Term Insurance - Premium Calculation Without Sharing Personal Information

Term Insurance plans are economical, pocket-friendly, and have an easy buying process. Insurance companies require some of the basic details and documents while applying for a term life insurance plan.  The premiums of these plans are calculated using the Term Insurance calculator that is specifically customized and helps you calculate your premium (monthly/annual) for your policy. A policyholder can compare the premiums of different insurers using a term insurance calculator without personal information.

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Let’s understand this in detail: 

Term Insurance Calculator 

Term Insurance, a basic protection plan is a common and simple life insurance product available in the insurance market. While purchasing the term insurance plan, the assured is required to pay premiums for the life cover. The premium charges of the policy are determined by various factors and they also vary from one plan to another. To ease the premium calculation of the policies, the term insurance calculator has come to the rescue. 

A Term Insurance Calculator is designed to calculate the amount of premium you will need to pay for a term life cover. It systematizes the figuring of premium charges, making it quick, hassle-free, and smooth for a buyer. It also consumes less time. Calculating premiums using these calculators reduces the scope of error that might occur during manual computations. Moreover, it helps you to adjust the sum amount that you want your nominee to receive in case of your demise. Term insurance calculator can be customized as per your preferences and requirements. 

To cater to the buyer’s requirements, there are different types of term insurance premium calculators available in the market such as 

  • Term insurance plan premium calculator
  • Investment plan premium calculator 
  • Pension plan premium calculator 
  • Child insurance premium calculator 

Selecting the right plan is becoming challenging day by day. This requires a comparison between the large number of life insurance policies offered by several insurers in India. Term insurance calculator has made it easy for you. Now you can easily compare two or more insurers based on their premium prices. 

Benefits Of A Term Insurance Calculator 

Here are some of the benefits of a term insurance calculator: 

  • Term Insurance calculator helps your computer the exact cost of the premium for your chosen life cover. 
  • Calculating premiums using a calculator is a simple and hassle-free process. 
  • You can compare different plans at one go 
  • It is quite economical and also saves time. 

How To Compare Term Life Insurance Premium? 

Few insurers require your personal details such as income proof, medical history, and other details while calculating term insurance premium charges. Whereas some insurance companies do not require such personal information if you are using a term insurance calculator. The calculator requires basic information of the buyer which helps to compute the premium. Now you can use ‘Term insurance calculator without personal information.  Follow the below-mentioned steps when comparing life insurance premiums: 

  1. Enter The Basic Details 

    Using a term insurance calculator, you can compute premiums without providing any personal information. The policyholder is required to enter all your basic information such as name, date of birth, gender, marital status, etc. 

    • Your pin code – As the policy prices might vary from state to state and it depends where you live. 
    • Gender – The premium prices of women are lower than men because as per studies women live longer than men. Insurers also offer women-specific plans. 
    • Age - Age is one of the biggest considerations while calculating the premium charges of term insurance plans. The early you invest, the better it is. If you are young, the probability of being diagnosed with an illness or disease is relatively lower. 
  2. Answer Some Of The Health-Related Questions 

    Several factors affect the term insurance premium charges: 

    • Height/Weight – Your body composition plays a very important role in premium pricing as it is a quick indicator of possible health problems. The charges of a healthy individual are lower than the unhealthy one. 
    • Smoking habits – If you smoke cigarettes, nicotine, cigar, and chewing tobacco, then you will be considered a non-smoker by various insurers. Smoking increases the risk of health issues and the premium charges of smokers are comparatively higher than the non-smoker.  
    • Heart Health and Family history – The premium prices may increase if your parents have died from or been diagnosed with any heart diseases because you also have a high risk of getting affected by that disease. 
    Best term Insurance Plans in India Best term Insurance Plans in India
  3. Enter The Chosen Sum Assured

    Then the policyholder is required to enter the sum assured he/she wants and for how much duration. You can also choose the death payout as per your needs such as if you want a one-time lump sum amount or monthly income. 

  4. Compare The Term Insurance Plans 

    After submitting all the required information, the calculator will suggest the right term insurance plans as per the details filled by you. Choose the plan that perfectly suits your needs. 

  5. Buy Now 

    Select the right term plan after checking the premium prices, coverage. Then enter your address, name of the nominee, and finally, you will be redirected to a premium payment page.  Once you finalize the plan, you can make payments using credit/debit cards, and net banking. 

Basic Information Required While Using Term Insurance Calculator 

As discussed above, every insurer does not require your personal while calculating premiums. You can use ‘Term insurance calculator without personal information. But in some cases, while using the term insurance calculator, the policyholder is required to provide the below-mentioned details: 

  • Name and Age of the applicant 
  • Name of Plan 
  • Sum assured 
  • Gender 
  • Tenure 
  • Date of Birth 
  • Name of the proposer 

After entering all these details, the term insurance calculator provides you the premium charges required to pay to the insurance company. 

Wrapping It Up! 

Term insurance calculator is a simple tool that is designed to calculate the premiums required to be paid by the policyholder for the chosen life cover. While using the term insurance calculator, the life assured to have to enter some of the basic details. Everybody is not comfortable with sharing their personal details. No need to worry. You are not required to provide personal information while computing the premiums using a calculator. So now you can calculate term insurance without personal information. All you are required to enter your basic information, desired sum assured, and the chosen policy tenure. And you can check and compare all the options at one go as per your convenience.

Written By: PolicyBazaar

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