Why Should You Use Term Insurance Premium Calculator?
The customer has plenty of options when it comes to choosing an insurance product. The term insurance premium calculator considers various parameters such as age, marital status, amount of wealth accumulated while calculating the premium rate of the policy. This online premium calculator helps the customers to select the right plan according to their income and savings. Another essential function of the Aditya Birla Sun Life term insurance calculator is the comparisons and analysis of various insurance products, which will benefit the insurance buyers to make an informed choice.
Why buy Term Insurance early?
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
The process to Use Aditya Birla Sun Life Term Insurance Calculator?
The Aditya Birla Sun Life Term Plan calculator is available on the insurer’s official website under the sub-menu named Insurance calculators. Below are a few simple steps to use the ABSL term plan calculator.
Provide mandatory information
The term plan calculator requires basic information such as the age or the date of birth of the policy buyer, gender, name, marital status, income, etc. The calculator may also need details related to the customers' habits like does he/she smokes or not.
Enter the financial details
The calculator needs to determine the sum assured based on the customer's monthly income, family needs, and future financial goals. The premium is computed after careful assessment of the above factors.
Finalizing the policy and premium
The last and final step in the process wherein the customer is shown the premium amount on his/her screen. The customers can analyze the data and decide if the suggested amount is within their budget. Depending on which, they can either choose to go ahead with the policy purchase or make changes to the sum assured and calculate a different premium rate to tailor their needs.
Advantages of Aditya Birla Sun Life Term Plan Calculator
The term plan calculator is user-friendly with an interactive interface. The customer with a vague idea of the policy premiums, sum assured, duration of the plan can readily determine and understand the policy's workings along with its benefits. The user can also alter the inputs and analyze different outcomes, enabling them to make sound and informed decisions.
The term plan calculator is accurate with exact details, minimizing mathematical errors resulting in reduced human efforts. It keeps the precious policyholders' time to access all the information on the insurer's website.
Solution at free of cost
The ABSL term plan calculator does not charge users for its services and is free of cost.
Information Required While Using ABSLI Ultima Term Plan Calculator
The ABSL Term Plan calculator collects some mandatory information from the customers to effectively calculate the chosen policy's premium amount. Some of the essential details include
- Personal details-It includes details related to the policyholders' age, date of birth, gender, If the policyholder is new, then he/she might also need to submit his/her first and last name along with the mobile number and email address.
- Details of the Medical condition-The term plan calculator might ask if the customer has unhealthy habits. It might also ask for details of family members along with their medical history if they have any.
- The monthly income is another parameter that is taken into consideration while calculating the sum assured. The online calculator estimates the sum assured depending on the income details of the policyholder. It gives the policyholder an approximate idea about the benefits of the plan.
Benefits of Buying ABSL Term Insurance Plan
The following are some of the benefits of buying an ABSL term insurance policy.
The ABSL term insurance plan provides financial protection to the family of the insured in case of any eventuality. If the life assured dies an unfortunate death during the tenure of the policy, then the total sum assured amount as death benefit is paid by the insurer to the beneficiary of the policy.
Enhanced Life stage protection
One can use this benefit with a written request to the insurer within six months of the marriage event or the birth of the first and second child keeping in mind the below terms and conditions.
a. The policyholder must be less than 50 years of age or must have attained 50 years of age.
b. The policyholder must not have any instalment dues pending provided that the policy has a regular payout option.
Suppose the policyholder meets all the above conditions. In that case, the company will pay him/her half of the sum assured on the first marriage, they will also pay 25% of the sum assured during the birth of the first child, and the insurer will pay the remaining 25% of the sum on the birth of the second child.
The ABSL Ultima Term Plan can also be used for wealth creation wherein the investor with good discipline and patience can create a large amount of wealth.
The term plan secures the policyholder's family from unforeseen events such as the sudden demise of the life insured natural disasters and nurtures them financially during such testing times.
Range of options for premium payment and policy terms
The ABSL Ultima Term Plan also provides flexibility for premium payment, making it customer-oriented. The term plan considers various factors such as income, loans, and other financial goals. The policyholder can also choose the frequency of premium payment at his convenience.
Aditya Birla Sun Life Term Plan Premium Rates
The term insurance plans offered by Aditya Birla Sun Life comes at reasonable and affordable rates, making it budget-friendly. It covers customers from the grass-root level, such as minors, female workers, and government officials. The company offers discounts to the following group of people.
- Children under the age of 18 are given lower rates considering that they live longer and make valuable contributions.
- Working women and single mothers with the occupation are given decent rates compared to young men. (*Standard T&C apply)
- Government officials are also given better rates(*Standard T&C apply)
- Higher premium rates are provided for professionals and employees who work in a risky environment, such as pilots, firefighters, miners, etc.
- Usually, lower rates are given to those term insurance plans that come with premium payment throughout the policy tenure.
*All rates are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.