Max Life Term Insurance Calculator

What is Max Life Term Insurance Calculator? 

Max Life Term Insurance Calculator is a unique financial planning tool that helps to estimate the premium that a policyholder has to pay against a selected term insurance plan. This calculator uses the parameters such as age, annual current income, gender, and lifestyle habits of the policy aspirant for deciding the premium. 

What Does a Max Life Term Insurance Calculator Do for You?

Max Life Term Insurance Calculator provides an estimation of the premium that one would require to pay for protecting his/her family financially. If possible, the life cover should always be large enough to protect one’s family’s financial requirements in case of uncertainty. Also, the premium payable for the chosen cover should fall within the policyholder's monthly budget. The Max Life Term Insurance Calculator provides the required amount of premium payable for the chosen cover amount, based on the following parameters:

• Amount of Life Cover: It is the amount insurer will pay to policyholder’s loved ones or nominee in case of his/her death occurs within the term of that policy. The suggested life coverage amounts to go for should be at least 10X the policyholder's yearly income.

• Policy Term: The policy tenure is the time for which the plan provides coverage. In case of unfortunate demise within the policy term, the policyholder’s nominee or family would receive the life cover amount.

• Additional Benefits: Riders are the add-ons that policyholders select while buying the term insurance plan by paying an additional amount of premium. They also help in providing additional coverage above the amount of life cover.

• Period of Premiums Payment: The policyholder has the option to choose his/her premium payment term, which can be monthly, quarterly, half-yearly, or yearly.

• Lifestyle and Age: Age while purchasing the policy decides the premium amount. Along with age, other factors such as lifestyle habits (smoker, tobacco smoking, or non-smoker) can also be well-thought-out while evaluating the premium amount.

• Premium Payment Option: You have the option to choose the premium payment from the following:

• Regular Pay: In this, you can pay for the complete policy term regularly

• Limited Pay: In this, you pay for a shorter duration

• Single Pay: In this, a one-time payment is possible

How to Use Max Life Term Insurance Calculator

Max Life Term Insurance Calculator offers several ways of computing premiums for term insurance plans. The online term plan of the company can be easily accessed right from the homepage of the website. The step-by-step guide of using the Max Life Term Insurance Calculator is given below:

Step 1 -  Visit the Official website of Max Life Insurance

Step 2 – Click ‘insurance calculators’ on the homepage

Step 3 – Now, various tools will be displayed such as retirement planning calculator, marriage expense planner, child education planner, and savings planner, etc.

Step 4 – These tools help you find the accurate amount you should invest to achieve the desired goals of the investment.

Step 5 – Alternatively, you can choose the ‘Calculate Premium’ tab present on the individual pages of the product.

Step 6 – Then, enter your basic details such as date of birth, gender, income, age, contact details, smoking habits.

Step 7 – Then, select the following information: the amount of life cover, policy term, premium payment term, mode of paying a premium.

Step 8 – After entering these details, the Max Life Term Insurance Calculator will determine the exact sum required to invest to achieve the target.

Step 9 – The premium amount can be adjusted while changing the parameters such as age, life cover, gender.

Step 10 – Once finalizing the policy, you can pay the amount of premium and buy the policy.

Benefits of Max Life Term Insurance Calculator

Max Life Term Insurance Calculator offers the following benefits:

• Choose Right Cover: This calculator provides you with a complete estimate of life coverage that many want for your family’s requirements and the premium paid under that plan. The selection of coverage depends on various other factors like gender, age, yearly income, etc.

• Comparing Policies – Life Term Insurance Calculator eliminates the requirement of insurance agents. The insurance buyer can easily decide by comparing and then choosing the right policy that suits him/her with ease by learning about the premiums on rider benefits, covers, eligibility, etc.

• Saves Time – Now you can easily compute your premium and life cover by just entering basic details. Your premium quotes will be generated in a couple of minutes.

• Cost-Effective – By using a Max Life Term Insurance Calculator, you can choose the highest amount of cover that fulfills your requirements. You can also go for additional benefits at the right possible premium rates.

• Free of Cost – This calculator is free to use and easy to understand.

• Final Decision Maker - Max Life Term Insurance Calculator helps you in comparing premium rates of the policy of different plans which can help you in making the right purchasing decision.