Bajaj Allianz Term Insurance Calculator

Why Should You Use a Term Insurance Premium Calculator?

With a large number of term insurance plans available in the market, choosing the right plan to suit one’s needs becomes necessary. It is helpful to compare and analyze the different insurance policies available. Investors can use it to select the right plan that fits into their budget and takes care of their needs.

A Term Insurance premium calculator is an online tool that helps to determine the premium for a term insurance policy online. It also facilitates easy comparison. One can easily find out the appropriate premium amount that needs to be paid for a particular policy with a term insurance premium calculator. It can be used to calculate multiple premium values for various term plans available.

Here are the reasons why you should use a Term Insurance Premium Calculator:

• A term insurance calculator can help one understand and compute the estimated premium amount required to be paid for one’s term insurance plan.
• A term plan calculator is available online free of charge. It can be easily accessed and used to calculate various premium values that need to be paid for one’s term plan.
• It helps you understand the difference between the various product offerings before investing in them.
• A clear understanding of the premium amount can help one plan the extent of their life insurance cover.
• A term insurance calculator can also be used to check if a given term plan lies within one’s budget and whether the life coverage selected is appropriate or not.

The process to use Bajaj Allianz Term Insurance Calculator

One can easily use the Bajaj Allianz Term Insurance calculator in a few simple steps to determine one’s premium amount and go ahead with a specific term plan. Interested individuals can simply visit the official website of the insurer or the insurance aggregator to use the Term Insurance premium calculator tool online.

Here are the steps to be followed:

• Fill in the required information

  The term insurance premium calculator requires some information to be entered to calculate the premium amount. One would be required to fill in one's gender, DOB, marital status, current debts and liabilities, annual income, coverage amount required, etc. The calculator also needs information about one’s smoking habits or other health conditions. One needs to enter these details correctly.

• Enter the Sum Assured amount

  The sum assured amount has to be entered carefully after careful assessment of one’s family needs and future financial requirements. One can enter the Sum Assured amount carefully to proceed with the premium calculations. A policyholder can view premium amounts either as a monthly payment or a lump-sum amount.

• Check the premium amount and finalize the policy purchase

  Once one has entered the necessary details, one will get a premium estimate on the screen.  Here, one needs to check whether the suggested premium amount is within their budget. If it does, they can proceed to buy the term policy to safeguard the financial future of their loved ones. If not, they can make changes to the sum assured amount to calculate different premium rates which suit their budget.

Advantages of Bajaj Allianz Term Insurance Calculator

Bajaj Allianz Term Insurance calculator will help one determine the right amount of insurance coverage required to meet their needs to reach their family goals. It offers a series of benefits, which are as follows:

• Gives an estimated premium amount

  Before using the Term Plan calculator, a person may not have the exact idea about the premium amount for a plan. However, once they enter the relevant details in this online tool, one can easily get an estimated premium amount for the term policy on the calculator.

• Time-efficient process

  A pen and paper process for calculating premium amounts under various Sum Assured combinations can be a tedious task and can also lead to errors. However, using a term insurance premium calculator just takes 5-10 minutes of one’s time. All that is required is to follow the right steps and enter the correct information, and one can easily get the right results.

• Cost-effective solution

  Bajaj Allianz Term insurance premium calculator tool is available online free of charge. It provides individuals with an estimated premium amount for their plans in an easy and hassle-free manner.  One doesn’t need to stand in queues at the insurance office to determine their premium. They can quickly get an estimate of their premium amount with one click on the website.

Information required while using Bajaj Allianz Term Insurance Calculator

Anyone using the Bajaj Allianz term Insurance calculator would need the following information:

• Personal Information- Policyholder’s date of birth, income details, any loan or debt amount, gender, marital status, number of members to be insured
• Health Information- Information about any critical illness, smoking, or tobacco habits.
• Sum Assured Amount of life cover needed
• An estimate of one’s future financial goals and budget conditions to fit term insurance into their profile.

Benefits of buying Bajaj Allianz Life Term Insurance Plan

Term insurance plans are affordable plans that offer financial protection in the absence of the insured. They keep one’s life goals on track. Here are the benefits of buying Bajaj Allianz Life Term Insurance plans:

• Helps in meeting life goals

  These plans offer sufficient life coverage in the form of death benefits received by the nominee in case of the policyholder’s death. Some plans offer maturity benefits upon survival. This amount can help the insured and his family to meet their life goals such as kids’ education, marriage, paying off debt, buying a home, etc.

• Helps in wealth generation

  Bajaj Allianz Life insurance plans help provide double benefits of life coverage and investment. Good examples of insurance cum investment tools are Whole Life insurance plans, pension plans, child plans, endowment plans, and ULIPs. In fact, ULIPs provide the freedom to the policyholder to select them based on their investment goals and risk appetite.

• Risk Mitigation

  Human life is subject to unforeseen risks as death, disability, or disaster can strike anytime and can disrupt the financial stability of one’s family. A term insurance plan ensures that the insured person’s family continues with their existing lifestyle without getting impacted financially in case of his demise.

• Flexible Policy Terms

  Bajaj Allianz offers a wide range of insurance products covering the varied insurance needs of people based on their occupation, liabilities and life goals. Their insurance plans are available to provide protection for a specified term with Term Insurance or the whole life with Whole Life insurance.  The plans offer Term insurance with complete flexibility in the policy tenure.

• Flexible-Premium Payment

  Bajaj Allianz offers flexible and convenient premium payment frequency as per the user needs. The premiums can be paid on a yearly, half-yearly, quarterly, or monthly basis as per the product terms and conditions.

• Tax Benefits

  Life insurance plans such as ULIPs and term Insurance can be beneficial to taxpayers as good tax-saving instruments. They can provide income tax deductions up to Rs. 1.5 lakh in a particular financial year. One can also avail of tax benefits on payouts, as per the Income Tax Act, 1961, provisions stated.

  *Standard T&C Apply

  *Tax benefits are subject to change as per tax laws.

Bajaj Allianz Term Insurance Premium Rates

Bajaj Allianz Term Insurance plans come at competitive premium rates that do not burn a hole in the policyholder’s pocket. There are plans to fit every budget. Life insurance rates can vary among applicants based on the type of insurance. In general, the premium rates vary as per the following:

• Age of the applicant- Young age applicants get a chance to avail of low premium rates on account of high life expectancy.
• Gender-Women can get better premium rates than men. (* Standard T&C Apply)
• Sum Assured –High sum assured amounts generally attract low premium rates.
• Policy tenure-The higher the number of years, the lesser is the premium amount.
• Applicant’s occupation –High risk jobs like mining, pilots, firefighters, etc., may have higher premium rates.
• Premium Payment Term- Term insurance plans that require premium payment throughout the policy tenure come with lower premium rates. Limited Premium payment Insurance plans may require policyholders to pay higher premiums. In the case of insurance plans with a single premium, one may pay a higher one-time premium for term insurance.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

To sum up, an individual can effectively use the Bajaj Allianz Term Insurance Calculator to determine the term insurance premiums. A premium calculator can be used judiciously for a quick and hassle-free comparison of insurance policies.

Bajaj Allianz Term Insurance Plans - FAQs