What is a term insurance calculator? How does a term insurance calculator work? What factors determine your term plan premium?
Steps to use the term insurance premium calculator. Quick Guide to your plan. What is a Term Plan? Term Insurance plan is a simple and pure risk cover form of life insurance. It provides financial protection to your family against a fixed premium paid for a specified term. You can get a large amount of life cover sum assured at affordable premiums. The nominee receives the death benefit in case of death of the policyholder. The earlier you buy a Term Plan, the better it is as the premiums are lower when you are young.
Also, with current lifestyles and increasing instances of illnesses, it may become difficult to get a term plan later, as you grow older. Anil, 30 years old Non-smoker. Arun, 40 years old Non-smoker. Parents If you have children or dependent adult family members and are responsible for paying for their needs and upkeep then you must buy a term plan Young individuals The premium for term insurance increases with age.
So it makes smart sense for young professionals without financial liabilities to buy term plan early — this way they get lower premium rates and the rates will not increase over time Newly married couples A term plan can help you create a financial safety net for your growing family so that their dreams are never compromised, even when you are not around Home loan repayment In case of an unfortunate incident, the responsibility of paying the outstanding loans should not fall on your loved ones.
In case of your unfortunate demise, the death benefit payout from the term plan can be used by your family to repay your loans. The life cover you need depends on your current annual income. We recommend that a life cover equivalent to times your annual income is sufficient to provide for a safe future for your family If budget is a problem, you can go for a monthly premium payment option over a yearly commitment.
With the limited pay option, you can pay premiums for a specific pre-agreed period of time 5, 7 or 10 years and enjoy the life cover for the whole policy duration, irrespective of the premium payment period. Critical illness benefit pays claim amount on first diagnosis of any of the 34 critical illnesses.
It means that just a photo copy of diagnosis report is needed and no hospital bills are required to initiate the claim. For women, there is an option to cover critical illnesses like breast cancer and cervical cancer as well. Once the claim for critical illness is paid out, the life insurance cover minus the critical illness cover stays in force with reduced premium. If the policyholder is diagnosed with a terminal illness like AIDS, full sum assured is paid out immediately.
This is an in-built benefit and thus, comes at no extra cost. He is diagnosed with a terminal illness. His entire life cover amount is paid to him. The policyholder does not need to pay future premiums in case of permanent disability due to an accident. The life cover continues for the entire policy term. Ajay meets with an accident and he was not able to move, climb or bend.
The company waived off all his future premiums and the life insurance cover stayed in force for the entire policy term. What is a Term Insurance calculator? A term insurance plan offers you a life cover in exchange for a premium. This premium is directly proportional to the sum assured and tenure of your plan.
A high sum assured and long tenure may result in a high premium and interfere with your budget. Ascertaining the right premium, sum assured, and tenure can be confusing. But a term plan calculator can help you. A term insurance calculator is an online tool that lets you calculate term insurance premium for your plan. You can use this calculator free of charge and understand the estimated premium amount of your desired plan. Using a term insurance calculator is simple and completely hassle-free.
All you need to do is add a few details like your name, age, annual income, etc. The term insurance calculator takes into account details like your age,lifestyle habits like smoking or drinking, income, age, gender, policy term, sum assured, riders, etc.
You can also choose premium payment options like monthly, half-yearly, annual, etc. The term plan calculator gives you estimate based on the information you feed. So, if you change any of the information, the calculator will show you a different result. Various factors can determine your term plan premium, such as your age, gender,income, lifestyle habits, occupation, policy term, sum assured amount, additional riders, medical history, premium payment term, and the frequency of premium payment.
You can follow these steps when using a term insurance calculator: Enter your name, email address, and phone number Enter your date of birth and gender Enter your annual income Mention lifestyle habits like smoking, consuming tobacco or alcohol if any Enter policy related details like the life cover amount, policy tenure, premium payment method, frequency of premium payment monthly, half-yearly, annual, etc.
Choose riders like the terminal illness benefit, the critical illness benefit, the permanent disability benefit, or the accidental death benefit. Riders are optional, but you can add them if you want additional protection The term plan calculator will provide you with an estimated premium amount instantly. If you are not satisfied with the result, you can tweak the information, like increase or decrease the life cover amount, shorten or extend the policy tenure, add or remove riders, etc.
Claim Settlement Process. You can report your claims online, at our branches, at our central office, on our central ClaimCare helpline, through SMS or e-mail. Our special ClaimCare team will assess your claim, and inform you in case any further documents need to be submitted. Once your claim is intimated, and we receive all the relevant documents, we will settle your claim. Assets under management as on March 31, If not satisfied, return free look the policy and get your money back.
Frequently Asked Questions. What is a term insurance? Term insurance is a simple form of life insurance. It provides financial protection to your family at the most affordable rates. With term insurance, you can get a large life cover i. The benefit amount is paid out to the nominee in case of death of the policyholder during the term of the policy. How is a term insurance plan different from other life insurance plans? However, as compared to traditional life insurance plans, term plans have the advantage of providing large sum assured coverage at much more affordable rates.
Why should I buy a term plan? Buying a term plan is a simple and cost-effective way to do this. With term insurance, you can get a large amount of life cover at a relatively low premium rate. The benefit amount will be paid to the nominee in case of death of the policyholder during the term of the policy.
Many companies today provide insurance cover for their employees. However, it is advisable to get an individual policy for yourself for the following reasons:. Will lose coverage if you change your job — This coverage is dependent on your job. If you leave the job, the insurance cover ends then and there, till you join a new job. The period between the end of the old job and the start of the new one would be without cover.
The earlier you buy a term plan, the better it is. Also, term insurance premiums increase with age. It is important to note that the premiums get fixed at the age you purchase the policy, for the entire policy duration. Buying early can thus help you lock lower premiums for the entire policy term.
There are also lower chances of your policy getting rejected if you buy earlier. Are there any age limits for buying a term plan? Yes, the minimum and maximum age for buying a term plan are 18 and 60 years respectively.
How to select the best term plan for myself? There are various factors you need to consider when selecting the best term plan. These are:. Brand: Choose a well-known brand that is financially strong and sure to be around for a long time.
Claim settlement: Select an insurance company with a consistently high claim settlement ratio and an easy and hassle free claim settlement process. The company has a claim settlement ratio of Additional benefits: Look for additional benefits such as critical illness coverage and accidental death coverage. What are the benefits of buying a term insurance policy online?
There are various benefits of buying a term plan online:. Ease and convenience - You can complete your purchase in just a few minutes anytime anywhere. The plans can be accessed via mobile internet too. Better control — Buying a term plan online lets you customize it according to your exact needs instead of relying on someone else to do so.
Complete transparency — As there are no intermediaries involved and you buy directly from the insurance company, the entire process is transparent and you are not set up for any unpleasant surprises later on. Full security — Your personal and health information is private and secure. What kind of deaths are covered in this plan? All kinds of deaths are covered under the plan including natural, accidental, murder, illnesses and natural calamities.
Coverage of death due to suicide is not available only in the first year of policy. Also, once you buy the policy, you stay covered whether you are in India or abroad. We recommend getting a life cover that is at least times your annual income to provide for a safe future for your dependents.
You can opt for monthly premium payment option instead of a yearly premium commitment too. To get a more accurate measure of how much life cover to get, visit our Human Life Value calculator.
What policy term should I select? You should get a policy till your retirement age. But financial liabilities can continue beyond retirement too. It will be cheaper to buy a policy for a longer term now than to purchase another one later. Refer to our product guide to know more about these benefits. What is the maximum cover I can get without going for physical medicals? The same can be completed from the safety of your home. In case you are required to undergo physical medicals, our team will contact you for the same.
No bills or proof of expenditure 4 is required. There is also no restriction of network hospitals. You can use the claim amount to get a treatment of your choice or however else you deem fit. This benefit is accelerated and not additional, which means the policy will continue with the Death Benefit reduced by the extent of the critical illness benefit paid. Accidental Death Cover 9 : This is another optional benefit wherein an additional cover is payable in case of death due to accident.
Why is Critical Illness cover important? If you are ever diagnosed with a critical illness, it can not only affect you physically and emotionally but also financially. A critical illness can cause you to leave your job temporarily or permanently and lose out on your income.
ICICI Pru iProtect Smart offers the optional benefit of covering yourself against 34 Critical Illnesses such as cancer, heart attack and kidney failure by paying just a little extra premium. The best part about this benefit is that you receive the full claim payout on the first diagnosis of any of the covered 34 Critical Illnesses. No hospital bills are needed, nor is there any restriction of getting treated at network hospitals.
This claim amount can not only be used for a treatment of your choice but also safeguard your family against the loss of income arising out of the illness.
The cost of medical treatment is continuously rising. So it is recommended to have a critical illness cover that is at least 2 times of your current annual income. When do you receive Critical Illness pay-out? A copy of the diagnosis report is required to initiate the critical illness claim and it is payable basis fulfillment of definition of the diagnosed critical illness.
Refer to our product guide for more details. What happens to the policy and premium when the policyholder is diagnosed with a Critical Illness? Not now, take me back. What you will get? Join the community. Sign up with email. Join with Facebook. Already have an account? Sign In. Email address. Forgot your password?
Sign in. Or login with. Sign in with Google. Sign in with Facebook. New User? Sign Up Now. Login to Beshak. Are you a Financial Advisor? Register as a financial advisor on the Beshak community. Top searches. Term Life Insurance. Parent's Health. How we score. Claims Experience:. Customer Service:. Product Benefits:. Sum Assured cannot go beyond INR 1. Founded in. JV Partners. Turnover GWP. Number of Policies.
Additional Accidental Death benefit. Lump Sum Payout option. This is the most preferred payout option. Income Payout option. You can choose this option if you want your wife or children nominee to receive a regular monthly income. Increasing Income Payout option. You can choose this option if you want your wife or children nominee to receive an increasing regular income.
Lump Sum Plus Income Payout option. This is our new payout option. Premium starts from. Critical Illness Benefit optional. Eligible age range. You can start this plan from the age of
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