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What Is A Premium Calculator?

Premium calculators are online tools that allow users to estimate the premiums payable against the choice of their insurance product. Term insurance premium calculators have specifically been on the radar owing to the affordability of term life insurance plans and the extensive coverage available against them. These free term calculators have made it easier for policyholders to incorporate the best term life insurance coverage in their financial planning.

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For every insurance coverage, be it health, life, or term, policyholders have to pay the requisite premiums to avail of the benefits of the cover. Now, premium rates vary across insurers, type of policy, age of the customer, annual income, tobacco usage, the insurer’s underwriting, among other factors. It is usually cumbersome to come to a manual estimate on the premium for, say, a term insurance cover of Rs. 1 Crore. This is because the higher the amount, the more thorough is the premium calculation given the complex financial aspects, taxes, rebates, etc. A digital calculator effectively addresses this and gives you instant premium estimations irrespective of the sum assured, or for that matter, any other factor. 

What Is A Premium Calculator?

Premium calculator, as the name suggests, is an online, automated tool to calculate the premiums against the desired sum assured in a life insurance cover. A major plus of using premium calculators is that these can be used across any type of product. There are no limitations as such. In addition to premiums, some calculators even offer the scope of estimating the final death and maturity benefit payout. Maturity calculators and premium calculators essentially function hand-in-hand, each estimating the other for the respective sums. 

Now, premium calculators are available for every type of insurance scheme. Customers can get premium estimations for health plans through health insurance premium calculators, term plans through term insurance premium calculators, and so on. The underlying basis of each premium calculator remains the same, although the factors considered for respective premium calculations may differ. Before we delve into the benefits of premium calculators, let’s briefly discuss term calculators. 

Term Insurance Premium Calculator

Term insurance premium calculators are online tools that offer instant personalized calculation of the premiums payable against the sum assured under a term life insurance plan. It determines the single or monthly, quarterly, half-yearly, yearly premiums to be paid to ensure the desired benefit payout of each user. 

Term life insurance premium calculators can help you decide which term plan to buy after comparing the premiums payable against each. The tool also lets you decide the frequency of premium payments that would best suit your financial planning. You can modify the details in a term insurance premium calculator as many times as you want without any documentation or charges to get to the desired coverage. 

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Benefits Of Premium Calculators

The perks of using premium calculators are manifold. Here’s why you should be using these online tools:

  1. Time Saving

    Premium calculators offer instant results. As soon as you insert the requisite fields, you shall have the premiums payable. There is no need for documentation or the need to consult with insurance agents to get the estimates. 

  2. Comparing Quotes

    Investing in financial instruments such as term insurance requires one to budget and plan ahead. Premium calculators can be used to estimate the premiums of different term insurance plans and then compare the figures. You can pick the best plan that fits your budget without compromising on coverage. 

  3. Free For All

    Premium calculators are featured on the official websites of the insurers, and anybody can use them for free from the comfort of their homes. You can make as many changes to the policy term, premium payment option, sum assured, riders, etc., without paying a single cent.

  4. Reliability

    Since insurance companies feature premium calculators on their websites, they can be trusted. Further, each insurer designs its calculators based on the features of its own product offerings. This ensures that you get accurate premium estimations for each product per the company’s underwriting. 

  5. Avoiding Misselling

    Premium calculators save you from unwarranted consultations with insurance agents. This also eliminates the scare of misselling and being provided incorrect quotes. Third-party agents are likely to quote higher premiums to cover their commission from the sale. 

Summing It Up!

Since the start of the COVID-19 pandemic, insurance penetration has seen an incline in India. This has subsequently led to term life insurance gaining significant traction among the masses. Considering the high coverage options (to the tune of Rs. 1-2 Crores) offered by term plans, customers are looking to make the purchase of term insurance quicker and hassle-free. This has encouraged insurers to introduce digitized online tools such as term insurance premium calculators. As a result, customers can now compare premiums and finalize the best term insurance plans as per their needs, affordability, and circumstances.

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