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How term insurance calculator works

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How Term Insurance Calculator Works


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June 2, 2021

By : Bajaj Allianz Life

These are unprecedented times we are living in and there are no guarantees as to how life will pan out. The 2nd wave of the Coronavirus pandemic presently plaguing the country has compounded this fact. Availability of financial security at this moment in time is a prudent move as it provides you and your family with a layer of protection. Term insurance is one such form of financial protection one can consider for securing their family financially.

 

What is a Term Insurance Calculator?

 

Term insurance works on the understanding that those seeking to be insured pay a premium for a specified period of time and are then entitled to financial coverage or life cover for this time. Should they die within this time frame, their nominees/beneficiaries are paid a death benefit by the insurance company from which the insured person availed of this term insurance policy.

A term insurance calculator is a tool that helps individuals get a better idea of the life cover they would need to ensure that their family’s life goals are secured in their absence.

 

Why use a Term Insurance Calculator?

 

Term insurance is one of the most cost-effective forms of life insurance available in the market today. The premium that is paid by those seeking to be insured by this form of insurance isn’t always easy to calculate. It may vary from one insurance provider to the next along with the plan chosen and depends on what the insured person would want their sum assured to be.

A term insurance calculator is a free tool that is accessible to all on the internet today. It serves the following functions –

  • It allows users to gain a deeper understanding of the premium required to be paid in order to avail of the desired sum assured.
  • Once users have more insight on the premium expected to be paid, they may assess their life insurance coverage with greater comprehension.
  • This calculator allows users to assess whether their term plan of choice is financially feasible for them and within their budget or not.
  • Users may also assess whether the funds they have allocated for this investment are sufficient to provide them and their family with the amount of life coverage they seek.

 

How does a Term Insurance Calculator Work?

 

A term insurance calculator requires users to fill out the requested information and then accordingly provides them with an estimate of what their life coverage ought to be.

Ordinarily, users are requested to fill out their annual income which is important as it indicates the funds normally needed to fund the user’s lifestyles and sustain them and their families.

Users need to fill out their anticipated years of working as it indicates how long they will continue to earn at the capacity they currently earn at. Those who have several years before they are likely to have their income accessible for a longer period. Conversely, those close to retirement may not be able to have these funds accessible for long. Filling out accurate information is pertinent.

The calculator expects users to fill out anticipated personal expenses which amount to the percentage of their income they allocate towards their personal requirements.

It also requires users to fill out their estimated annual increase in income. This may vary based on the position held and the industry within which the user works. Conservative estimates are recommended in this section.

This calculator is designed to gauge the life coverage a user would need and based on that provides them with an estimate of the premium expected to be paid. The premium is calculated by gathering information pertaining to the user’s age, gender, date of birth, the kind of term insurance policy sought after, the time frame of said policy, and the desired sum assured. Additional information that might be relevant here focuses on the user’s lifestyle and whether they are a smoker or not in addition to considering other factors.

 

Conclusion

 

Healthcare is expensive and the Coronavirus pandemic has compounded this fact. The average cost of living too is continuing to rise. Availing of financial security is a wise decision that people ought to take. Most term insurance plans in India are the most budget-friendly forms of life insurance currently available. Term insurance benefits only make these plans more enticing. By using a term insurance calculator, individuals can have a better understanding of where they stand. This may be in terms of what premium they ought to pay in order to avail their desired sum assured.

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##Our policy covers COVID 19 claims subject to policy terms and conditions being met

3Discount is available for regular premium and limited premium payment frequency under all variants of this product.

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.

~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

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.