LIC Kavach Plan Calculator
Estimate an indicative premium for LIC’s Kavach Plan – a pure term insurance plan with a return of premium option
Plan Configuration
Premium Summary
Premium Analysis
Planning your family’s financial future is one of the most important decisions you can make. A term insurance policy provides financial protection to your loved ones if something unexpected happens to you during the policy term. However, before buying a policy, it is important to know how much premium you may have to pay. This is where the LIC Kavach Plan 887 Calculator becomes useful.
The LIC Kavach Plan 887 Calculator is an online premium estimation tool that helps you calculate the expected premium based on details such as your age, gender, smoking status, policy term, and the sum assured you choose. Instead of manually comparing different premium options, you can get an estimated premium within a few seconds.
This calculator is ideal for first-time insurance buyers, salaried employees, self-employed professionals, business owners, and anyone looking for affordable life insurance protection. It helps you compare different coverage amounts and policy terms before making a decision.
Keep in mind that the calculator provides only an estimated premium. Your final premium may differ after LIC evaluates your age, health condition, medical history, lifestyle, occupation, and underwriting requirements. Therefore, always verify the final premium with LIC or an authorized LIC agent before purchasing the policy.
Quick Highlights of LIC Kavach Plan 887
| Feature | Details |
|---|---|
| Plan Name | LIC Kavach |
| Plan Number | 887 |
| Plan Type | Pure Term Insurance Plan |
| Category | Individual Life Insurance |
| Minimum Entry Age | As per LIC eligibility rules |
| Maximum Entry Age | As per LIC guidelines |
| Policy Term | Multiple policy term options available |
| Premium Payment Options | Regular, Limited and Single Premium (subject to plan rules) |
| Minimum Sum Assured | As specified by LIC |
| Riders | Available (subject to eligibility) |
| Death Benefit | Yes |
| Maturity Benefit | No (Pure Term Plan) |
| Tax Benefits | Available under prevailing Income Tax laws |
| Official Launch | Refer to LIC’s latest official product brochure |
What is LIC Kavach Plan 887?
LIC Kavach Plan 887 is a pure term insurance plan designed to provide financial protection to your family. Unlike savings or endowment plans, this policy focuses only on life insurance coverage. If the policyholder passes away during the policy term, the nominee receives the death benefit according to the policy conditions.
Since there is no maturity value in most pure term insurance plans, the premium remains much lower compared to traditional life insurance plans.
This plan is suitable for individuals who want high insurance coverage at an affordable premium.
Why is Term Insurance Important?
Many families depend on a single earning member. If something unfortunate happens, monthly expenses, children’s education, home loans, and other financial responsibilities continue.
A term insurance policy helps reduce this financial burden by providing a lump sum payment to the nominee.
For example:
Rahul, aged 30, earns โน12 lakh annually. He has a home loan and two young children. By purchasing a โน1 crore term insurance policy, Rahul ensures that his family receives financial support if something happens to him during the policy term.
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Main Features of LIC Kavach Plan 887
Some of the major highlights include:
- Affordable premium compared to traditional life insurance plans
- High life insurance coverage
- Multiple policy term options
- Flexible premium payment choices
- Optional riders for additional protection
- Financial security for family members
- Tax benefits under applicable laws
- LIC’s trusted claim settlement process
LIC Kavach Plan 887 Calculator
The LIC Kavach Plan 887 Calculator helps estimate the premium before purchasing the policy.Instead of visiting multiple branches or calculating premiums manually, you simply enter a few details and receive an estimated premium instantly.
Remember that the calculator is only an estimation tool. The final premium depends on LIC’s underwriting process.
Information Required
The calculator generally asks for the following details.
1. Age
Age has the biggest impact on premium.
- Younger applicants pay lower premiums.
- Older applicants usually pay higher premiums.
2. Gender
Premiums may vary depending on actuarial calculations used by the insurer.
3. Smoking Status
Smoking significantly affects the premium.
Generally:
- Non-smokers pay lower premiums.
- Smokers usually pay higher premiums because of increased health risks.
4. Sum Assured
The sum assured is the amount payable to the nominee if the insured dies during the policy term.
Example coverage amounts include:
- โน25 lakh
- โน50 lakh
- โน1 crore
- โน2 crore
Higher coverage usually results in a higher premium.
5. Policy Term
Choose the number of years you want the insurance protection. A longer policy term generally increases the premium because coverage lasts for a longer period.
6. Premium Payment Mode
Depending on the policy, premium payment modes may include:
- Yearly
- Half-Yearly
- Quarterly
- Monthly
- Single Premium
Sample Premium Calculation
Illustration only. Premiums are estimates and not official LIC rates.
| Age | Smoking Status | Sum Assured | Policy Term | Estimated Annual Premium* |
|---|---|---|---|---|
| 25 | Non-Smoker | โน50 Lakh | 30 Years | โน5,200 |
| 30 | Non-Smoker | โน1 Crore | 35 Years | โน8,900 |
| 35 | Smoker | โน1 Crore | 30 Years | โน16,400 |
| 40 | Non-Smoker | โน1 Crore | 20 Years | โน18,300 |
*Illustrative values only. Actual premiums may differ.
How Does the Calculator Work?
The calculator uses the information you enter to estimate your premium.
Its process is simple.
- Enter your age.
- Select your gender.
- Choose whether you smoke.
- Enter the desired sum assured.
- Select the policy term.
- Choose the premium payment mode.
- Click the Calculate button.
The calculator displays an estimated premium instantly.
Why Use the LIC Kavach Plan 887 Calculator?
Buying life insurance without comparing premiums can be difficult. A premium calculator makes the process easier.
- 1. Saves Time
- 2. Easy Comparison
- 3. Better Financial Planning
- 4. Convenient
- 5. Free to Use
Benefits of Using LIC Kavach Plan 887 Calculator
Using an online calculator offers several advantages.
1. Quick Premium Estimate
Receive your estimated premium within seconds.
2. Compare Different Coverage Amounts
Try different combinations before selecting the best option.
3. Helps Choose Affordable Premium
You can balance premium cost and insurance coverage.
4. Improves Financial Planning
You can estimate yearly or monthly insurance expenses.
5. Transparent Process
The calculator clearly shows how premium changes with different inputs.
6. Better Decision Making
Instead of guessing, you can compare multiple options before purchasing.
LIC Kavach Plan 887 Features
Some important features include:
Pure Protection Plan
The plan focuses only on life insurance protection.
High Sum Assured
Applicants can choose higher insurance coverage according to their financial responsibilities.
Affordable Premium
Because there is no maturity payout, premiums are generally lower than savings-oriented plans.
Flexible Payment Options
Depending on LIC rules, multiple premium payment choices may be available.
Optional Riders
Additional riders may increase protection against specific risks.
Financial Security
The policy provides financial support to family members in case of the insured’s death during the policy term.
Eligibility Conditions of LIC Kavach Plan 887
Applicants must satisfy LIC’s eligibility conditions.
These generally include:
| Criteria | Details |
|---|---|
| Minimum Entry Age | As per LIC rules |
| Maximum Entry Age | As per LIC rules |
| Maximum Maturity Age | Subject to plan conditions |
| Medical Examination | May be required |
| Nationality | As per LIC guidelines |
Always verify the latest eligibility requirements before applying.
Tips to Reduce Your Term Insurance Premium
You can lower your premium by following these simple tips.
- Buy the policy at a younger age.
- Maintain a healthy lifestyle.
- Avoid smoking and tobacco products.
- Choose a suitable sum assured.
- Compare multiple premium options.
- Complete medical tests honestly.
- Avoid hiding medical information.
Providing accurate information helps prevent claim issues later.
Death Benefit
The main purpose of LIC Kavach Plan 887 is to provide financial security to your family in case of your unfortunate death during the policy term. If the life assured passes away while the policy is in force and all policy conditions are met, LIC pays the applicable death benefit to the nominee.
The death benefit helps your family manage important financial responsibilities such as:
- Daily household expenses
- Children’s education
- Home loan or personal loan repayment
- Future financial goals
- Emergency expenses
The exact death benefit payable depends on the policy terms and conditions, the sum assured selected, and LIC’s claim settlement rules. Always refer to the official policy document for complete details.
Note: The death benefit is subject to LIC’s policy conditions and successful claim verification.
Maturity Benefit
LIC Kavach Plan 887 is a pure term insurance plan.
This means the primary objective is to provide life cover during the policy term. If the life assured survives until the end of the policy term, no maturity benefit is payable, unless a specific return of premium option is available under the chosen variant.
Because there is generally no maturity payout, premiums are much lower than traditional endowment or money-back plans.
This makes term insurance an affordable way to secure high life cover.
Tax Benefits
Policyholders may receive tax benefits under the prevailing provisions of the Income Tax Act, subject to government rules.
Generally:
- Premiums paid may qualify for deduction under Section 80C.
- Death benefits received by the nominee may be eligible for tax exemption under Section 10(10D), subject to applicable conditions.
Tax laws may change from time to time. Always consult a qualified tax advisor or verify the latest provisions before claiming tax benefits.
Riders Available
LIC may offer optional riders with the policy to enhance protection.
Depending on eligibility and product availability, riders may include:
Accidental Death Benefit Rider
Provides an additional benefit if death occurs due to an accident, subject to rider terms.
Accidental Disability Rider
Offers financial support in case of permanent disability caused by an accident.
Critical Illness Rider
Provides financial assistance if the insured is diagnosed with specified critical illnesses covered under the rider.
Premium Waiver Benefit
In certain situations covered by the rider, future premiums may be waived according to the rider conditions.
Rider availability depends on LIC’s latest product guidelines.
Why Choose LIC Kavach Plan 887?
There are several reasons why people choose this plan.
Affordable Protection
You can obtain high insurance coverage at a relatively low premium.
Trusted Insurance Provider
LIC has been one of India’s most recognized life insurers for decades.
Flexible Coverage
Applicants can choose a suitable sum assured and policy term according to their financial goals.
Family Security
The policy provides financial support to your loved ones if something unexpected happens.
Easy Premium Estimation
The LIC Kavach Plan 887 Calculator helps estimate premiums before purchasing the policy.
Advantages
Some important advantages include:
- High life insurance coverage
- Affordable premium
- Simple policy structure
- Multiple premium payment options
- Optional riders
- Financial security for dependents
- Tax benefits under applicable laws
- Online premium estimation
Limitations
Every insurance plan has certain limitations.
Consider the following before purchasing:
- Generally, no maturity benefit in a pure term plan.
- Premium may increase with age.
- Smokers usually pay higher premiums.
- Medical examination may be required.
- Final premium depends on underwriting.
- Claims are subject to policy terms and conditions.
Understanding these points helps you make an informed decision.
Who Should Buy LIC Kavach Plan 887?
This plan may be suitable for:
Young Professionals
Buying insurance at a younger age usually results in lower premiums.
Married Individuals
It helps provide financial protection for your spouse and children.
Parents
Parents can secure their children’s future education and living expenses.
Home Loan Borrowers
The insurance amount can help repay outstanding loans.
Self-Employed Individuals
Business owners can protect their family’s financial future.
Sole Earning Members
If your family depends mainly on your income, term insurance is highly important.
Documents Required
Applicants generally need the following documents while purchasing the policy.
Identity Proof
- Aadhaar Card
- PAN Card
- Passport
- Driving Licence
Address Proof
- Aadhaar Card
- Passport
- Utility Bill
- Voter ID
Age Proof
- Birth Certificate
- Passport
- School Certificate
Income Proof
- Salary slips
- Income Tax Return
- Bank statement
Passport Size Photograph
Recent passport-size photographs may be required.
Medical Reports
Medical tests may be required depending on age, sum assured, and underwriting requirements.
How to Apply Online
Buying LIC term insurance is simple.
Step 1
Visit the official LIC website or contact an authorized LIC agent.
Step 2
Use the LIC Kavach Plan 887 Calculator to estimate your premium.
Step 3
Choose the desired sum assured and policy term.
Step 4
Complete the online application form.
Step 5
Upload the required documents.
Step 6
Complete medical examination, if required.
Step 7
Pay the premium.
Step 8
After successful verification, LIC issues the policy.
Comparison Table
| Feature | LIC Kavach Plan 887 | LIC Tech Term | LIC Yuva Term |
|---|---|---|---|
| Plan Type | Pure Term | Pure Term | Pure Term |
| Premium | Affordable | Competitive | Affordable |
| Online Purchase | Yes (subject to availability) | Yes | Yes |
| Riders | Available | Available | Available |
| Death Benefit | Yes | Yes | Yes |
| Maturity Benefit | Usually No | No | Depends on variant |
| Premium Payment Options | Multiple | Multiple | Multiple |
| Tax Benefits | Yes | Yes | Yes |
| Suitable For | Families | Online Buyers | Young Adults |
Always compare the latest policy brochures before purchasing any LIC term insurance plan.
Example Premium Calculations
These examples are for illustration only and are not official LIC premiums.
Example 1
| Details | Value |
|---|---|
| Age | 25 Years |
| Smoking Status | Non-Smoker |
| Sum Assured | โน50 Lakh |
| Policy Term | 35 Years |
| Estimated Annual Premium | โน5,100 |
Example 2
| Details | Value |
|---|---|
| Age | 30 Years |
| Smoking Status | Non-Smoker |
| Sum Assured | โน1 Crore |
| Policy Term | 40 Years |
| Estimated Annual Premium | โน8,950 |
Example 3
| Details | Value |
|---|---|
| Age | 40 Years |
| Smoking Status | Smoker |
| Sum Assured | โน2 Crore |
| Policy Term | 20 Years |
| Estimated Annual Premium | โน34,600 |
Premiums vary depending on:
- Age
- Health condition
- Smoking status
- Sum assured
- Policy term
- Occupation
- Medical history
Frequently Asked Questions (FAQs)
What is the LIC Kavach Plan 887 Calculator?
It is an online tool that estimates the premium for LIC Kavach Plan 887 based on your personal and policy details.
Is the calculator free to use?
Yes. Most LIC premium calculators are available free of cost.
Is the premium shown final?
No. It is only an estimate. LIC determines the final premium after underwriting.
Does smoking affect the premium?
Yes. Smokers generally pay higher premiums than non-smokers.
Can I buy the policy online?
Availability depends on LIC’s current purchasing process and product availability.
Does this plan offer maturity benefits?
Being a pure term insurance plan, it generally does not provide a maturity benefit unless a specific variant offers one.
Who should buy this plan?
Anyone with financial dependents should consider adequate term insurance.
What is the minimum sum assured?
Refer to the latest LIC product brochure for current limits.
Is a medical examination required?
It may be required depending on age, health, and the selected sum assured.
Are tax benefits available?
Yes, subject to the prevailing provisions of the Income Tax Act.
Conclusion
The LIC Kavach Plan 887 Calculator is a useful tool for estimating your term insurance premium before purchasing a policy. It allows you to compare different combinations of age, policy term, and sum assured within minutes, making it easier to choose a plan that fits your budget and financial goals.
Since the premium depends on factors such as age, health, policy term, smoking status, occupation, medical history, and sum assured, the calculator should be treated as a planning tool rather than a source of the final premium.
Before making your final decision, compare available term insurance plans, review the policy features carefully, and verify the final premium directly with LIC. Choosing the right amount of life cover today can provide valuable financial security for your family in the future.
Disclaimer
The information provided in this article is for educational and informational purposes only. Premium examples are illustrative and should not be considered official LIC rates. The LIC Kavach Plan 887 Calculator provides estimated values based on the information entered. The final premium, eligibility, policy features, rider availability, and claim benefits are subject to LIC’s underwriting process, the applicable policy terms, and prevailing regulations. Always verify the latest product brochure, premium, and policy conditions directly with LIC or an authorized LIC representative before purchasing any insurance plan.
