HDFC Term Insurance Calculator

What is HDFC Term Insurance Premium Calculator?

The HDFC Term Insurance Premium Calculator is an online tool, which helps to estimate the  approximate premium rate of policy for the chosen sum assured amount. The usage of premium calculator is very simple and easy. An individual can use it multiple time to understand how different factors like policy tenure, sum assured amount will affect the premium rate of the policy.

Details Needed While Using the HDFC Term Insurance Premium Calculator

The following are some of the basic details an individual need to mention while calculating the premium amount of the policy with the help of HDFC term plan calculator.

Process to Use HDFC Term Insurance Calculator

To use the premium calculator, one just need to follow the below mentioned simple steps.

• Visit the official website of HDFC Life Insurance.
• Choose the plan you wish to calculate the premium for.
• Under the plan introduction, one can find a red tab saying ‘Calculate Premium’ click on that.
• You will be redirected to the new page, where a form will be open.
• Enter the required details such as date of birth, name, pin code, gender, etc.
• You will also need to authorize HDFC Life to contact you regarding the plan by ticking the checkbox at the end.
• Click on the proceed button.
• Approximate premium amount will be show.

Benefits of Using HDFC Term Insurance Calculator

There are several benefits of using HDFC term plan calculator. Let’s take a look at it.

Easy to Use

HDFC term plan calculator is a user friendly online tool with the helps to evaluate the approximate premium amount by simply entering few details.

Comparative Analysis

With the help of premium calculator, one can compare the quotes of various policies and choose the best suitable plan as per one’s own requirement and suitability.

Customized Premium

The estimated premium rates are based on the details entered by the individual and not the suggested standard rates. Based on the coverage amount, policy term and sum assured amount chosen the premium amount of the policy varies from customer to customer. He premium rate of the policy also varies depending on the lifestyle choices and the age of the policy buyers. The premium calculator helps to calculate the closet amount to be paid.

Better Knowledge of Product-wise Coverage

By comparing various products based on the coverage and premium helps to have a proper understanding of the product and the coverage offered by it. By having a better knowledge of the product, the buyers can make an informed choice as per their requirement and suitability.

Term Insurance Premium Rates

Term insurance premium rates are the cost that you pay for buying an insurance policy. It is calculated by specialists known as actuaries. These term insurance premium rates should be adequate and equitable to payout the policy benefits and depend on the degree of risk covered by the company. Term  insurance premium rates are governed by the following factors:

• Mortality Rate: is an insurer‘s anticipation of deaths among a particular group of insured lives at
  certain ages.
• Expenses: A term insurance policy’s gross premium is calculated as net premium + loading. The net premium depends on mortality rate, investment earnings, and the lapse rate and loading are the company‘s operating costs.

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