Date Backing Calculator

Estimate the cost of back-dating a policy's commencement, the back-period premium installments plus the interest LIC charges on them.

Back-dated commencement

Actual completion date

Basic premium (per installment)

Premium mode

Interest rate: 9.5% per annum

Cost to back-date

Amount to pay up front

₹22,940.25

24 months back, 2 installments

Back-period premiums

₹20,000

Interest

₹2,940.25

Indicative. Back-dating is allowed within the same financial year (and per LIC's current rules); the interest rate LIC charges on back-period premiums is around 9.5% p.a. and is revised periodically. Confirm the exact cost with LIC. PolicyBros is not affiliated with LIC.