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Benefits of using a term insurance calculator – Know why you should use one!


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Oct 05, 2021

By : Bajaj Allianz Life

If you’re one of those individuals who are looking for an answer to the question ‘what is term insurance?’, here's something that can help you understand the concept.

A term insurance policy is a financial tool that can help you secure your family’s financial future even when you’re not around. It is basically a contract between an individual and an insurance provider, where the provider agrees to pay a specific sum of money, known as the sum assured, to the nominee of the individual upon the individual’s demise.

In return, the individual is required to pay sums of money, known as premiums, periodically to the insurance provider. And the premiums that the individual is required to pay is determined by a host of factors, the sum assured benefit being one of the most important. Now that you’ve gotten a fair idea of ‘what term insurance is, how do you go about determining just how much of a sum assured your family would need? Since your family’s life is at stake, you can’t simply take a decision based on assumptions or guesses now, can you?

Here’s where a term insurance calculator can help. Based on your inputs, it allows you to determine just how much life cover you would need. Sounds interesting, right? Let’s take a more in depth look at this unique tool.

 

What is a term insurance calculator?

 

As you’ve already briefly seen above, a term insurance calculator is a financial tool that allows you to find out the amount of life cover that you would have to opt for in a term insurance policy. By giving you an estimate of the amount of sum assured that you would need to opt for, the tool allows you to make informed decisions.

The calculator gives you a real-time result of the estimated premiums as soon as you enter your inputs. And above all, term insurance calculators can be found online and are completely free to use too!

 

How to use a term insurance calculator?

 

Bajaj Allianz Life offers a term insurance calculator that you can use to get an estimate of the amount of life cover that you will need to keep your family financially secure. Here’s how a term insurance calculator works:

  • Firstly, visit the website of Bajaj Allianz Life and navigate to the term insurance calculator page. You can find it under the ‘Tools & Calculators’ section.
  • Enter your total annual income in the text box. Alternatively, you can also use the slider.
  • Then, enter the number of years that you’re planning to work for in the future.
  • Enter the expected percentage of increase in your income that you’re likely to experience.
  • And finally, enter the percentage of income that you spend on yourself and not your family.
  • As soon as you enter all the fields above, the calculator should provide you with an estimate of the life cover that you should opt for in a term insurance policy.

 

Benefits of using a term insurance calculator before purchasing a plan

 

Now that you know how to use it, it is time to take a look at the various benefits that a term insurance calculator provides.

 

1. It saves a lot of time and effort

 

Manually determining the amount of life cover that you would need takes a lot of time and effort and there’s always the chance of you making a miscalculation. One of the major benefits of using a term insurance calculator is that it saves you all of this time and effort. All that you have to do is enter the required values and the calculator gives the result out to you.

 

2. It gives you an estimate

 

A term insurance calculator is usually designed to err on the side of caution and provide you with a conservative estimate. As long as the input values are accurate, the result is also likely to be quite accurate as well.

 

3. It allows you to make informed decisions

 

Opting for a term insurance policy without knowing just how much life cover your family would need may do more harm than good. It can even leave your family financially unprotected.

However, by giving you a better idea of the amount of life cover that you will need under your term insurance policy, a term insurance calculator enables you to make informed decisions.

 

4. It allows you to plan better

 

Term insurance calculators help take ambiguity away. Once you know just how much life cover your family would need, you’re instantly put in a position where you can plan your budget and your finances better. With the life cover set, you can easily ascertain the amount of premium that you would have to pay for the plan and account for it in your finances.

 

Conclusion

 

As you can see, term insurance calculators are nifty little tools that can help you out tremendously. Therefore, if you’re planning to purchase a term insurance policy in the near future, always make sure that you use a term plan calculator before going ahead with your purchase. It can make your job infinitely easier.

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2Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | medical rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.