What is LIC Bachat Plus Calculator ?

LIC Bachat Plus Calculator is an online very simple and light to use calculator. this calculator are mostly used for calculating the premium and maturity of the LIC Bachat Plus plan . but under this you will get the many more resulted, which are listed below in other section. Read full article for till last for get more detail and process of use.

How to Use the LIC Bachat Plus Premium Calculator – Step by Step

The LIC Bachat Plus Premium Calculator is very simple online tool has designed to give you quick and accurate premium, GST, and maturity benefit estimations for the lic bachat plus plan 861. Here we are discuses the step by step process how to use it:

Step 1 :-Enter the Basic Sum Assured

First all find the field labeled “Basic Sum Assured (₹)”and Enter your desired sum assured (e.g.₹5,00,000) . (Allowed range: ₹50,000 to ₹10,00,000)

Step 2 :-Enter Age

Now find Age section and Fill in your current age in years (e.g., 30). Which are Allowed age: (18 to 60 years)

Step 3: Choose Policy Term
After that Enter your desired policy term: either 15 or 20 years only

Step 4: (Optional) Select Rider Options
Under this calculator they having provided two rider options:

1. Accidental & Disability Benefit Rider (ADB)

If some want to used this section they have to Tick the checkbox labeled “Accidental & Disability Benefit Rider”. because this section is optional .where you get a new input section to Enter the sum assured you want for this rider (≤ Basic SA)

2. Term Rider
You can also Tick the checkbox labeled “Term Rider” if you required . this is also is optional .Here you get a new input section to Enter the sum assured (can be up to 5x of Basic Sum Assured).

Step 5: Click “Calculate Premium”

When you click on the “Calculate Premium” button ,instantly this premium calculator are provided the result in below given format:-

1. Policy Summary
2. First-Year Premium (with 4.5% GST)
3. Renewal Premium (with 2.25% GST)
4. Estimated Maturity Benefits including:
5. Total Premium Paid
6. Accumulated Bonus
7. Final Addition Bonus
8. Maturity Value

Step 6: Review Results

Here you will get results which show in a tabular forma . Now scroll up and down to view all data like premium tables, maturity benefits, and summary. this all result are estimate. you can get this result in form of Print or Save as PDF after all you can reset this LIC Bachat Plus Premium Calculator to reuse with new data . this is also used as LIC Bachat Plus Maturity Calculator.

LIC Bachat Plus Plan Details

How the LIC Bachat Plus Premium Calculator Works

What is the real formula or how this LIC Bachat Plus Premium Calculator works behind the scenes under the policy rules defined by LIC. Here’s a step-by-step breakdown:

Basic Premium Calculation

• Base Premium = (Sum Assured / 1000) × Premium Rate × Age Factor

1. Sum Assured: The life cover amount you select.
2. Premium Rate: Varies based on the policy term (e.g., ₹55 per ₹1,000 SA for 15 years).
3. Age Factor: Reflects how age increases the risk. Formula:

Age Factor = 1 + (Age − 30) × 0.015

Total Annual Premium Before GST

Total Annual Premium = Base Premium + ADB Premium + Term Rider Premium

GST Charges

LIC adds Goods & Services Tax (GST) based on year:

1. First-Year GST = 4.5% of total premium
2. Renewal-Year GST = 2.25% of total premium

Premium Modes Supported

Premium can be paid yearly, half-yearly, quarterly, or monthly. The calculator converts annual premium to your chosen mode using LIC mode factors:

Bonus & Maturity Benefits

The calculator also estimates:

1. Reversionary Bonus – added each year
2. Final Additional Bonus (FAB) – added at maturity
3. Maturity Value = Sum Assured + Bonus + FAB

📊 Real-Life Scenario Example – LIC Bachat Plus

Scenario:

🔹 Step-by-Step Calculation:

✅ 1. Base Premium:
Base Premium = (5,00,000 / 1000) × 55 × 1.00
= 500 × 55 × 1.00 = ₹27,500

✅ 2. Accidental & Disability Benefit Rider (ADB):
ADB Premium = ₹5,00,000 × 0.002 = ₹1,000

✅ 3. Term Rider Premium:
Term Rider Premium = ₹10,00,000 × (0.001 + 30 × 0.0001)
= ₹10,00,000 × 0.004 = ₹4,000

✅ 4. Total Annual Premium Before GST:
₹27,500 + ₹1,000 + ₹4,000 = ₹32,500

🔹 GST Charges:

✅ First-Year GST (4.5%):
₹32,500 × 0.045 = ₹1,462.50
Total = ₹32,500 + ₹1,462.50 = ₹33,962.50

✅ Renewal-Year GST (2.25%):
₹32,500 × 0.0225 = ₹731.25
Total = ₹32,500 + ₹731.25 = ₹33,231.25

💰 Premium by Mode (First Year):

🎉 Maturity Benefit Estimate: