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To efficiently plan your financial goals, you should use calculators to gain the necessary insight. A life insurance premium calculator is a versatile tool to fulfill your financial obligations. You should buy one or more life insurance policies to cover the risk and safeguard the financial well-being of your dependents. There are specific policies to fulfill your retirement, children’s education and children’s wedding expenses. The calculator will help you figure out the premium, the sum assured and other benefits in the best possible way.
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Life insurance plan is a financial product. A sum of money will be paid by the insurance company as per the agreement made with the policyholder. The sum will be paid to the beneficiary in case of death of the policyholder during the policy term. There are insurance policies that pay a ‘sum assured’ even if the policyholder is alive after the end of the term.
The term policy is the simplest policy. You can use a life insurance calculator to understand the premium for the term policy. The premium payable for a term policy is the lowest amount. It will cover the risk during the policy term and there will not be any financial benefit after the end of the term.
If you opt for an endowment or money back policy, the amount will be paid after the end of the term as well. The sum assured plus various bonuses will be paid by the insurance company.
Income tax benefits
The premium contributed to the insurance plan is exempted from income tax. The return obtained from the insurance plan is also exempted from income tax. Hence, insurance products serve as an income generating product as well.
You should choose the premium using the insurance calculator so that there won’t be a financial burden in contributing the premium. The sum assured can be set as per your financial goals and money-paying capability.
Do you need life insurance plan?
Life insurance plan should be subscribed to by all people regardless of age and occupation. By buying a life insurance plan, you can fulfill your obligations towards your family in the best possible way.
If the breadwinner of a family dies, the insurance company will pay lump sum to the beneficiary. In most cases, the beneficiary will be a children or spouse. If there are dependent parents, they can be included as beneficiaries while subscribing the insurance plan.
To buy a life insurance plan, you can approach a life insurance agent. The insurance agent will inform you of the various kinds of plans as per your needs. In most of the cases, the insurance agent will try to sell plans from the insurance company that he is working for. Hence, you might not get an insurance policy that best fulfills your needs.
Alternatively, you can go through the services of an insurance aggregator. The aggregator will offer various kinds of policies as per your age, life goals, occupation and premium-paying capacity.
The insurance policy can be bought online after calculating the insurance premium with a calculator. The calculator is handy to perform various mathematical operations. You can find the premium for a monthly, quarterly, semi-annual and annual plan.
The following points will help you buy the life insurance plan so that you can make the most of your money:
The life insurance calculator will help you understand the premium that should be paid to get the required coverage. An insurance calculator is a financial tool which comes with various features. You can find the summary, graph, schedule, premium and other parameters in buying the life insurance policy.
The basic information including comprehensive details like age, gender, monthly earnings, retirement age and total assets should be entered. You will get the sum assured by filling the online form.
Online quote
By using the insurance calculator, you can get an online quote instantly. The online form contains fields such as monthly expenses, education expenses, other expenses, total assets, monthly income, current age, and retirement age. After entering the information in the above fields, click on ‘calculate’ button to get the amortization report.
The amortization chart will help you systematically plan the payment of your premiums. It will show the monthly installment, number of payments, total interest and total payment.
You will be able to figure out the advantages of various life insurance policies with the help of an online insurance calculator. Purchasing a life insurance plan with the help of the insurance calculator will eliminate any confusions that you may have.
The different types of calculators are mentioned below:
All of these calculators function in the same way; they calculate your financial needs with the help of the data you provide. However, these various calculators can be instrumental in finding the appropriate sum assured and premium rate for you.
Once you have a basic idea of what your expenses will be, it is easier to choose a plan accordingly and thereby avoid being over-insured or under-insured. These calculations, thus, ensure that your insurance policy serves its purpose, without being exorbitantly expensive.
Payment of life insurance policy
The life insurance premium can be paid online or offline as per your convenience. You can pay the premium directly at the LIC branch or designated ATMs of Banks and other payment facilitators.
The premium can be paid in the form of cash, cheque, demand draft and digital money transfer.
The following online payment options can be explored to pay the premium:
Salary Deduction
Automatic deduction from the salary account by the employer is a convenient option for employees. Employees who opt for the automatic deduction and the money will be sent to the life insurance company on a monthly, quarterly, semi-annual basis or annual basis as per the option exercised by employees. The automatic debit option will help employees to save money in a disciplined manner. It is possible to contribute to the insurance policies during their earning period and there will be a great accumulation of funds which can be utilized to meet various life goals.
Life insurance premium
The life insurance premium rate is based on various factors. The premium is the amount that you will pay for the coverage of risk.
The following factors will have an impact on the premium rate.
Conclusion
The insurance calculator will help you find out the premium and you can settle for the best insurance plan without any difficulty.
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+All savings provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.
