How to use term insurance premium calculator?

Regardless of how rich you are or how fatter you paycheck, you cannot predict what the future holds for you. You could go bankrupt or worse even can die prematurely which can leave your family to face severe consequences and a huge financial burden. Precisely for this reason, getting your life insurance done is undoubtedly one of the most important financial decisions you’ve got to make. It is the least you can do to secure your family’s or loved one’s future. Well, there raises a question of how much amount of insurance you should do? The answer for this is that there is the life insurance premium calculator which can help you determine the kind of insurance you should get.

Although the number of people getting life insurance is gradually increasing, you’d be amazed to know that only 15% of Indians are insured. Yes, it’s that low. Several kinds of insurance are available these days and term insurance is probably the most popular one.

Compared to other life insurance plans, is term insurance better?

Indeed, it is better and the reason for this is that it is all about pure life cover. Since it is not an investment, profit is not associated with it. The reason why term insurance is much more cost effective is that you can pay a lower premium for a larger life cover as compared to other life insurance premium.

Now, the premium of such insurance will vary from one company to the other and the best way to determine which option you should go for is by using a term insurance premium calculator. Through it, you can compare premium amounts different life insurance companies are charging.

A premium calculator is essentially an interactive tool which helps people analyze and compare insurance plans and its coverage according to their preferred financial need or capabilities. By using these calculators, you can gauge the term insurance plan well suited to you.

So, how to calculate the premium amount using this tool?

Well, before making any calculations, you will need to provide some information which includes:-

  • Your name (if you want to be the policyholder)
  • Your age
  • Date of Birth
  • Gender
  • Plan you wish to choose
  • The amount of money you want to get assured of
  • The term period of the policy
  • Paying term for the premium

After you’ve gathered all the information, you need to follow these steps:-

  1. First and foremost, you need to enter all your details which includes your date of birth, marital status, gender, name, etc.
  2. Secondly, you need to enter your bank details and other identity proofs like PAN number or Aadhaar card details.
  3. Thirdly, you need to fill out a questionnaire about you and your family’s health.
  4. Lastly, if you are satisfied with the premium amount, you can buy the insurance online by paying through debit/credit card or net-banking.

So, these are the different ways in which you can use a life insurance premium calculator. There are many life insurance companies which will let you calculate the premium amounts on their website itself.

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