Calculate Term Insurance Premium Using Term Insurance Calculator
What is Term Insurance Calculator?
Now securing your family's future even in your absence just got easier with the online term plan!
Choosing the right term insurance plan is not as hard as it seems. However, with numerous options available in the market, it gets hard to pick the appropriate plan. A term insurance premium calculator makes this purchase decision simpler.
Term insurance calculator a tool that helps you determine the actual premium that you need to pay to the insurance company. You can use the term policy calculator to compare the premiums offered by various insurers and calculate term life insurance premium that allows you to choose the best plan that suits your requirements.
Customize the online term plan calculator as per your needs and calculate the right premium amount for your ideal term insurance policy.
How to Use a Term Insurance Calculator?
You can calculate term insurance premium online in just a few clicks! Follow these quick steps and you are done.
Step 1: Enter your personal details like gender, age, mobile number, lifestyle (smoker or non-smoker) and proceed to design your term plan.
Step 2: Choose the sum assured you wish to opt for along with the number of years you need it for.
Step 3: The term life insurance online calculator recommends ideal term insurance plans as per your entered details. Choose the plan that best fits your needs and you are done!
Securing your life goals with a term plan is that easy!
Factors Affecting your Term Insurance Premium
The following factors play a crucial role in determining your term insurance premium.
Tenure of Term Plan
Tenure of term plan selected by you determines the premium amount payable
Premiums Paying period
You can choose to pay your premiums monthly, quarterly, half yearly, or yearly.
Life cover amount chosen by you affects the amount of premium.
Age & Lifestyle
Your age at the time of issuing the policy determines the premium amount. Along with your age, your lifestyle, whether you are smoker or non-smoker can also be considered while determining premium.
Paying option Chosen
You can choose the premium paying option from the following:
Regular pay option: Allows you to pay for entire policy term on regular basis
Limited Pay option: Lets you pay for shorter term
Single Pay option: Gives you the option of making a one-time payment
How is your Term Insurance Premium Calculated
Life insurance plans are significant for each of us as they provide financial security to your family in the event of your death.
Customers get an option to make premium payment monthly, half-yearly, quarterly, and yearly. The term insurance premium calculator lets you determine the premium amount as per the option chosen.
Term insurance premium is calculated basis the information entered by the customer. Premium rates tend to be lesser if the customer is younger as the customer is considered healthy and tends to pose less risk to the insurer compared to an elderly customer.
Apart from this, there are a number of factors that determine the term insurance premium amount. Some crucial information that the customer is expected to provide includes the customer's age, the plan variant, premium paying frequency, gender, policy term, sum assured, lifestyle (smoker or non-smoker) date of birth, and add-on covers.
How to choose a Term Insurance Plan? (Benefits of Taking a Quote)
Choosing the best term plan among the available options could be challenging. Most customers opt for term plans that are affordable.
However, price is not the only factor that needs to be considered while purchasing a term life insurance policy. To ensure that your family's future is secured, it is important to keep a few things in mind.
Claim Settlement Ratio-
The insurer's claim settlement ratio showcases the percentage of claims paid out of the total claims filed in a year. Higher the ratio, higher it the possibility of claims being settled, thereby ensuring that your family can claim the policy in your absence.
Apart from the basic life cover, an ideal term plan is the one that offers a complete financial security for your family and their financial goals. It comes with additional covers and term insurance benefits such as accidental death benefit or waiver of premium benefit give better financial protection for tomorrow.
Critical Illness cover-
Apart from the bread earner's death, his/her diagnosis of a critical illness could also result in the family's financial burden. Critical illnesses can cost a lot and affect the family’s finances. Term plans with critical illness covers pay the cover amount on diagnosis that takes care of treatment cost & ensures that your family is financially backed-up.
The insurer's solvency ratio is another factor that needs to be considered while buying the policy. It tells you whether the insurance company will be financially capable of settling your claim, when filed.
After evaluating the available term plans on the said factors, you can then look at the premium rates and make your purchase decision. However, ensure you don’t compromise on the vital factors while considering the plan's affordable premium rates.
Why Choose our best term plan (Smart Protect Goal)?