can use the calculator, but the premium shown will be higher compared to non-smokers due to increased risk.
What details do I need to provide in the calculator?
You need to enter your age, sum assured, policy term, smoking status, and premium payment type to get accurate premium estimates.
Is the calculator free to use?
Yes, the LIC Digi Term Plan 876 Calculator is available for free on LIC’s official site and trusted financial portals.
Can I use the calculator multiple times?
Absolutely, you can adjust parameters like sum assured and term multiple times to compare different premium options.
Final Thoughts
The LIC Digi Term Plan 876 Calculator acts as a bridge between customer needs and convenient insurance buying. It puts the power of choice in the hands of every buyer, ensuring transparency, clarity, and simplicity. For those looking to secure high-value protection with ease, this calculator is indispensable.