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There are various investment products available in the market today which can be called as a jack of all trades. For many individuals, it is better to have a product that is just a master of one. Such products have a distinctive advantage over others, which try to bring the best of two or even more worlds together. As their focus is very limited, the result is worth investing your time and money on. One such old school, master of one product is a term insurance. The only objective of a term plan is to provide you with life insurance, for the uncertain future.
Though the term insurance is one of the simplest insurances that one can buy, it can be little confusing to pick the right one. With so many insurance companies available and providing similar plans, which one do you pick? Apart from picking up the right policy, one also needs to know the money they have to shell out on a monthly, quarterly or yearly basis. There is a tool present to simplify all such queries, a term insurance premium calculator.
A premium calculator is an online tool that helps you calculate your premium amounts for a plan. all insurance companies provide the calculator on their websites. There are also some comparison websites which will not only calculate the premium amount you have to pay but also help compare the features and benefits of different plans offered by various companies. It is a great tool to plan your term insurance. You can also play around with the sum assured and see how the payments vary and you can see the one most suitable to you.
Most of the insurance providers have a premium calculator tool on their websites. There are also many insurance web aggregators who offer you user-friendly and effective tool to calculate premium online. You can also get quotes for multiple insurers on the same page. Few steps to follow while using premium calculator
Enter personal details such as date of birth or age, sex, annual income, expected life cover, smoking habit etc. These days many insurance companies also include a question regarding your marital status.
Some insurance companies go a step further to simplify our lives. Each of us have different requirements and financial situations. Thus, the same life cover might not make sense for everyone. There are a few calculators available which can help you decide what amount will be ideal keeping in mind your present situation with respect to your salary and lifestyle.
After this, they add up any financial commitments or assets that you have. And once the inflation is factored in, you have a sum assured that is tailored as per your needs. This ensures you don’t blindly follow what everyone else is buying or what your agent or insurance company suggests. You will get an idea of the amount your family will need to continue living the same lifestyle.
The intent of using a premium calculator or a sum assured calculator is to simplify things. The calculators help you save lots of time. Instead of reaching out to an agent and talking with them for a long duration before they actually give the quotes, you can get that at a click of a button.
Calculators also open up scope for comparison. When you compare policies provided by different insurance companies, you can see the difference in premium prices and features.
As all these calculators work online, they help you save substantial amount of money when compared to their offline counterparts. On an average, individuals can save 20-35% on their premium amounts when they use the online portals.
Insurance calculator available online at company websites and on web aggregator sites for that matter help you take a more informed decision when it comes to term plans. Imagine getting a quote for your term plan in less than a couple of minutes. Sometimes your laptop or system might take longer to start up. Apart from being fast and cost effective, they are incredibly accurate as well and thus, a great tool to assist you.