What is Insurance Premium
An insurance premium is a certain amount of money that a policyholder has to pay for an insurance policy. The price of the insurance premium depends on various factors like your age, health, financial goals, the type of insurance policy the policyholder is aiming for and so on.
What is Insurance Premium Calculator?
An Insurance Premium Calculator is a tool that helps you calculate your insurance premium amount. Insurance Premium Calculator is a very effective tool for anyone who is planning to buy life insurance. While using the calculator, you will have to fill in some details that will help you calculate the premium you will have to pay for the life insurance policy you choose.
Sometimes, it becomes a hassle as to how to calculate your insurance premium without tax. Not anymore! Here’s your step-by-step guide on how to calculate a premium without tax.
Step-by-Step Guide on How to Calculate Premium Without Tax
Step 1- Personal Details
The first step towards calculating the premium without tax is to fill in the personal details that the premium calculator will be asking you. Personal details include age, gender, whether you smoke or not, your annual income, etc.
Step 2- Choose Your Life Cover
The second step is to fill the current life cover that the policy has assured you if you have already bought a life insurance policy.
Step 3- Choose the Assured Amount You Want
After filling in your personal details and the current life cover, the next step you have to do is fill the assured amount you want to receive for the policy agreement.
Step 4- Duration of Policy
After filling the assured amount, fill in the duration of the policy, i.e., for how long do you want the policy cover to be. It can be five years, ten years, 50 years and so on.
Step 5- Series of Different Plans
After filling the duration of the policy, click the continue button. After that, you will be shown various plans that go according to your personal details and the duration of the policy you have chosen.
Step 6- Choose Your Plan
After completing the above five steps, you can choose the plan that perfectly fits your financial needs and requirements. After choosing your ideal plan, you will be shown the premium amount that you will have to pay for the insurance policy.
With the steps mentioned above, calculating your insurance premium won’t be a hassle anymore. With premium calculator, you can easily calculate the premium for your policy and choose the right plan according to your needs and financial capabilities.