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Life insurance calculator is the first thing that you look for after making up your mind about buying a life insurance plan. The calculators are also something most seek to know if an insurance policy fits the budget before buying it. To better understand a life insurance premium calculator, let’s look at how you can use it, the benefits of the calculator and factors that decide your premium.
A life insurance calculator helps in figuring out the amount of premium you will have to pay regularly for a certain insurance plan. There are factors like your age, health, tenure of the plan, the sum assured, rider benefit, and the plan chosen by you to decide the exact premium amount.
A life insurance premium is a recurring or a one-time lump sum payment made to the insurer to secure an insurance policy. You have to pay your premiums regularly for the insurance plan to stay valid. You can choose the frequency for the payment which can be quarterly, monthly, half-yearly and yearly according to your convenience. The amount of premium that you decide on also plays a role in determining the sum assured to be received on maturity.
Most life insurance cost calculators ask you to select the plan you want to opt for on their website. You can view and go through the multiple plans to understand what suits your requirements before calculating the premium rate.
Step 1: The next step is filling in your personal details as given below:
1.Age of the person
2.Gender of the person
3.Date of birth of the person
4.Marital status of the person
5.The annual income of the person
6.Number of children of the perso
Step 2: After this, you are asked details regarding the life cover, the term of the policy and the insurance plan. You have to enter the sum assured, payment type of your choice, the policy term, and the payment frequency.
Step 3: At this point, you can add any rider benefits like critical illness rider, accidental death rider, premium waiver rider, etc.
Your premium for the desired insurance plan will be visible on the screen. . .
Cost-effective option: The online life insurance calculator doesn’t charge you and enables you to compare and assess the premium cost before buying it. You are also able to add riders to your plan to see if the insurance policy fits your budget
Provides convenience: The calculator is very efficient and convenient as you can go back to it again and again which is not possible with an agent. The calculator is also available at all times, allowing you to use it without restriction. The steps for using it are easy and simple to follow if you are aware of the plan you want to buy
Helps in comparing plans: You can also use the life insurance premium calculator to plan and compare the various plans available in the market. With this, you are able to buy the best plan that suits your future needs.
Error-free tool: The calculator is automated and provides error-free results.
Your age is an important factor in determining the rate of premium. If you are younger, you are likely to have a lower premium price when compared to buying an insurance plan at an older age. This holds true because there are lesser number of claims at a young age.
Your health record helps the insurer understand the illnesses you have and the potential diseases that you can develop. You also have to undergo a medical test but if you opt out of it, a higher premium can be charged by the insurer. Smoking and drinking habits also play a significant role in deciding the rate.
Insurance companies use statistical data to figure the life expectancy of the two genders. Such a factor benefits one of the gender resulting in a lower premium rate.
The sum assured chosen by you determines the premium rate where a higher sum assured will mean a higher premium price.
- A Consumer Education Initiative series by Kotak Life