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.