Term Insurance Premium Calculator
Term Insurance Premium Calculator is an easy and effective way to calculate premiums. This online tool also helps you compare similar term insurance plans offered by different insurance companies. With the help of a term insurance premium calculator you can compare several term insurance policies that fit in your budget.
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How to Calculate Term Insurance Premium Online?
There are many insurance companies competing with each other and each one of them has a different procedure of calculating the term insurance premium. Using InsuranceDekho’s term insurance premium calculator, you can calculate the term insurance premium in a few seconds.
At InsuranceDekho, you need to follow these simple steps to calculate the premium for the term insurance plan instantly:
Step 1: To use this online tool you need to visit InsuranceDekho and click on the ‘Life Insurance’ option.
Step 2: Click on the ‘Term Insurance’ option in the life insurance section of the website.
Step 3: Fill in your personal details as required in the displayed form which includes Gender, Age, Cover-up, and Life cover.
Step 4: Select ‘Yes’ if you consume tobacco/alcohol.
The best term insurance plans that will satisfy your insurance requirement and fit your budget according to details filled by you will be displayed on the website with an estimated premium amount.
The premium can be changed when you change the information filled by you.
Benefits of Term Insurance Premium Calculator
Following are the benefits of using the term insurance premium calculator:
1. Better Decision Making: With the help of the InsuranceDekho term insurance premium calculator, you can easily compare, analyze, choose and go through all the benefits, terms, and conditions of term several insurance policies. Term insurance premium calculators offer the flexibility to make decisions without the influence of an agent that generally affects your choice. This helps you make the best purchasing decision.
2. Helps You Choose Additional Coverage: Additional coverage refers to riders that enhance the life cover offered under a term insurance plan. While calculating the premium you choose to add the additional riders available to increase the coverage. With the help of a premium calculator, you can opt for the highest possible life cover amount that suits your budget and you can also opt for Additional Benefits at the best possible rate of premium offered by the insurance companies.
3. Time-Saving and Hassle-Free: When you compare the term insurance plans displayed by using a premium calculator, you don’t need to submit any documents. You get a quote within a short time and then you can make a decision whether to buy or not.
Factors Which Determine the Term Insurance Premium
Here are some of the factors which help in determining the premium for term insurance:
1. Age: As the age increases the premiums of the term insurance plan are bound to increase as elderly people are more prone to illness and require health care services. On the other hand, young people are active and are less prone to illness. It is advised to purchase term insurance as early as possible to avoid high rates of premium.
2. Gender: Generally many insurance companies offer different premiums for men and women. A scientific fact states that women visit doctors more often than men which leads the insurance company to offer a high premium amount for women because they require extra coverage.
3. Body Mass Index (BMI): Body mass index is considered to be an indicator of body fatness. High BMI can cause many health problems. People with high BMI are prone to heart disease, diabetes, obesity, etc. If a person has a high BMI they are offered a rather high amount of premium.
4. Pre-Existing Diseases: People who already have a pre-existing medical condition require extra coverage. The premium for term insurance plans increases for people who have a pre-existing illness.
5. Personal Habits: Personal habits like consuming tobacco or alcohol also affect the calculation of premiums. People with habits like consumption of tobacco or alcohol are considered as people with high risk because consumption of tobacco/alcohol is very harmful and causes many health problems.
6. Insurance Requirements: According to your lifestyle you must understand your insurance requirements. You may require additional coverage such as accidental death, accidental total and permanent disability cover or critical illness cover, which may add a little to the premium of the term insurance plan. You may require a high sum assured which helps your family members to fulfill their expenses in your absence, which can also result in an increase in the premium of your term insurance policy.
7. Lifestyle: Your current lifestyle mostly affects the premium calculation as your current expenses, annual income, liabilities, debts and the financial expenses of your dependents, play an important role. Your hobbies also affect the premium calculation, if you are fond of participating in adventurous activities such as skydiving, mountain climbing, car racing, sea diving etc. then the premium charged by the insurance company will increase.
8. Profession: Your nature of work or profession can affect the premium calculation. The amount of risk that you are exposed to while working affects the premium calculation. If you are a school teacher, the premium charged will be affordable and if you work at a construction site/transport/gas etc. then the premium charged will be higher because of the high amount of risk that you are exposed to at your work.
9. Policy Tenure: Obviously, policy tenure of your term insurance policy will affect the premium calculation. The term insurance policy itself plays an important role while premium calculation. The longer the policy tenure, the higher sum assured and increased premium for the policy. Long term policies are expensive as compared to short term - term insurance policies.
10. Premium Payment Mode: Premium payment mode is the premium payment frequency of the policy, you can choose to pay premiums annually, semi-annually, quarterly or monthly. Often insurance companies charge high premiums for monthly or quarterly premium payments, i.e. collection, administrative, processing etc. for such premium payments are much higher as compared to annually and semi-annual premium payments because insurance companies will have the premium for entire/half of the year which makes collection, administrative, processing costs etc will be lower for such premium payments.
11. Height and Weight: As mentioned earlier Body Mass Index (BMI) is essential for premium calculation. Height and weight plays a crucial role in Body Mass Index. The height of the life assured should match the weight and vice versa. A person who is overweight according to their height, may have higher risk of illnesses such as blood pressure, diabetes, heart problems etc. which will result in an increase in the premium of the term insurance policy.
12. Current Health Status: Before you purchase a term insurance policy, the insurance provider may ask you to undergo some medical examination to determine your current health status. In case of the medical conditions being diagnosed while undergoing medical examinations the insurance company may charge high premiums for the term insurance policy.
Are Online Term Insurance Premium Calculators Reliable?
Online premium calculators are precise, time-saving and hassle free tools which can help you estimate the amount of premium that you would be paying for your term insurance policy, even before making an actual purchase. These premium calculators are extremely convenient as they make comparison easy. We can say that the premium calculated using this online tool is precise but the premium calculated is without applying GST. It is safe to say that online term insurance premium calculators are reliable. This convenient tool displays term insurance policies that fit in your budget and accurately estimate the amount of premium based on the information you provide. Now you don’t have to spend your time looking for a term insurance policy that fits in your budget. Online premium calculator tool is definitely very user-friendly.
FAQ About Term Insurance Premium Calculator
What is a term insurance premium calculator?
A term insurance premium calculator is a digital instrument that enables you to check, compute and compare the term insurance policy premium quotes. It helps you to choose an ideal term insurance plan based on your budget and needs.
What type of details will I have to enter on the premium calculator?
To calculate the premium on the term insurance premium calculator, you will have to enter details such as gender, age, coverage, tobacco or alcohol consumption, pre-existing diseases, and so on.
What are the benefits of using the term insurance premium calculator?
The term insurance premium calculator offers you several benefits which are as follow:
- It helps you in making better decisions for term insurance plans
- It provides you assistance in selecting an additional coverage
- It is a time-efficient and hassle-free approach to get a policy quote.
Will I have to pay any charges to avail the premium calculator?
No, you do not have to pay anything to use the term insurance premium calculator. All you need to enter the required and relevant details.
Where can I find the best term insurance premium calculator?
You can get the best term insurance premium calculator at InsuranceDekho.
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