Life insurance tends to be a financial priority for a lot of adults. When one realises the value and security that the right insurance may offer, they may try to find the most suitable policy for themselves. Calculators are an online tool that can help them in this process. These convenient online instruments process consumer-offered details to provide policy estimations and give potential customers a clearer picture.
Term Insurance Calculator
Term insurance is one of the most cost-effective life insurance variants available today. Most term insurance plans are relatively affordable. They come with riders and benefits that only add to their value.
Term insurance calculators are tools that can give you an estimate of the premium you will be required to pay to get a life cover of your desired sum assured. These tools can be used for free and are easily available online. You can find such calculators on websites or apps of most insurance providers or even third-party insurance aggregators.
If you already have a few plans shortlisted, you can visit the website of the respective insurance provider and use their term insurance premium calculators to help you decide. These tools can process details such as your age, gender, and smoking habits, along with your term plan choices. Once you submit these specifics, the term plan calculator will tell you how much premium you will be required to pay at your desired premium frequency and sum assured.
To visualise diverse possibilities, you can choose various payment frequencies or differing sum assured values. These details may also be downloaded or received via email, thus helping you compare plan options.
Types of Insurance Calculators
Term insurance premium calculators are suitable for term plan estimates. However, there are many options beyond term plans that may be preferred by customers looking for more features in their insurance, such as a wealth creation aspect, or something that helps build a secure future for their children. Such consumers will require more than a level term insurance policy.
If you are looking for something more than term insurance, here are a few options you can consider:
- Investment plans – for consumers who are looking to earn returns on their insurance
- Pension plans – for retirement planning
- Child plans – for parents looking to build a corpus for their children’s future
- Investment plan premium calculator
Investment plans refer to products that are more focused on helping you earn returns and may or may not have a life insurance aspect attached to them. Calculators for these plans tend to be more specific to the design of each plan available, rather than having generic calculations for all available plans. It is advisable to first get a better idea about the plan’s features you are looking for, shortlist the available plans, and then use relevant calculators to get more specific results.
- Pension plan calculator
‘Pension plan’ is an umbrella term which houses various options such as EPF, PPF, Annuities, and more. Some pension plan calculators are meant for single plans. For example, using an annuity calculator, you can get an idea of how much regular income can you expect from the money you are willing to put in an annuity plan. There are also pension plan calculators that can better help you with retirement planning by providing you with an estimate of what your money can earn you post-retirement.
- Child insurance premium calculator
As a parent, making financial provisions to secure the future of your child is a long-term task as well as a priority. To better manage these responsibilities, it is crucial to start early and stay consistent. Child plan calculators can help you accomplish these goals by giving you better estimates to work with. Like term plan calculators, these tools will tell you how much of your regular premiums you will be required to pay for having a plan that offers the best returns to fulfil your child’s dreams.
Calculators for level term insurance as well as other life insurance plans are easily accessible online tools. With these at your disposal, you need not rely on making manual calculations to gauge how much you would need to pay for insurance, or what can you expect in return.