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All You Need To Know About Financial Planning Calculators

dateKnowledge Centre Team dateSeptember 7, 2021 views214 Views
SIP Investment | Tax Saving Plans and Schemes

Every individual across the globe has some or other financial goals. Be it owning a car or planning for retirement, or saving funds for any other purpose, planning your investments is the most significant step you can take in your financial journey. In the earlier times, many people used to find financial planning difficult.

However, with the advent of time, many financial tools came into existence that helps people make well-informed financial decisions. A financial planning calculator is one such efficient tool that assists you to get one step closer to your monetary goals and find out which investment plan or insurance policy would be good for you.

What is a Financial Planning Calculator?

Financial planning is one of the crucial measures to saving and investing your income in present times and fulfilling your short and long term purposes successfully in life. A financial planning calculator is an online tool that you can use to plan your finances and savings.

Financial Planning Calculator | Financial Planning Process

This financial or investment calculator further helps calculate loan interest rate, tax rate and estimates of regressions. Every person who wishes to plan their expenses and make a well-informed decision can readily use these financial planning calculators and get reliable estimates within minutes.

Five Types of Financial Planning Calculators

Many people often tend to get confused while choosing which savings or investment is best suited for them. To understand which policy you need to go for, you first have to identify your needs. Then find the calculator best suited as per your obligations. Mentioned below are some popular financial planning calculators that you can use as per your diverse requirements.

1. SIP Calculator

People who are into savings already know how helpful SIP (Systematic Investment Plan) is for their future. SIP returns get determined by compound interest (CI). Hence, with the help of an online SIP calculator, you can readily find out the interest rates, instalment options according to your earnings and every other detail about SIP investment within minutes.

2. Retirement Planning Calculator

People usually worry if they will have enough money when they retire. Well, you don't have to worry anymore because, with a retirement financial planning calculator, you can find out exactly how much you need to save to be safe.

The steps to finding out how to secure your future are pretty simple. You have to enter your current age and the age you will retire in the first stage. The next step requires you to enter your current monthly savings. You also enter savings you have right now for retirement and the rate of interest on said savings.

Click here to use retirement planning calculator.

After you have entered all the information, you can see how much you need to invest monthly. You also get to know how much money you will have after a while if you keep saving. Moreover, the calculator will also let you know a rough estimate of your post-retirement savings and expenses.

3. Income Tax Calculator

You might consider income tax to be a big hit to your savings. However, what if you could calculate how much tax you need to pay and save accordingly?

Both the old and new tax regimes require an appropriate assessment before you pick one. With the assistance of the personal income tax calculator, you can measure the effectiveness of both the income tax structures on your pay. This online planning calculator will help you gauge your taxes on your salary.

Click here to use Income Tax Calculator

4. Child Education Planning Calculator

Planning your kid's education takes time, patience, and a lot of expenses. With an education expenses calculator, you can compute how much you will need to pay for your kid and form a stable plan. If there are any changes to be made, you will readily modify your plans accordingly.

The first thing you have to do is choose where you want your child to study. Are they going abroad or want to study in India? After that, with the help of an education expenses calculator, enter your child's age and which grade they are currently studying in.

Entering the grade will show the year in which your child will go to college. Then you have to enter your monthly salary, any current loans that you might have, your current savings, and the applicable rate of interest.

Click here to use a Child Education Planning Calculator

Also, if you are looking for universities and schools abroad, you will get to see the options you have along with how much you may have to pay. The same goes for universities and schools in India.

5. EMI Calculator

A personal loan EMI depends on the amount and tenure of the loan, rate of interest, monthly salary, and the company you work with. To calculate your EMI, all you have to do is enter the amount you want to loan from the bank, the time required to pay back the amount, and the interest amount.

This way, with an EMI calculator, you can figure out how much you need to loan and the respective EMI amounts. You can also see a chart representation of your plan along with the options of printing out a PDF version of the same.

Financial planning influences all areas of your life. When you plan your finances, you assess your current and future monetary standing. Financial calculators can help in these situations to figure out how to be financially stable in the future while you pay off EMIs. With just a couple of taps on your mobile screen, you can find out how much you need to save or how much return you will get from your chosen investment plans.

Click here to use Compound Interest Calculator

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Frequently Asked Questions (FAQs) Related to Life Insurance Policies

The premium is one of the most important factors to consider before buying a life insurance policy. Many people buy a life insurance policy with a high sum assured but are unable to process the premiums for the entire premium payment tenure. You can get a better idea of the premium outgo with the premium calculator available in the 'Tools and Calculator' section of

Life insurance plans come with several riders which increase the efficiency of the policy for the buyer. For instance, if you have a history of terminal illness in your family it would be advisable to opt for terminal illness rider with your term insurance plan. Riders or add-ons help in customising the standard policy benefits for the requirement of different families. The iSelect term insurance plan comes with a built-in cover for terminal illness, and option for protection against accidental death or disability. You can also opt to cover your spouse's life under the same policy by paying an additional premium.

Life insurance companies calculate the premiums based on several factors such as age, gender and occupation.

Age: It is one of the biggest factors that influence life insurance premiums. Premiums tend to be low when the life insured is younger as the chance of contracting diseases is low. Young people also opt for the best life insurance policies with longer tenures and pay premiums for a longer duration, which makes the policy cheaper for young people.

Gender: The insurance premium for women is generally lower when it comes to life insurance plans. Women live longer and pose a lesser risk of a claim leading to lower premiums for them.

Lifestyle habits: The premiums for people who smoke or drink is always higher due to higher health risks.

Policy term: Policy terms are also taken into consideration by insurers while deciding the premium amount. Life insurance policies with longer tenure are cheaper as compared to short-duration policies.

Mode of purchase: The platform that you use to buy the best life insurance policy also determines how much you will have to pay for the plan. People who buy life insurance policies online have to pay lower premiums as compared to offline policies.

Occupation: The nature of your work is an important factor that influences the premium amount. Certain occupations like shipping and mining are considered more dangerous as compared to jobs in services industries. The insurance premium rises with the risk profile.

Processing life insurance claim is a transparent and smooth process with Canara HSBC Life Insurance.

In case of the death of the life insured, the nominee will have to intimate the company by filling a Death Claim Form and sending it to the nearest branch office.

Once the form is received, the claim is registered by the insurer.

After the registration of the claim, the company will send the claims pack along with the related forms such as physician’s statement form and employer certificate that need to be filled.

Along with the duly filled forms a few documents such as original [policy document, death certificate, copy of bank passbook, hospital or treatment records, photo identification and address proof have to be provided.

The claim is processed on the submission of relevant documents. Once the documents are verified, the claim amount is released post all due diligence.

Household expenses rise with age. The cost of children's education increases along with other lifestyle expenses. The iSelect term plan offers an option to increase the cover according to the life stage. If opted, the insurance cover increases by 25% at every 5-year terminal till the 20th policy year.

Even though a life insurance policy is bought to protect your family in your absence, there are chances of the claim being rejected due to several factors.

False information: If the policyholder provides false information or conceals important information while buying the life insurance policy, the insurer has the right to reject the claim after his/her death.

Type of death: Deaths due to suicide in first policy year, intoxication or pre-existing disease is not covered under life insurance plan.

Premium payment: The payment of premiums on time is of utmost important to avail the benefits of life insurance. Life insurance policy may lapse on the failure to pay the premiums

Nominee details: A life insurance company can put the claim on hold if the nominee details have not been filled or not been updated by the policyholder.

Suicide: If the life insured commits suicide within 12 months of buying the life insurance policy, the insurance companies generally pay 80% of the total premiums paid.

Buying the best life insurance plan online is not only safe but a better option. Online life insurance policies have lower premiums and the individual is not required to visit the insurer's branch or a bank. The best life insurance policies online insurance offer higher benefits. Customers should, however, buy online life insurance policies only from credible insurers and should check for SSL certificate on the website to ensure that the website is legitimate.

The cost of life insurance policies varies depending on factors like age, gender and occupation. The average cost of life insurance plans, especially term plans, is very low compared to the amount of coverage offered.

An individual is allowed to have multiple life insurance policies. People opt for more than one life insurance policy to increase the cover or avoid claim rejection. In case of multiple life insurance policies, even if the claim is rejected by one insurer, the beneficiaries may receive the benefit from a different insurer.

Life insurance policies are of different types. In case of unit-linked or endowment policies the policyholder receives the maturity benefit at the end of the policy term. However, in the case of term insurance plans, there are no maturity benefits. The death benefit is only paid out after the death of the life insured.

When you buy a life insurance policy, the insurance company asks for the nominee details. Only the person named as the nominee in the life insurance plan can cash out in case of death of life insured.

A life insurance policy is generally taken for a specified period. After the policy duration of a term plan gets over, the policy simply terminates and ceases to exist. However, in case of unit-linked plans or endowment, you can use the policy as a tool for retirement planning and the accumulated corpus is used by the insurer to pay you monthly amounts for your entire life.

If a policyholder purchases a term plan for 25 years and dies during the policy term, the beneficiary receives the death benefit. In case of iSelect term plan, the policy provides four payment options to the beneficiaries. If the regular payment option is chosen, the policy works as a source of regular income.

It is a popular misconception that life insurance plans are only for accidental deaths. A term life insurance plan like iSelect Smart360 Term Plan also covers terminal disease along with death. A terminal illness cover is important as health insurance pays only for the cost of treatment and hospitalization, but a terminal illness cover pays you a lump-sum amount which takes care of other expenses. On the other hand, unit-linked policies such as Invest 4G cover death and also provide decent returns for other financial goals such as buying a house of child's education.

It is ideal to buy a life insurance plan in your early 20s because it is the time when people have just started with their professional life and so there are lesser responsibilities and financial liabilities to take care of. Also, if you buy the best life insurance plan at this age, you will be paying relatively lower insurance premiums since it’s a due fact that mortality rate in case of young people is low. And that is why life insurance companies offer lesser premium rates to younger people as they think that they are most likely to be fit and healthier with less chances of filing a claim in future.

Once you have cancelled your life insurance policy, you will instantly lose your life insurance cover. Afterwards, your insurance company will get in touch with you and ask for valid reasons regarding the cancellation of your policy. In case you cancel your life insurance policy within the grace period, i.e. 15 to 30 days, depending on your insurer, then insurance company will reimburse the premium amount paid by you. But, no refunds will be paid to you if the policy is cancelled after the grace period.

Yes, you can take life insurance under Married Women’s Property (MWP) Act, 1984 only if you are a married man and a resident of India. Buying a life insurance plan under MWP Act would be helpful in saving your family’s financial well-being when you are not around. As per this policy, only wife and children would be eligible to receive the death benefits. You can also buy a policy if you are a widower or a divorcee. However, in that case, you can give your child’s name as your beneficiary. It is very simple to buy a life plan under MWP Act. All you need to do is to fill up an MWP addendum while purchasing an insurance policy.

Yes, there are different payment options for you to pay premiums. Here’re some of them

    1. Regular premium payment option – This premium payment option allows you to pay premiums equal to your policy term either monthly, quarterly, half yearly or annually.

    2. Single payment option – Through this premium payment option, you can pay the lump-sum amount in one single payment.

    3. Limited payment option -In this premium payment option, you can pay premiums for a specific period of time less than policy term either monthly, quarterly, half yearly or annually, but benefits of insurance can be enjoyed for a longer period of time.

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