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Future Generali India Life Insurance Company Limited Logo
SBI Life Insurance Company Limited Logo
HDFC ERGO General Insurance Company Limited Logo
IFFCO TOKIO General Insurance Company Limited Logo
ICICI Prudential Life Insurance Company Limited Logo
Canara HSBC Oriental Bank of Commerce Life Company Limited Logo
HDFC Life Insurance Company Limited Logo
Edelweiss General Insurance Company Limited Logo
Liberty General Insurance Company Limited Logo
National Insurance Company Limited Logo
Oriental Insurance Company Limited Logo
The New India Assurance Company Limited Logo
PNB MetLife India Insurance Company Limited Logo
RAHEJA QBE General Insurance Company Limited Logo
RELIANCE General Insurance Company Limited Logo
SBI General Insurance Company Limited Logo
Royal Sundaram General Insurance Company Limited Logo
Shriram General Insurance Company Limited Logo
Universal Sompo General Insurance Company Limited Logo
Go Digit General Insurance Company Limited Logo
United India Insurance Company Limited Logo
TATA AIG General Insurance Company Limited Logo
Aditya Birla Capital Company Limited Logo
Kotak Mahindra Life Insurance Company Limited Logo
Manipal Cigna Health Insurance Company Limited Logo
Bharti AXA Life Insurance Company Limited Logo
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What Is Life Insurance Calculator?

The Life Insurance Premium Calculator can be used to know your Life Insurance Premium. The factors affecting the life insurance premium are age, gender, health history, sum assured, lifestyle, occupation, type of policy, family health history, etc. A life insurance policy premium calculator India is a tool that provides the premium for your life insurance policy according to the data entered by you.

How 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.

Benefits Of Life Insurance Premium Calculator

You can check your life insurance premium using the life insurance calculator online by entering your age, gender, annual income and declaring your health history. The life insurance policy calculator available on the Policybachat portal is easy to use and is reliable as the quotes provided by the insurance companies will reflect on the portal without any errors. There are many benefits of life insurance premium calculator as well as demerits of it.

The following are the benefits and demerits of a life insurance premium calculator:

Easy to use:

Life insurance premium calculator is very easy to use. Your life insurance premium can be obtained in two easy steps. In the case of an online life insurance calculator, the premium would be displayed in a fraction of seconds. This ease of access is not available in case of offline calculations from the agents where they need to enter details in the calculation sheet each time and get the premium from it.

Multiple options:

With online life insurance calculators, one can have multiple options before purchasing the life insurance policy. The online life insurance premium calculator displays premiums from different insurance companies which helps the customer to get multiple quotes from different insurance companies. These multiple quotes from different insurance companies can be used to compare the customer and select the best insurance quote as per the requirement of the customer.

Time Saving

Another advantage of the life insurance calculator is that these calculators can save ample time for the users. If the premiums are to be calculated using an offline rater, it would take much time as it involves manual calculations. Most people prefer to use online life insurance premium calculators to save time and energy.

Multiple calculations:

Multiple calculations can be made using the term life insurance calculator online. Customers can enter different values of sum assured or term and get the premium amount each time without a fraction of seconds. Manual calculations take time as each time the data needs to be entered freshly to get the premium, but in the case of an online life insurance calculator, the premium can be obtained spontaneously each time. For instance, if you want to check the premium at the maximum sum assured and minimum term or median sum assured and maximum term, it is possible to get the premium using the online premium calculator.

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The Benefits Of Comparing With PolicyBachat

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