Steps to use the life insurance calculator:
Step 1: The first step in using the life insurance premium calculator is to click on the online Life Insurance Premium Calculator and proceed to the life insurance section.
Step 2: The next step in using the life insurance premium calculator is to enter the below details clearly and correctly.
- Gender of the applicant
- Tobacco consumption ; Yes or No
- Annual income from the options given in the calculator
- Occupation type; Salaried or Self Employed
- Age of the applicant; to be entered as Date of Birth
- Name of the applicant and email id of the applicant.
Step 3: In this step you can enter your requirements such as:-
- Sum assured required under the life insurance policy
- Tenure – maximum age the coverage is required
- Premium payment type - Regular or Lump sum or Limited pay
- Premium payment frequency - Monthly or Quarterly or Half yearly or Yearly
- Payout type - Lump sum or Income or Combination of both
- Add-ons such as Critical illness, Waiver of premium and Accidental disability cover can be selected and the premium would change accordingly.
Step 4: This is the last and final step where you need to make payment to the insurance company and it only takes a few minutes to finish this process. The premium figure displayed may be changed subject to the medical underwriting. Once the premium payment is made, the customer receives confirmation regarding the same and the next step would be the tele medicals or physical medical verification where the customer needs to undergo medical tests or declare health condition on telephone to the insurance company before policy issuance.
Human Life Value Calculator:
Many of you may be in dilemma on how to decide the correct sum assured while purchasing the life insurance policy. In that case you can use human life value calculator which calculates the sum assured required on the basis of the data entered. The human life value calculator helps you identify your life insurance needs on the basis of your annual income, expenses, liabilities and other investments to secure your family’s future and prevent them from facing financial difficulties.
Let us understand the factors to be considered for human life value calculator:-
- Current age – Age should be calculated on the basis of last birthday.
- Retirement age – At what age you would be retiring.
- Educational qualification – Graduate and Non graduate
- Annual income – Income from all the sources
- Monthly expense – All the expenses incurred in a month
- Existing insurance cover – if you have taken any other life insurance policy
- Liabilities- this can include any outstanding loans such as Home loans, Personal loans and any other type of loans.
The human life value calculator is the best tool to decide the sum assured to be taken by the customer as it takes into consideration all the factors. The Human Life Value Calculator can be found online for calculating the sum assured required.
- Human life value is the monetary value of a person’s life. Evaluating the human life value before purchasing the life insurance policy is important as it determines how much coverage is required to cover both the present and future expenses of the family in case of death of the sole bread earner.
- There are two different ways to calculate the human life value; one is the income replacement method and the other is the need based method. In the income replacement method, whatever income the family needs for support is calculated and in need based method the amount needed to cover the needs of family in case of death of the sole bread winner is calculated.