Age is considered in whole numbers and to arrive at the whole number, there are two methods which are used:. Nearest Birthday Method: In this method, last completed birthday and upcoming birthday are evaluated and age at the birthday which is nearer is considered for premium calculation. It simply means, if a person is 26 years and 4 months old, he will be considered as 26 year old, whereas if, he is 26 year and 7 months old, he will be considered as 27 year old.
Last Birthday Method: It is fairly simple method, age at the time of last birthday is considered for premium calculation. Two examples given in previous method will be considered as 26 years only.
This method is mostly used in case of pension or annuity plans. Policy Term is duration in years for which policy will be in-force and benefits like death claim risk cover and survival benefits if any are paid during policy term and maturity is paid on completion of policy term. In regular premium policies, policy term is same as premium paying term.
There are various types of plans like endowment plan, money-back plan, whole life plan, single premium plan, term plan etc.
Each plan comes with tabular premium which indicates premium rate for Age and Term combinations. A sample tabular premium for Jeevan Anand is given in the following table. So, as per above table, tabular premium for a 25 year old policyholder, who is opting policy term of 20 years will be Rs. LIC also provides premium payment mode rebate and higher sum assured rebate which are deducted before arriving final premium.
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