Summary of Independent Status
BimaCalculator.com is an independent educational and financial technology computational portal developed by Rakesh (Nainital, Uttarakhand). BimaCalculator is NOT an insurance company, brokerage, or official affiliate of the Life Insurance Corporation of India (LIC) or the Insurance Regulatory and Development Authority of India (IRDAI).
1. Not Financial, Tax, or Legal Advice
All calculations, illustrations, tax savings estimates (under Old and New Tax Regimes FY 2025-26), maturity projections, bonus estimates, and premium quotes generated by the tools on this website are provided solely for general informational, educational, and computational planning purposes.
Nothing contained on this website should be construed as formal financial advice, actuarial certification, legal counsel, or professional tax planning. Before purchasing any insurance policy, making an investment decision, or submitting income tax filings, you should consult with a certified financial planner, registered tax consultant, or licensed insurance advisor.
2. No Institutional Affiliation with LIC of India or IRDAI
The names, product titles, policy numbers, and trademarks (such as LIC Jeevan Labh, LIC Jeevan Umang, LIC Amritbaal, LIC New Endowment, etc.) mentioned across this site belong exclusively to their respective owners, including the Life Insurance Corporation of India (LIC).
The use of these names on BimaCalculator is strictly nominative and descriptive for computational reference. Official policy terms, underwriting criteria, medical evaluations, and final premium amounts are determined exclusively by respective insurance underwriters at the time of policy issuance.
3. Accuracy & Calculation Approximations
While we make every effort to ensure that our calculation engines mirror official actuarial formulas, Central Board of Direct Taxes (CBDT) notifications, and statutory GST slabs (e.g. 4.5% year 1 vs 2.25% renewal), calculations are subject to:
- Rounding differences in fractional interest rates and daily compounding periods.
- Future variations in simple reversionary bonus rates and Final Additional Bonuses (FAB) declared annually by insurers.
- Changes in statutory tax laws, Union Budget enactments, and regulatory circulars.
- Individual underwriting factors (e.g. smoker status, medical underwriting, occupational loadings).
4. Limitation of Liability
In no event shall BimaCalculator.com, its founder Rakesh, or contributors be held liable for any direct, indirect, incidental, consequential, or punitive damages arising out of the use, interpretation, or reliance on information or calculation outputs provided on this website.
5. Contact for Corrections
If you are a regulatory authority, insurer, or user and notice any data discrepancies or wish to suggest formula refinements, please contact us at rjrapture@gmail.com.