Term Insurance Calculator

Time-saving

The basic motive of a digital calculator is to save time that one spends on calculation and mathematics. So, when you have a term insurance calculator under your fingertips, you save a lot of time.

Easy comparison of plans

You enter a few details and the digital calculator shows the result to you. To see the result for a different tenure, plan, or amount, you just need to alter the inputs provided. As soon as you change it, the calculator quickly calculates the new amount and presents it to you. This way, you can easily compare various plans and decide the one for you.

Helps in budgeting

Premium plays a vital role when you decide to purchase a new term insurance plan. So, when you get a rough idea of the payable premium, you can easily budget your finances.

A better idea of coverage

The more coverage you look for, the higher the premium will be. So, when you calculate your premium through a term insurance calculator, it also gives you an idea of how much coverage you will be enjoying with a certain term insurance plan.

It's free

The best part about the term insurance calculator is it's totally free of cost. For such a quick and easy calculation, you do not have to pay any amount. Rather, just enter the inputs and that's all you need to invest in a term insurance calculator.

Helps in making informed decisions

When you are informed about the premium payable and the details of the plan, you are very likely to make a rational and beneficial decision for yourself or your family.

Life cover requirements

A term insurance calculator pays heed to the coverage you are looking for. Hence, it takes a close look at what all life cover requirements you are expecting from your term insurance plan.

Age

Your age is a deciding factor. Depending on the age, the premium varies. So, this is one factor that you have to mandatorily enter while calculating the premium.

Gender

Another input you may be asked to enter is your gender.

Medical history

When you plan for a term insurance plan, presenting your medical history is vital. This is because some of the existing diseases may not be covered in the chosen insurance plan. If covered, you may be required to pay a higher premium.

Smoking habits

If an individual has a smoking habit, they are more likely to pay a higher premium and are kept aloof from several medical coverages. So, mentioning your smoking habit is also vital.

Marital status

You also need to mention if you are married, single, or any other marital status that you have.

Occupation

Your occupation is also a deciding factor. So, it is also taken into consideration.

Term period

The term period that you choose also affects the premium. You may choose a tenure as per your requirement and accordingly calculate the premium.

Decreasing/increasing payout option

Depending on your insurance needs you can choose a term plan that offers a decreasing payout or an increasing one.

Riders selection

You may also choose to add riders/additional coverage to your chosen term insurance plan. The wider your coverage will be, the higher will the payable premium.

Step 1

Enter your personal details like name, email address, contact number, date of birth, etc. needs to be entered.

Step 2

Enter the desired sum assured you need and the tenure.

Step 3

Mention other details such as medical history, smoking habits, etc.

Step 4

Re-check all the details entered and submit.

Step 5

The calculator will do the maths and present the result.

Your age

Desired retirement age depending upon the life goals

Existing life cover

Annual income

Existing loan liabilities

Current savings

Health cover