Term Insurance Premium Calculator
A Life Insurance term plan offers maximum life coverage and helps you in difficult situations. Term life insurance protects your family’s financial needs & lifestyle in your absence. Term insurance is providing financial security to the family in case the policyholder meets with any unexpected event. The term plans are the most selling life insurance plans due to the coronavirus pandemic. To calculate the premium of term insurance online term plan calculator is used.
Term insurance calculator is created for customizing the monthly or annual premiums that policyholder needs to pay regarding the policy. The term insurance premium calculator is a simple and helpful tool to calculate the sum assured premium offered by different insurers that an individual needs for securing the financial future of his/her family. With the use of this term insurance calculator, you can compare several term insurance policies that meet your budget needs.
The online term insurance calculator is easy and hassle-free can be used for free of cost. An individual can personalize the term insurance policy calculator as per their requirement. After you get the idea about how much amount you have to pay for your family’s financial security needs, you can also analyze the coverage you get in the policy.
Benefits of Term Insurance Premium Calculator
The following are the benefits of the Term Insurance calculator India
- Decision Making: You can easily compare term insurance policies with the help of the compare life insurance term plan premium calculator. And you can also analyze, choose the best term insurance plan calculator, and know details about the benefits, terms, and conditions of term several insurance plans. This helps you decide on the best purchasing.
- Additional Coverage: Additional coverages such as riders and add-ons that enhance the life cover offered under a term insurance plan. With the help of a premium calculator for term life insurance, you can get the highest possible life cover amount within your budget.
- Single Platform: The best term insurance plan premium calculator tool provides to choose the best term plan offered by companies on a single platform easily without switching to different sites.
- Low premiums: Each company that offers policyholders new discounts and better plans every year and also buying online will make customers' thoughts cost-effective. Compare quotes with various insurers and choose a better plan to save extra in your pockets.
- Save Time: The term insurance calculator can help save your precious time by comparing the quotes online within 5 minutes. It is not required to submit any documents to get premiums. After the selection of the best term plan, you can pay online without any interaction with agents.
What are the Factors included in Term Insurance Premium?
Term insurance premiums can be calculated by using a term insurance calculator from the online portal where we have a team of dedicated agents to help you with your life insurance requirements. The term insurance premium is calculated based on the age of the customer; Sum assured opted, Gender, and Food habits.
- Age: Term insurance premium is based mainly on the age of the customer. If lower the age of the policyholder, lower would be the term insurance premium. This is due to the increase in mortality rate with the increase in age of the people. It is advisable to take a term insurance policy at a very young age to reduce the premium amount payable during the policy period.
- Gender: Term insurance premium changes with the gender of the customer as well. This is due to the loss ratio experienced by the insurance companies. The premium for Male policyholders of the same age and same sum assured would be higher than that of the Female policyholder due to the mortality rate being high in the Male population in comparison to the female population.
- Sum Assured: Sum assured is the maximum liability of the insurance company in case of the death of the policyholder. The sum assured selected by the policyholder decides the premium under the term insurance policy. Higher the sum assured, higher would be the premium to be paid under the term insurance policy.
- Lifestyle: The lifestyle of a person decides the term insurance premium to be paid. Lifestyle includes Smoking and drinking habits, entertainment in risky works, etc. In comparison, the term insurance premium of a smoker and drinker would be high than that of a teetotaller. This is due to the increase in the risk of death due to diseases and illness.
How to calculate Term Insurance Premium Online?
A term insurance calculator can be used from the online portal to calculate your term insurance premium.
- Step 1: In the first step, click on the onlineterm insurance premium calculator and proceed to the life insurance section.
- Step 2: In the next step, Enter the details such as Gender, Annual income from the beginning, tobacco consumption, Salaries or Self-employed, and Date of Birth clearly and correctly. After this, you need to enter your contact details to walk through a call from our agent.
- Step 3: Now the premium from different insurance companies will be displayed on the screen. Add-ons are applicable and you can edit the details such as Coverage, Term, Premium payment method, Mode of claim settlement, etc. Submit the details to get the desired premium. The premium can be changed by changing other factors such as Coverage required, mode of payment, etc.
- 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 telemedical or physical medical verification where the customer needs to undergo medical tests or declare a health condition on the telephone to the insurance company before policy issuance.
PolicyBachat is an online insurance web aggregator wherein you can calculate the term insurance rates with term insurance premium calculator. Compare life insurance quotes to buy/Renew the best term insurance policy online now.