AVIVA Life Insurance Term Plan Calculator

The company helps individuals achieve their financial goals and also offers them several protection plans. AVIVA Life Insurance Term Plan Calculator is an online tool that will help the probable buyer calculate premium rates and returns of various plans in a comparative structure and plan their purchase.

Note: Know more about what is term insurance first before reading this article.

Why should you use Term Insurance Premium Calculator?

The AVIVA Life Insurance Term Calculator is a free online tool that will help the customer calculate and determine his premium for an insurance policy on a real-time basis and compare and analyse the side of the different schemes by the side. This comparative analysis is constructive for the customer in selecting the right plan according to their budget and needs. With AVIVA Life Insurance Term Calculator, one can easily calculate premium values for various term plans. 

Reasons to use AVIVA Life Insurance Term Plan Calculator

There are numerous reasons why the customer should prefer using this online tool. Take a look at a few mentioned below.

• One of the main features of this tool is its easy availability and accessibility. It can be used on multiple platforms to calculate premium amounts for multiple plans simultaneously.
• It facilitates a better understanding of the policy by the customer. The tool can easily compute the maturity corpus and premium amounts that are required to be paid for a particular scheme.
• The comparative analysis helps the customer to compare and contrast the features and benefits offered by two or more plans simultaneously.
• AVIVA Life Insurance Term Plan Calculator helps one to analyse whether their chosen policy within their budget and whether the life coverage that they selected is right for them or not.

The Process to use AVIVA Life Insurance Term Plan Calculator

Using AVIVA Life Insurance Term Plan Calculator requires no ninja technique. It's very simple and easy to use the tool. The customer is required to follow a few simple steps to determine their maturity corpus and premium amount. Knowing these two pieces of information will help the probable buyer in finalizing the purchase.

Suppose the customer is interested in using this tool. In that case, they must visit the official online portal of the insurer and find the Life insurance Term Plan Calculator, or they can follow the below-mentioned steps:

1. Fill in the Required Information

   Using AVIVA Life Insurance Term Plan Calculator is quite easy. All the customer is required to do is fill in some basic information like the DOB, marital status, gender, annual income, policy tenure, etc. the calculator would also require some information related to your health conditions, smoking and drinking habits, etc. the customer is required to be honest in filling up all these information.

2. Enter the Sum Assured

   The sum assured is the coverage amount at which you are purchasing the policy. This amount is to be decided upon by the probable buyer after careful assessment of his needs and requirements. After carefully entering the sum assured amount, the customer can proceed with the calculations. The customer also gets to decide the mode of payment of his premium amount, whether as a lump sum or monthly, or yearly.

3. Finalizing the Policy Purchase

   The estimated premium amount will be displayed once the customer clicks on the calculate tab after filling in all their details. If the said premium amount is within their budget, the customer can buy the term policy and ensure the safety of their future and their loved ones. And if the customer is not satisfied with the estimated premium amount and needs a change in it, they can simply make changes in the premium rates to suit their budget.

Advantages of AVIVA Life Insurance Term Plan Calculator

The AVIVA Life Insurance Term Plan Calculator is a user-friendly tool to determine the premium amount and select the right amount of insurance coverage as per their needs and requirements and the availability of their funds. Using this tool offers several benefits. Some of them are as follows:

1. Gives an Estimated Premium Amount

   The estimated premium amount gives a clear picture to the customer about the benefits of the plan. This information must not be available to the customer before using the term plan calculator, but once they enter the relevant details, the calculator will automatically estimate the premium amount for a particular policy.

2. Time-Efficient Process

   The manual calculation for a particular policy is a very cumbersome process. It can lead to numerous calculation errors if you calculate the premium amount for various schemes with different amounts of sum assured. The calculator does such big calculations within minutes. All the customer is required to do is to fill only correct and authentic information into the calculator.

3. Cost-effective

   AVIVA Life Insurance Term Plan Calculator is a tool that's easily available online for free. It provides the required information to the customer about the estimated premium amount and maturity corpus by eliminating all the chances of manual error. It follows a hassle-free process and is very easy to use. One doesn't need to go to the bank and spend hours doing all these calculations. The estimated premium amount is just a click away from them. The customer can get access to the calculator at multiple websites simultaneously.

Information required while using AVIVA Life Insurance Term Plan Calculator

Before the customer sits to use the calculator, he needs to keep his documents handy. They would require the following information in order to estimate their premium accurately.

1. Personal Information

   The calculator asks for a few basic information from the probable buyer, such as his DOB, gender, financial condition, income details, etc. he must also facilitate the calculator with all other information that it asks for.

2. Health Information

   Apart from the basic personal information, the calculator also demands to know the customer's health conditions. Information regarding medical history, current medical condition, severe long-term illness or smoking habits, etc., is needed.

3. Sum Assured

   Next in line is the information regarding the amount of sum that is to be assured at the inception of the policy.

4. Goals and Aspirations

   Along with all the above-mentioned information, the customer is also asked to feed the calculator with his/her financial goals and budget condition so that it can suggest a term plan that fits exactly their profile.

Benefits of buying AVIVA Life Insurance Term Plan Calculator

Term insurance plans are not only affordable but also offer protection and financial assistance to the family members in the absence of the insured. Even after the insurer, the family's future will be covered by the assured amount, and the family can keep up with their dreams and goals. A few benefits of AVIVA term insurance plans are:

1. Meeting Life Goals

   Term plans cover not only the life insured but also his family in the form of death benefits received by the nominee. The family will receive the maturity corpus only in the event of the death of the life insured. Some plans also offer survival benefits to the customer, in case the life insured survives the entire duration of his policy tenure. This maturity corpus can be used by the customer in meeting his life’s big or small goals like the wedding of his children or buying a car.

2. Wealth Generation

   The term insurance plans provide dual benefits of investment and life coverage. ULIPs, children's plans, endowment plans, etc., are good examples of dual benefit plans. The customer is allowed to select any plan as per their goals and budget and the amount of risk they can allow.

3. Risk Mitigation

   A term insurance plan is a good investment option as it covers the insurer's life while he is alive, and in case of his death, the same amount will be given to the nominee and hence will continue to help the family in maintaining their lifestyle. With all the risks involved in a person's life, like death or disability that can challenge the financial stability of the person, a term insurance plan covers everything depending on the type of scheme selected.

4. Flexible-Premium Payment and Policy Term

   AVIVA Life Insurance Plan offers a range of products to the customers to choose from. According to their need, the customer can pick any plan for a particular time period or life. Along with the flexibility in the policy tenure, the customer is also offered flexibility in premium payment options. The frequency can be paid on a yearly, half-yearly, quarterly, or monthly basis as per the product's terms and conditions.

5. Tax Benefits

   Various term and life insurance plans are good tax-saving instruments. As per the terms and conditions of the policy, it can allow tax benefits under section 80C of the Income Tax Act 1961.

   *Tax benefits are subject to change according to the tax laws.T&C apply

AVIVA Life Insurance Premium Rates

One of the most significant factors that affect the policy purchase is the premium rates. The customer wants to secure his/her future but not at the cost of his present. AVIVA group offers plans that fit every budget. The rates can vary as per the policy and also on the profile of the customer. Some of the factors that affect the premium rates are:

• Age of the applicant – the sooner you invest, the lower your premium will be. This is based mainly on your life expectancy.
• Gender – Women are usually allowed better premium rates than men
• Sum assured – the more will be your sum assured, the more would be your rate of interest
• Policy tenure – the premium amount is low for an investment made for a longer duration of time
• Occupation – the applicant's occupation is a great factor in determining the rate of interest earned by his policy purchase. The high-risk jobs attract high premium rates
• Premium payment term – the frequency of your premium payment or the mode of payment of premium also affects the rate of interest. The lump-sum amount attracts higher interest.

The customers can use the AVIVA Life Insurance Term plan Calculator to effectively and accurately estimate the premium amount. Its comparative analysis can help the customer make a judicious decision.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

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