Easy Steps to Calculate Benefits of Savings Plan
Here’s a step by step explanation on how to use Bharti AXA Life Insurance Savings Calculator!
Step 1
The first and foremost step involves filling up all the necessary personal information that the term insurance calculator asks you for, including age, gender, annual income and whether or not you harbour a tobacco consumption habit.
Step 2
If you already own an insurance policy, you may also input the current life cover that you have been guaranteed by the policy.
Step 3
Once you have provided your personal information, the next step is to specify the amount of sum assured or life cover that you would like your family to receive as a part of the policy agreement.
Step 4
Specify the duration for which you would like the policy coverage to be valid for, which could be anywhere from 10 to 50 to even 80 years depending on your plans for the future.
Step 5
Once all of the above information has been input in the term insurance calculator, click on the “continue” button, upon which you will be shown a series of different plans that are aligned with the personal details and specifications that you provided.
Step 6
Choose the plan that perfectly fits your preferences, both from the perspective of the premium that you need to pay and the coverage that it offers.
Step 7
Once all of the above information has been entered in the life insurance savings calculator, click on the “Calculate Benefits” button, upon which you will be shown the benefit you’ll get from the plan.
Benefits of Life Insurance Savings Calculator
Some of the many benefits that come with using a device that helps you personalize and customize your choice of savings plan include the following :
Saves time
Instead of having to find the right policy from the vast digital ocean of possibilities, a life insurance savings calculator makes it easy to choose a savings plan that perfectly fits your needs with just a few clicks.
Cost effective
Life insurance savings calculator offers you the ability to filter out policies that perfectly fit in accordance to your requirements and life goals, thereby enabling you to save up immensely as compared to making a bad buying decision.
Know your benefits before buying
The life insurance savings calculator helps you in calculating the benefits you’ll receive before buying the actual plan. This way you can make an informed decision in accordance to your future plan.
Factors Considered when Savings is Calculated
Your Insurance Requirement
The benefits are mainly dependent upon the plan type/ premium amount.
Your Age
Being a crucial factor for savings plan, age can alter your savings planning for your future.
Coverage Duration
Coverage duration can alter the benefits to be received.
Your Gender
Gender plays an important role in determining the premium amount.
Purchase Online
Premiums are usually lower for policies bought online owing to the ease and simplicity associated with the dispensing of a policy to the customer via this method.
Life Insurance Savings Calculator FAQs
When is the right time to begin a saving plan?
When you think of investing in financial products, the sooner you get started, the better. The power of compounding assures that even if you invest small amounts over a longer period, your returns will significantly exceed your expectations. In addition, if you start investing early, you will give your money plenty of opportunities to compound interest.
What is the right way to begin with a long-term saving plan?
When it comes to returns, long-term investments always outperform short-term investments. This type of investment is beneficial if you are budgeting for your child's future financial needs, such as schooling, marriage, and a better lifestyle. You must choose one wisely as there are different long investment options available, based on your financial goals.
Are there any tax benefits to saving plan?
Traditional insurance and saving plan provide tax benefits under Section 80C and Section 10 (10D) of the Internal Revenue Code on the premiums you invest, and the sum assured you earn at Maturity.