Life is unpredictable and full of uncertainties. If you are someone who wants to protect their loved ones from these eventualities, then what you need is a life insurance plan.
Term plans have gained traction over the years because of its ability to ensure that your family’s financial future is secure, that too without burning a hole in your budget with unaffordable premiums.
You can use the specially designed term plan premium calculator that helps you calculate the premium in real time to see how much premium you would have to pay to get a certain sum assured from your policy. The calculator determines how much premium you are required to pay through the policy duration to get the desired payout. This is a great tool to help you in your financial planning and allows you to estimate the premium that you can afford to achieve your financial goals.
Let us understand how the term plan calculator works and helps you in coming up with a perfect financial portfolio.
Before you understand the term plan premium calculator, you need to understand what term insurance means.
These plans are entirely protection-based policies where your policy beneficiaries will receive the entire sum assured if something happens to you during the policy period. Term plan calculator helps you decide how much premium you should pay and how to get the sum assured from your term policy that will be enough to pay for your family’s needs after your demise. This easy-to-use financial tool can work wonders in simplifying your financial planning process and help you in determining the coverage, policy duration, and the payable premium that will be suitable for your financial needs.
A term plan calculator is a hassle-free tool that can help you achieve the premium quotes within minutes, and that too without complicated documentation. Furthermore, once you have determined the right plan for you and your needs, you can do so online without any delay.
A term plan premium calculator helps you match your requirements to the right plan and decide how much premium you would pay during the policy duration that will suit you best. You can use these calculators as many times as you like until you find the perfect combination of payout, policy duration, and premium rates that work best as per your budget as well as financial priorities.
When you want to use the term plan premium calculator, there are several things you need to keep in mind. For instance, term plan age limit, lifestyle, and income, to name a few.
You can calculate the premium accurately via the following steps:
1. Use the term calculator form to enter personal information such as name, gender, date of birth, annual income, mobile number, the city you live in, and lifestyle information such as smoker or non-smoker. 2. Once you have entered the personal details, you must enter the life cover amount, or the sum assured that you want your policy beneficiary or the family to receive after your demise. 3. You must also select the desired policy duration 4. Click the submit at the end of the form for the system to calculate your premium 5. Based on these details, the term plan calculator will recommend various plans with premium rates that match your personal information 6. Select the plan that seems right as per your requirement and then proceed on to further steps to buy the policy.
A term insurance plan is a pure insurance product where your policy nominee will receive the death benefit or the sum assured of the policy. This amount is either handed out as lump sum or in the form of monthly payments, as per your preference that you chose at the time of buying the policy.
Since the term plans are incredibly popular, there is a wide range of options available to customers to choose from. To ensure you have chosen the right one for yourself, you must estimate the sum assured accurately as well as the subsequent premium. According to experts, your sum assured should be at least 20 times your annual income that will account for inflation, future liabilities, and long-term debts to ensure that your family’s financial requirements are adequately covered.
Additionally, if you are planning to add riders, such as critical illness cover, to your policy, then you must also check if the insurer allows that provision. You need to check all of these things at the time of buying your policy to have a flexible plan that works as a suitable long-term investment for life’s various stages.
Term insurance premium calculator is a simple and effective financial planning tool that can help you estimate the payable premium and options available to you in your budget.
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