What is Term Insurance Premium Calculation?
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Calculating Term Insurance Premium

Term Insurance Quote
  • 22nd Nov 2021
  • 312

Calculating Term Insurance Premium

One of the major factors while buying term insurance would be considering the premium you have to pay. This will help you budget your monthly expenditure and the best-suited premium payment option. You may have many questions like:

  • How exactly can this calculation be done?
  • Will you have to sit with a pen and paper and all your bills to ensure you will get every calculation right?
  • Will you have to contact an insurer and go through the process?

Well, technology comes to your rescue in such situations! You can find the answer to everything online. For example, while purchasing term insurance, you can also find a term insurance premium calculator. This term plan premium calculator has made it easy to calculate not only the premium amount for term insurance but also the coverage or the sum assured that you will need for your family because an online premium calculator is exclusively designed for this purpose.

Estimation of the premium with the help of the term insurance premium calculator is rather simple. It requires you to fill in certain information relating to your lifestyle, income, etc. Based on this, the online premium calculator will provide you with the specifications. In addition, it will also give you the option to try out alternatives to change the frequency of your premium payment. You can use a single premium policy calculator or an annual premium calculator depending on the type of premium payment method you choose.

Details required for premium calculation

With the term plan premium calculator, you can also compare different available plans in the market to buy term insurance for you. All you need is to fill in the following information:

  • Name and Age
  • Gender
  • Date of Birth
  • The tenure (term)
  • Any riders
  • The sum assured
  • How often do you wish to pay the premium?
  • Your annual income
  • Lifestyle habits - related to smoking

After this, you can leave the math up to the online premium calculator, simply wait for the results, and then compare!

What is so great about a term plan premium calculator?

  • With the help of an online premium calculator, you can calculate your premium payable from the comfort of your homes.
  • The estimates made by the term plan calculator are accurate and far more time-efficient than when done manually.
  • Post calculation, you can compare it from a wide range of plans and then decide.
  • It makes purchasing term insurance online a much easier process.
  • It can be used free of cost.

Buying term insurance has never been easier. The term plan premium calculator has perfectly made its place in the digital world and is making it faster than ever to buy insurance. While buying insurance of any kind, the premium is one of the primary factors you can now figure out at the click of a button.

- A Consumer Education Initiative series by Kotak Life

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