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Friday, March 29, 2024

With a term insurance calculator, you no longer have to use intermediary agents

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Buying term insurance is one of the most economical types of life insurance plans. When you purchase term insurance, you are required to make premium payments towards this insurance company as a payment towards the insurance cover it is offering you against this plan.

These payments vary from different companies to different insurance policy types. In such a situation, you need to be fully aware of the amount you will be shelling out as well as the amount you will receive at maturity or termination of the said policy. To be able to determine this cost, you can use a term insurance calculator, which will easily allow you to assess your payment amounts at whatever interval you have chosen to pay these charges.

Often, people tend to use the services of intermediary agents and/or brokers who do this for them manually.  This is also a convenient method but slower. With the world going digital, you might as well take the plunge yourself and use the term insurance calculator to give you your costs with a few simple and quick steps that are both time-consuming and money-saving. 

What is a Term Insurance Calculator? 

A specially designed and customised tool that helps you calculate your approximate monthly or yearly premium payments for a selected policy is called a term insurance calculator. Term insurance calculators are a very handy tool that is made simple to use for people, eradicating the requirement of agents and brokers who end up charging a fee to do the same service. This is very helpful when you are choosing between different policies as it helps to give you an amount that you will need to pay as a premium for each installment. It also helps you calculate the sum assured, which will help secure your and your family’s future financial needs. 

Types of Term Insurance Calculators 

There are essentially four types of term insurance calculators, of which you can pick the one most suitable to you. 

  • Term Insurance Premium Calculator 
  • Pension Plan Premium Calculator
  • Investment Plan Premium Calculator 
  • Child Insurance Premium Calculator 

Advantages

When you are on the lookout for an insurance policy that is right for you, a term insurance calculator comes in handy as it allows you to compare figures, making your decision easier. A few key benefits of term insurance calculator are:

  • Time-Saving Time is money, and money is important. With a term insurance calculator, you end up saving precious time which would otherwise be vastly compromised. You need not submit any hard copies or a long list of documents. It will suggest an appropriate plan based on your requirements within two minutes. Once you finalise this, you can even go ahead and purchase the policy within moments, completely eliminating the use of brokers and agents. 
  • Clarity – A term insurance calculator is especially useful if you have a budget in mind. You can then figure out what type of live cover you can get within that price range in such a scenario. If your family is protected within this life cover, as per your budget, the term calculator will deem so, and you can then go ahead and purchase that plan. In case of shortage of funds, you can then choose to extend your budget to get the required policy. 
  • Making a Refined Choice – The only system available in India that gives you a variety of insurance policies based on your requirements, budget, and choice is a term insurance calculator. Once you fill in some basic information, you will immediately be showcased a plethora of insurance plans suitable for you. You can then make an informed choice after going through each of them thoroughly. 
  • Helps with Budgeting – With several insurance providers offering numerous term plans, assessing how much premium you will need to pay can become a little daunting. A term insurance calculator will help you make this assessment, which in turn will allow you to budget in accordance. You will get a premium amount displayed, giving you an idea of how much you will need to pay, in what installments, along with the sum assured calculation. This is extremely integral in planning out your monetary limits so you can figure out how much to stretch or how much to curb. 
  • Cost-Effective – Numerous companies offering term insurance plans like to deal with their customers online. Those doing transactions online get many discounts and added benefits as compared to when done via agents and brokers. Once you use your term insurance calculator to give you your best options, you can then directly deal with these companies online and get further cost reduction options. This is cost-effective and a definitely much-recommended way to go. 

Easy Usage 

Taking no more than a few minutes, you can follow the below-mentioned easy steps to use the term insurance calculator online. 

Step 1 – Visit the website of your preferred company and search for a term calculator. Then click on it. 

Step 2 – Enter all your personal information as required by the calculator 

Step 3 – Enter the preferred sum assured amount 

Step 4 – Fill in the estimated yearly income you make 

Step 5 – Compare the plans that have been displayed after all your information has been entered

Eliminating the lengthy processes of figuring out premium payments along with eradicating the use of intermediary agents and brokers, term insurance calculators are definitely very useful to all of those who want to invest in an insurance policy. They help determine premium payments, offer an apt choice of plans, and also basically act as a guide in disguise to help you make your final choice. While it is necessary, you need to do your due diligence, fill in the correct information, and have a comfortable budget of your choice to narrow down your search and allow the term insurance calculator to give you the best possible results. 

(ThePrint ValueAd Initiative content is a paid-for, sponsored article. Journalists of ThePrint are not involved in reporting or writing it.)

 

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