Here’s How to Use a Term Insurance Calculator to Find the Best Plan for Yourself

How to Use a Term Insurance Calculator to get the Best Plan

Whenever you invest in a term insurance plan, it is essential to use a term plan calculator. It helps the customer calculate the premium he pays for investing in an insurance plan. In addition, this calculator also allows you to find the best plan that suits your family’s financial goals and requirements for the future.

Let us find out what a term insurance calculator is and how to use it to find the best insurance plan for you and your family.

What is a Term Calculator?

A term plan calculator is a tool curated especially for the investors to help them calculate the monthly/ quarterly/ yearly premium paid when they are purchasing an insurance plan in return for the life cover offered by the insurance company. With term plan calculator, you can find the most suitable insurance policy for you and your family.

Term plan calculators are available online for investors and are entirely free of cost. After having a rough idea of the premium that has to be paid by the investor, he can choose an insurance policy according to his needs and requirements.

Let us see how to use a term plan calculator to find the best plan.

How to Use a Term Plan Calculator?

You can calculate your premium for the insurance plan in 6 easy steps with a term plan calculator. Let us see how.

1. Fill in Your Necessary Personal Details

The first and foremost step of using the term plan calculator is to fill in your required personal details, such as name, gender, whether you smoke or not, your annual income, etc.

2. Fill in Your Current Life Cover

After filling in your personal details, the next step is to fill in your current life cover that the insurance company guarantees if you have already invested in an insurance policy.

3. Specify the Amount of Life Cover You Would Require

The third step of using the term plan calculator is to fill in the amount of life cover you would require keeping in mind your and your family’s current and required expenditure.

4. Specify the Duration of the Insurance Policy That You Want

After specifying the life cover amount you require, you need to select the duration of the insurance policy that you require. The duration of the life cover can be up to 10 years, 50 years and in some cases even 80 years. You can choose the duration according to your financial goals and requirements.

5. Choose the Plan That Suits You

After specifying the life cover amount and the duration of policy you require, click the continue button. After clicking, you will be shown various plans that are suited according to your financial needs and requirements and the details that you have filled in.

6. Choose the Plan That Fits Perfectly to Your Financial Needs and Requirements

The last step in using the term plan calculator is choosing the ideal plan from various plans that match your required life cover amount and the premium you will have to pay.

Conclusion

A term plan calculator is an easy-to-use tool for the investor to find the best insurance policy that suits him and the premium he will have to pay for the same. There are many term plan calculators available online that are easy-to-use and ideal tool for investors to look for the best insurance plans.

Disclaimer:

*Tax benefits are as per the Income Tax Act, 1961, and are subject to any amendments made thereto from time to time
The article is meant to be general and informative in nature and should not be construed as solicitation material. Please read the related product brochures for exclusions, terms and conditions, warranties, etc. carefully before concluding a sale.
Make responsible financial decisions. Consult with your financial advisor before making any decisions on insurance purchase.

Suggested Plans

Bharti AXA Life Flexi Term Pro

  • A Non-linked, Individual, Non-participating Pure Risk Premium Life Insurance policy
  • The plan offers two options: Without Return of Premium and With Return of Premium
  • Under the Without Return of Premium variant, you have the option between Single Life cover or Joint Life Cover i.e., cover for your spouse under the same policy.
  • Flexibility in policy and premium payment terms

Bharti AXA Life Grameen Jeevan Bima Yojana

  • Non-Linked Non-Participating Life Term Micro Insurance Plan
  • Flexibility to opt for two plan options: Pure Protection Plan Option, Protection with Return of Premium Option
  • Flexibility in Policy Term/Premium Payment Terms
  • No medical examination
  • Tax benefits

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