Know 4 Types and Benefits of Using Online Term Plan Calculator
Life is of course full of uncertainties, and you have to agree that none of us know what our future holds! Unfortunate events such as sudden death or serious illness can take a toll on your financial planning, as well as the emotional state of your family. Thanks to the term insurance policy, you no longer have to worry about your family while you are away.
A term plan is one of the types of life insurance that not only provides financial security for your family, but also provides you with protection against serious illnesses such as heart disease, cancer, accidents. cerebrovascular, etc. One of the easiest ways to determine your term insurance and the appropriate premium you can afford is to use a term plan calculator.
Types of term insurance plan calculator
- Term plan calculator Premium calculator
The Term Plan Premium Calculator helps you calculate the premium to be paid for a specific coverage chosen by the policyholder.
- Investment plan premium calculator
The Investment Plan Premium Calculator is used to analyze your investments in the policy of your choice, which also provides you with growth projections.
- Pension Plan Calculator
In order to get a stable pension after you retire, you need to invest a certain amount today. This retirement plan calculator is used to calculate how much you need to pay today to retire in the future.
- Child insurance premium calculator
Spending for your child is something that you need to plan for as it involves a huge amount of money to invest in your child’s education, marriage, and other day-to-day expenses. A children’s insurance premium calculator helps calculate how much money you need to pay to get enough funding in the future for future needs.
Features and Benefits of a Term Plan Calculator
The premium for a term insurance plan depends on several factors such as your age, sum insured, medical history, profession, lifestyle, duration, etc. A temporary plan premium calculator requires you to enter these details to get an appropriate premium rate. Here are the advantages of a term plan calculator:
- The Term Plan Premium Calculator gives you an exact figure of the premium payable on the policy required for the chosen coverage.
- You can also have a term insurance comparison done to check the different premium rates offered.
- To take advantage of this service, you do not have to pay extra, as it is absolutely free and easily accessible online.
- The premium results shown in the Term Plan Calculator change with the change in coverage details. As each person’s financial needs and coverage differ, the result of the premium payable also varies.
Here’s why you need to know the importance of investing in term insurance:
- Financial security for your family
Sudden death can be traumatic for your family, especially when it comes to paying bills, repaying loans, and other expenses incurred. To prevent such a situation from happening, it is a good idea to invest in term insurance to support your family’s financial needs.
- Affordability with low premium
Compared to standard life insurance, term insurance comes with an affordable premium, making it easy for the policyholder to pay premiums on a monthly, quarterly or yearly basis. For example, a 1 crore policy would have a premium of only Rs. 7400 per year. You can use a term plan calculator to calculate the amount of premium payable under the policy of your choice.
Term plans can be purchased for a long time, usually up to the age of 70. However, some companies can also take up to 75 years. Check with your insurer’s term plan calculator for the exact term plan offered.
When you buy a term plan, you can modify and customize it as and when you need it. In addition, it offers the policyholder the option of modifying the plan or adding additional endorsements.
It is imperative to disclose all the facts about your state of health, finances, responsibilities, habits, etc. Why ? Because, according to the recent IRDA mandate (Insurance regulatory and development authority), no insurer can invoke the non-disclosure of the facts after two years of effective execution of the policy.
Today, you can calculate the premium for a term insurance plan using the term plan calculator available online on the insurer’s website or mobile app. Use this Term Plan Premium Calculator to find out the estimated policy premium, so you can effectively make a wise decision on the coverage you choose.