A term insurance premium calculator is a freely accessible online tool that helps to calculate the approximate monthly/yearly premium that a policyholder needs to pay towards the term insurance policy. A term life insurance calculator is simple to use and extremely helpful when you are planning to purchase to buy a term life insurance policy. It is an easy and effective way to calculate policy premiums. This online tool also helps to compare similar term insurance plans offered by various insurance companies.
A term insurance premium calculator helps calculate the sum assured amount that an individual needs to secure the financial future of their loved ones.
What is a Term Insurance Plan?
A term insurance plan is a simple and pure risk cover form of life insurance. It provides financial security to your family against a fixed premium paid for a specific period. You can get a large amount of cover at affordable premium rates. The beneficiary receives the term insurance amount as a death benefit in case of the death of the policyholder.
The main objective of buying a term insurance plan is to take care of the financial needs of your loved ones when you are not around them. It also helps to pay off your loans and liabilities. It is a long-term investment plan. It is also important to know what is recurring deposit to have an idea about other schemes.
Why Should You Use the Term Insurance Premium Calculator?
A term insurance plan is the simplest and most common life insurance product available on the market. While buying the term plan, the policyholder needs to pay the premiums in exchange for the life cover offered by the policy. Numerous factors determine the policy’s premium rate, and they vary from plan to plan.
A term life insurance calculator is specially designed to help an individual determine the actual premium amount they must pay to the insurer for a term life coverage. It also facilitates easy comparison of various plans available in the market. A term insurance premium calculator can be used online free of cost in a simple and hassle-free way. Also, an individual can customize the calculator at their convenience.
How to Use the Term Insurance Premium Calculator?
It is easy to fill out the information in the term insurance premium calculator and get the premium quotes.
Here are the simple steps that you need to follow.
1) You will have to enter personal information like date of birth, gender, marital status, annual income, etc.
2) Then you will need to enter how much sum assured you require for how many years. You will also have to clarify how you would like your family to get the amount as a lump sum or monthly income.
3) After that, you will have to fill the estimated annual increase in income to make the right projection.
4) The term insurance premium calculator will recommend the best insurance per the details you have filled in above.