You can calculate the premium payable under a term plan using a term insurance premium calculator. Term insurance premium calculator is a freely available online tool, which helps you get an estimate of the amount of premium payable for the desired term life insurance coverage and other policy benefits.
The term insurance premium calculator takes different factors such as your age, current income, existing debts, health conditions, marital status, and the number of dependents, into consideration. In this way, the calculator can help you select a life insurance plan that suits your financial needs and life goals.
What Does A Term Insurance Premium Calculator Do for You?
Essentially, a term insurance premium calculator helps you determine whether the desired insurance coverage will suffice the future needs of your loved ones. The calculator does so by assessing different parameters, including chosen life cover amount and policy period to calculate the premium amount payable. Thus you can select a term plan coverage that is large enough to financially secure your family's needs, while the premium payable falls within your monthly budget.
Which Factors Determine Your Term Life Insurance Plan Premium?
Primarily, the following factors determine the term insurance premium payable –
These factors, along with others, can significantly affect the premium amount payable for the desired term life insurance coverage.
How to Use a Term Insurance Premium Calculator?
Using a term insurance premium calculator online from Canara HSBC OBC Life Insurance is both convenient and hassle-free. Here is how you can use a term insurance calculator to determine the required coverage and premium payable –
Step I: Input Personal Details
First, you need to provide details such as your name, date of birth, gender, and current residential state.
Step II: Input Product Details
Next, you need to provide details of the term life insurance product along with the premium payment frequency, life cover (Sum Assured) and policy term.
Step III: Review Policy and Premium Payment Details
Once you have provided the personal and product details, you can enter the displayed captcha and click on the 'Continue' button to receive the premium amount payable based on your inputs. The amount of premium payable varies as per the desired term cover and is tailored to suit your specific premium payment capability and financial requirements. You can use the term insurance premium calculator to check the premium amount payable based on different term coverage options to determine which recommendation best suits your needs and life goals.