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Life Insurance Premium Calculator

The Life insurance calculator is a financial tool that calculates the life insurance premium you will need to pay based on your savings and income.An online life insurance calculator helps prospective policy buyers compare premium rates for different plans. Depending on the type of plan chosen, the life insurance calculator helps them to buy the right plan that suits their needs. Now, you can easily calculate your life insurance premium online and get to know the best life insurance policies for you.

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What Is Life Insurance Premium Calculator?

A life insurance calculator is a free online tool that helps compute the premium amount that you have to pay for the desired insurance coverage and plan benefits. A life insurance calculator takes various factors into consideration like age, marital status, income, medical conditions, debts/loans and dependents that help you select the best life insurance plan that suits your needs.

Most life insurance premium calculators require you to fill out the following information to use the life insurance calculator:

  • Policy Name

  • Age of Policyholder

  • Sum Assured

  • Premium Frequency

  • Tenure

  • Accidental Benefit Riders, if any

How to Use Life Insurance Premium Calculator?

Most online life insurance calculators follow the below steps to calculate the premium of an insurance plan:

Step 1: The prospective policy buyer should enter the following details:

  • Age of the applicant

  • Gender of the applicant

  • Tobacco Consumption Preferences

  • Life Cover Amount

  • Years of Coverage

Step 2: Click on ‘Check Your Premium’ that appears below the minimum premium rate on the right hand side of the life insurance premium calculator. It takes only a few minutes to fill the form and after filling all these details, the estimated premium figure will be displayed.

Step 3: Enter the rest of your details, like occupation type, annual income, educational qualification and tobacco consumption preferences, to view the available plans

Step 4: You can select your preferred plan that appeared as per your life insurance premium calculator results and purchase it.

*You can easily calculate the LIC premiums using the LIC term plan premium calculator and term insurance calculator.

What Are The Benefits Of Using Life Insurance Premium Calculator?

A life insurance premium calculator is an important tool that helps in quick and easy comparison of various life insurance policies. Using a life insurance premium calculator, policy buyers can evaluate their needs and make an informed decision before buying the right plan. Here are the benefits of using a Life Insurance Calculator:

Here are the benefits of using Life Insurance Calculator:

  • Easy to calculate:: It calculates the amount of premium one has to pay without any issue of manual calculation.

  • Calculate the Actual Amount: It calculates the exact amount that one has to pay to cover his/her life. This gives one an exact idea of how much he/she wants to spend on the life cover so that he/she can make financial planning carefully.

  • Error-Free Calculations: Since the process of premium calculation is completely automated so there are very few chances of errors in it.

  • Compare and Select the Right Plan: This is one of the easiest ways to compare different term insurance plans. Comparison gives one a clear picture of what to select and what not to select.

  • Manage Finances: Using a life insurance calculator gives you a better idea of the amount you would need to pay as premiums and the sum you would receive as the maturity payout. This can help you plan your finances in a more efficient manner.

  • Saves Time and Energy: Using the online life insurance calculator not only helps you save the energy spent on manual calculations but also helps you save your time.

What are the Various Types of Life Insurance Calculators?

Below are the different types of life insurance calculators available in India:

Type of Life Insurance Calculator Description
Term Insurance Calculator Estimates the cost of a term insurance policy based on specific factors.
Human Life Value Calculator Estimates the suitable life cover based on your current income and age
ULIP Calculator Helps investors calculate their premium payments and expected returns.
Pension Calculator To calculate the lump sum amount you could save for the retirement days up to the age of 60 years.
Power of Compounding Calculator To calculate how much wealth you can generate if you invest a specific amount of money for some time with the help of compounding interest.

What is Life Insurance Premium?

The life insurance premium is one time or recurring payment that a policyholder makes towards his/her policy. Most of the insurers provide the option of selecting a suitable premium payment mode like yearly, half-yearly, quarterly, or monthly. A life insurance policy’s premium rates depend on various factors, like the type of plan and the policyholder’s profile. Usually, the younger you are, the lower your life insurance premiums will be. In the same manner, a person who does not smoke gets a better premium than a person who is a smoker. Apart from these, there are many other variables that play a vital role in deciding the premium of a life insurance plan, and this is the reason the requirement of life insurance calculator comes into the picture.

How to Calculate Life Insurance Premium?

Insurance Companies provide a life insurance premium calculator on their websites for you to calculate your life insurance premium. You only have to submit your details, like Name, Age, Monthly or Annual Premium Option, Amount wished to invest, Investment years, Expected rate of return, and Coverage period, and you will receive the calculated premium. However, experts say that a reasonable life cover/policy amount must at least be 10-15 times of his annual income.


Moreover, if you want to determine what amount is suitable for you, you can use the human life value calculator and estimate your economic capability. The life insurance premium calculator considers various factors such as income, expenses, future obligations, and the number of years the person is expected to work.

What are the Factors that Affect Life Insurance Premium Rates?

The rate of insurance premium is the amount that one has to pay in order to purchase a life cover. There are many factors that decide the premium of life insurance, these factors are:

  • Earnings from the Investments: As the premiums paid are used for paying the claims of life insurance, thus the earnings from these investments are necessary from the point of view of the life insurance provider.

  • Rate of Mortality:: The age of the policyholder determines the rate of mortality of that age group. This is one of the crucial factors to decide the premium of the policy. The younger the policyholder is the more likely the insurance providers offer the lower amount of premium. The main reason for the same is the lesser chances of claims.

  • Sum Assured or Coverage: The more the sum assured, the higher will be the premium that one has to pay.

  • Health Record and Personal Habits:An unhealthy lifestyle, like alcoholism, smoking, etc., results in higher premiums. In other words, those who have unhealthy habits like smoking and alcoholism have to pay more premiums (approximately 30 to 70% more) than those who lead a healthy lifestyle.

FAQs

  • Is Life Insurance important?

    Ans: Life Insurance is not necessary but is a smart investment to make, especially if you have a dependent spouse and children. It offers your family the benefit of financial support even after your death. In addition to this, it offers a number of advantages and provides a lot of flexibility on your investment. For example, you can add a critical illness rider to cover the cost of expensive for surgeries and operations; you can withdraw a part of your maturity benefit in case of an emergency or for your child's education or marriage, etc. Life Insurance policies come with a lot of flexibility.
  • What are the benefits of investing in a life insurance plan?

    Ans: Investing in a life insurance plan offers several benefits. Firstly, it provides financial security to the policyholder's dependents by offering a lump sum amount in case of the policyholder's demise. Additionally, life insurance can serve as a long-term savings instrument, accumulating cash value over time. Certain policies also provide maturity benefits, ensuring a financial cushion during retirement. Moreover, many life insurance plans offer tax advantages, allowing policyholders to avail deductions on premiums paid, further enhancing their financial planning.
  • How much insurance cover do I need?

    Ans: When determining the coverage amount, it is crucial to bear in mind that the purpose of insurance is to offer financial assistance to your family or dependents in the event of your absence or inability to earn due to permanent disability or illness, especially if you are the primary breadwinner. The chosen life cover should be sufficient to help your family maintain the standard of living you would have consistently provided for them.
    the calculation process, consider factors such as your current annual income, existing and future financial obligations, your financial objectives, your age at the time of policy acquisition, the remaining number of working years, and the number of dependent family members along with their associated expenses.
  • What is a life insurance premium calculator?

    Ans: An online life insurance calculator is an online tool provided by insurance companies or financial websites that helps individuals estimate the premium amount they would need to pay for a specific life insurance policy. It takes into account various factors such as age, coverage amount, policy term, and personal information to provide an approximate premium estimate.
  • Are life insurance premium calculators accurate?

    Ans: An online life insurance calculators provide an estimate based on the information provided by the user. While they can give a good indication of the premium amount, the actual premium may vary based on additional underwriting factors, specific policy features, and the insurance company's internal calculations. It is always advisable to consult with an insurance professional for accurate premium quotes.
  • What is the need for the online life insurance calculator?

    Ans: Here is a list of benefits of using the online life insurance calculator:

    • It can help you estimate the required premium rates for your desired life cover
    • You can easily modify the details to customize the plan as per your needs
    • The online life insurance calculator is free of cost and hassle-free to use
    • You can plan your finances to ensure the premiums fit within your budget
    • It helps you save effort and time spent to manually calculate the premiums
  • How do I use a life insurance premium calculator?

    Ans: Using a life insurance premium calculator is typically straightforward. You input relevant information such as age, gender, coverage amount, policy term, smoking status, and any additional riders or benefits you may want to include. The calculator then processes the data and provides an estimated premium amount based on the inputs.
  • How to calculate life insurance cost?

    Ans: Using an online life insurance premium calculator can assist you in figuring out how much it would cost to purchase a particular life insurance policy.
  • How can I calculate the required life cover?

    Ans: You can calculate the required life cover using the human life value calculator. You can simple, enter your age, annual income, and existing life cover, to find the right sum assured for your profile.
  • How can I calculate my life insurance premiums?

    Ans: You can calculate your life insurance premiums using the life insurance premium calculator by entering your age, smoking habits, gender, life cover required, and cover till age.
  • How does the Life Insurance Premium Calculator work?

    Ans: The online life insurance calculator works by assessing the details you input into the calculator and provides the lowest premiums applicable to your profile. You can click on ‘Check your Premiums’ to see the available plans and the applicable premiums for each plan.
  • Can I choose death benefit payout modes?

    Ans: Yes, you can choose for the death benefit to be paid in lump sum, monthly income + lump sum, monthly income, or increasing income. You can use the online life insurance calculator to see the premiums you would be charged for these plans.
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