Aviva Term Life Insurance Premium Calculator

Why Should You Use Aviva Term Life Insurance Premium Calculator? 

Before purchasing a term insurance plan, customers would like to understand the price of the term policy to plan their finances accordingly. The term insurance premium rate is influenced by a number of factors and it is possible to vary from one person to another. The algorithm used while computing premium using a calculator is very difficult to use manually. This is because most companies offer term insurance premium calculators for their customers. By entering a few basic information, customers can find out the rates of the specific policy they want to buy. After finding the rates, customers can contact the insurer only if the premium rates suit their budget. 

How To Use Aviva Term Life Insurance Premium Calculator? 

The Aviva Term Life Insurance Premium Calculator is quite hassle-free and simple.  By following the below steps, you can easily compute the premium amount:

Step 1: Visit the official website of Aviva Life Insurance 

Step 2: Select ‘tools and services’ on the top of the homepage 

Step 3: Choose ‘Premium calculators’ for various products 

Step 4: After clicking on this page, you can find premium calculators for several insurance products. 

Step 5: Enter your basic details such as gender, age, date of birth, policy term, sum assured amount, plan option, premium payment frequency, smoking habits, etc. 

Step 6: After entering all this information, click on ‘show illustration’

Step 7: The premium receipt along with the premium illustration will be displayed on the screen 

Step 8: If the premium details are right for you, then proceed to pay and purchase the plan. 

Advantages of Using a Aviva Term Life Insurance Premium Calculator 

Some of the key benefits of using Aviva Term Life Insurance Premium Calculator are:

• Instant calculation and free comparison: This calculator helps customers to calculate the premium before purchasing the policy. The premium amount can be computed by submitting personal details such as age, gender, life cover, etc. 

• Accurate Premium: With the help of the Aviva Term Life Insurance premium calculator, you can estimate the premium for the plan according to your requirements and budget. It also helps in buying an economical insurance policy. 

• Easy Decision Making: While calculating the premium amount for term insurance policies, the Aviva term insurance plan helps you choose a plan that you require and lets you increase your plan by adding optional add-ons i.e., riders available. 

• Hassle-free calculation of premium: Aviva Term Life Insurance Premium calculator is quite easy to use. You normally need to enter basic details such as age, gender, life coverage in order to compute the premium amount and choose the correct policy that suits you. 

Factors Affecting the Aviva Term Insurance Premium Rates 

Term life insurance is such a necessity in your financial life that you must aim for the least possible cost while making sure that have the right term cover. Various factors affect your term insurance premium rates: 

• Age: The sooner you invest, the lower your premium charge will be. This is mainly based on life expectancy. The premium rates are lower for young people in comparison to older people. 

• Gender: Women attract better rates of a premium than men because as per research women tend to live longer. 

• Policy Term: The longer you want the coverage to continue, the extra premium amount of future years will spill over to your present year. So, keep your premium amounts fixed for the term of the plan. 

• Lifestyle habits: Habits like smoking, use of tobacco products, alcohol also impact your life expectancy and thus term insurance premium rates. So, you may charge a higher term insurance premium in case of current medical conditions. 

• Add on Features and Benefits: You can add a number of additional benefits to your base term insurance cover. Some of the important riders are an accidental death benefit, Accidental disability benefit, cover against critical illnesses, and term plan with return of premium.  

• Premium Payment Term: The term insurance plans come with various premium payment modes. Depending on the policy terms, you can choose from monthly, quarterly, half-yearly, annual payment options. This option also impacts the term insurance premium rate which is usually lower for annual or half-yearly payment modes. Whereas the premium amount paid quarterly or monthly may be higher.