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.
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.