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Know 4 Types and Benefits of Using Term Plan Calculator Online

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Life sure is full of uncertainties, and you’d have to agree that none of us know what our future holds! Unfortunate events such as a sudden death or a severe health disease can take a toll on your financial planning, as well your family’s emotional state. Thanks to the term insurance policy that you no longer have to be worried about your family in your absence. 

A term plan is one of the types of life insurance, which not only ensures the financial security of your family but also enables you to get protection against critical illnesses such as heart disease cancer, stroke, etc. One of the easiest ways to determine your term insurance and the suitable premium you can afford is by using a term plan calculator

 
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Types Of Term Insurance Plan Calculator

  1. Term Plan Calculator Premium Calculator

Term plan premium calculator helps you derive premium payable for a specific coverage opted by the policyholder. 

  1. Investment Plan Premium Calculator 

Investment plan premium calculator is used to analyze your investments in your desired policy that provides you with growth projections as well.  

  1. Pension Plan Calculator

In order to get a steady pension after you retire, you need to invest a certain amount today. This pension plan calculator serves the purpose of calculating how much you need to pay today to get the pension in the future.

  1. Child Insurance Premium Calculator 

Expenses for your child is something that you have to plan for, as it involves a huge amount to be invested for your child’s education, marriage and other day to day expenses. A child insurance premium calculator helps compute how much money you need to pay to get sufficient funding in the future for his/her future needs. 

Features & Benefits Of A Term Plan Calculator

The premium of a term insurance plan depends on several factors such as your age, sum assured, medical history, occupation, lifestyle habits, term, etc. A term plan premium calculator requires you to input these details to get a suitable premium rate. Following are the benefits of a term plan calculator:

  1. The term plan premium calculator gives you an exact figure of premium to be paid on the policy required for the opted coverage. 
  2. You can also have a term insurance comparison done to check the different premium rates offered.
  3. To avail of this service, you don’t have to pay extra, as it is absolutely free and easily available online. 
  4. The premium results shown in the term plan calculator changes with the change in coverage details.  As each person’s financial requirement and coverage differs, so does the premium payable result vary. 
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Image Courtesy: Shutterstock

Here’s why you need to know the importance of investing in term insurance:

  • Financial Security To Your Family

Sudden death can be traumatic for your family, especially when it comes to payment of bills, repayment of loans, and other expenses incurred. To prevent such a situation from arising, it is good to invest in term insurance to take care of the financial needs of your family. 

  • 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 instance, a policy of 1 crore, would have a premium of only Rs. 7400 per annum. You can use a term plan calculator to calculate the amount of premium payable under your desired policy. 

  • Long-Time Life Cover 

Term plans can be taken for a long period, generally up to the age of 70 years. However, some companies may take up to age 75 as well. Check with your insurer’s term plan calculator for knowing the exact term plan offered.

  • Flexibility Options

When you buy a term plan, you can change and customize it as and when required. In addition, it offers the policyholder with the feature of changing the plan or adding any additional riders. 

  • Low Claim Rejection 

It is imperative to disclose all the facts regarding your health condition, finances, your liabilities, and habits, etc. Why? Because, as per the recent IRDA (Insurance Regulatory and Development Authority) mandate, no insurance provider can claim for the non-disclosure of facts after two years of an effective run 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 premium of the policy, so that you can effectively take a wise decision on the coverage you are selecting.