Things You Should Know About Term Insurance Plans Premium Calculators

What are Term Insurance Plans?

Term insurance is a contract between insured and insurer, where insurer pays out sum assured called ‘death benefits’ to the nominee/beneficiary, if the insured dies within  the term of the policy. The insured pays periodic premiums to keep the policy active. There are no survival benefits under a normal term insurance plan. However, there are various riders that can be availed as add-on features.

SEE ALSO: Review Your Insurance Plans With IndianMoney

What are Premium Calculators? 

Term insurance premium calculator is an interactive simulation/tool, which helps individuals analyze and compare term insurance premiums across insurers. Premium calculators require personal details like name, mobile number, age, income and so on. Based on your input, it provides approximate premiums payable for availing a term insurance plan.

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Things You Should Know About Term Insurance Plans Premium Calculators

Features of Premium Calculators

Benefits of term life insurance calculator:

IndianMoney.com offers human life value calculator, which can be used to calculate human life value and decide on sum assured and premiums. Premiums directly depend on the sum assured. Following are the benefits of term insurance premium calculator:

• Easy to use: If you have basic knowledge of computers, you can access and use premium calculator.
• Time saving: Using premium calculator saves time.
• Comparison of insurers: The premium calculator displays the price and features offered by various insurers based on inputs, you can compare and choose the most suitable plan.
• Cost effective: As the premium calculator enables comparison across insurers, it makes your term insurance cost effective.

SEE ALSO: Term Insurance for NRIs in India

Premium Calculator - How it Works?

Premiums paid for term insurance depend on the sum assured. It also depends on various other factors. Premium calculation differs across insurers. Premium calculator considers the factors mentioned below and gives output completely based on your input:

• Age
• Gender
• Tenure of the policy
• Net income
• Salaried or self employed
• Work nature (if salaried)
• Smoker or non smoker and alcoholic or non-alcoholic
• Pre-existing disease (if any)
• Tenure of the policy
• Riders (if you want to avail any)
• Monthly/annual payment of premium
• Other insurer specific clauses

SEE ALSO: Is an Endowment Life Policy the Best Life Insurance for you?

Why term plan?

Term insurance plan is basic life insurance. It is a contract under which the insurer pays out death benefits to the nominee, if the policy holder dies within the term of the policy. Term insurance is extremely important if you are the breadwinner of the family. Term insurance policy provides financial security to family if something untoward happens.

Term insurance policy takes care of unpaid debts like home loan, personal loan and so on. Your family can still live in the house; your children can continue education and financial liabilities will be taken care of, all thanks to the term insurance policy.

Benefits of Buying Term Plan:

• High sum assured at lower premiums.
• Tax benefits.
• Financially secures the future of your family.
• Death benefits are tax free.
• Availing riders provide extra coverage.

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