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  • Things You Should Know About Term Insurance Plans Premium Calculators

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    Fees & Charges

    Promised Interest Rate

    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Responsiveness

    What are Term Insurance Plans?

    Term insurance plans are life insurance policies which provide cover for a specific period of time, or ‘term’. Typically, a regular term insurance plan will offer a death benefit to the family of the deceased policyholder if the latter dies during the policy term and the policy is active.

    What are Premium Calculators?

    Premium calculators are useful interactive tools which help users, analyze, compare and plan their insurance coverage by zeroing in on the plan most suitable for their financial requirements. Premium calculators, therefore, help users get an accurate picture of their insurance requirements. Users have to submit specific data to make use of premium calculators. Some of the information required is listed below:

    1. Proposer’s Name

    2. Age

    3. Gender

    4. Date of Birth

    5. Plan Type

    6. Sum Assured

    7. Policy Term

    8. Premium Paying Term

    9. Tax

    10. Total premium payable

    11. Year of purchase of plan

    12. Riders

    13. Any other data depending upon the sub-plans

    Features of Premium Calculators

    The following are the salient features of premium calculators

    Features

    Description

    Coverage

    Premium calculators will help customers determine the exact amount of coverage required to protect their families in case of the unfortunate death of the policyholder

    User-friendly

    Calculators are simple, easy-to-use financial tools. Users have to fill in the required details to get the information they seek

    Analysis

    By providing details such as date of birth, and other details related to a term insurance plan, customers can analysis the cost of the plan versus the benefits it offers

    Comparison

    Customers can enter details related to various term insurance plans and thereby make a comparative analysis in terms of premium and levels of cover

    Simplifies complex data

    Most consumers may find the financial data related to insurance products and tax computation baffling. A calculator provides the data in a jiffy without hassles

    Better product knowledge

    Due to the aforementioned factors, customers get a better understanding of products offered by insurance providers

    Customisation

    A customers entered specific details related to his plan, date of birth, premium paying term and other details related to him or her

    Quick handy tool

    Customers can make use of premium calculator to make a quick assessment of the plan and how it works

    Premium Calculator - How it Works

    Aditya Sharma, a 27-year-old non-smoker male working in an IT company takes a HDFC Life Click 2 Protect Plus termlifeinsuranceplan on November 9th, 2015. HDFC Life Click 2 Protect Plus is a traditional non-participating term life insurance plan. Details of Aditya Sharma are as listed below:

    Customer details

    Description

    Name

    Aditya Sharma

    Age

    27

    Gender

    Male

    Date of Birth

    January 1st 1988

    Smoker/Non-Smoker

    Non-Smoker

    The aforementioned details have to be entered into a premium calculator to get the following exact values

    Sum Assured

    Rs.1 crore

    Policy Term

    30 years

    Premium Paying Term

    30 years

    Premium Frequency

    Annual

    Plan Option

    Life option (family of the life assured receives the sum assured as a lumpsum amount in the event of the demise of the policyholder)

    The aforementioned details have to be entered into a premium calculator to get the following exact values

    Annual premium excluding taxes

    Rs.7,981

    Taxes

    Rs.1117

    Total premium including taxes

    Rs.9,098

    Premium due date

    November 9th 2016

    Extra Life Option

    In case Sharma chooses the ‘extra life option’ available for this term insurance plan for the aforementioned sum assured, policy and premium paying term, his premium will be calculated as follows:

    Annual premium excluding taxes

    Rs.12,974

    Taxes

    Rs.1,816

    Total premium including taxes

    Rs.14,790

    Premium due date

    November 9th 2016

    Note: The family of Sharma in the ‘extra life option’ will get the double of sum assured, i.e, Rs.2 crores in the event of the accidental death of Sharma.

    Income Option

    In case Sharma chooses the ‘Income Option’ available for this term insurance plan for the aforementioned sum assured, policy and premium paying term, his premium will be calculated as follows:

    Annual premium excluding taxes

    Rs.6,703

    Taxes

    Rs.938

    Total premium including taxes

    Rs.7,641

    Premium due date

    November 9th 2016

    Note: The family of Sharma will receive Rs.10 lakhs as lumpsum and Rs.90 lakhs as monthly payout (Rs.50,000) over a period of 15 years in the event of death of Sharma.

    Income Plus Option (Level)

    In case Sharma chooses the ‘Income Plus Option’ available for this term insurance plan for the aforementioned sum assured, policy and premium paying term, his premium will be calculated as follows:

    Annual premium excluding taxes

    Rs.10,774

    Taxes

    Rs.1,508

    Total premium including taxes

    Rs.12,282

    Premium due date

    November 9th 2016

    Note: The family of Sharma will receive Rs.1 crore as lumpsum and Rs.50,000 as a monthly payout for a period of 10 years in the event of death of Sharma.

    Term Insurance Plans Premium Calculators Reviews

  • Page 1 of 50 1 2 3 4 5
    • LIC Life Insurance
      "Experience is good"
      0.5 4.0/5 "Great!"
      I also have a money back policy with LIC. In this policy I would get a bonus every few years and I would also get my benefit after the maturity term. The premium is paid on a half yearly basis. The payment options are very convenient and I can pay it online.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 22, 2018
    • LIC Life Insurance
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I have a Jeevan Anand life insurance policy with LIC. The tenure is for 15 years. The premium is paid on a yearly basis. After the maturity term I would get the benefits. The policy will still continue life long for the customer and that is the main benefit. The premium amount is normal.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 22, 2018
    • LIC Life Insurance
      "Good. Can do better"
      0.5 3.0/5 "Satisfactory"
      I also have a life insurance with LIC. The tenure is for twelve years. I have taken a money back policy and every three years I would get my bonus which is a feature in this policy. The premium is normal too. Though there are things which can be done online. I still need to visit the office.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 20, 2018
    • HDFC Life Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance from HDFC Life. I could purchase the insurance online. The tenure is for ten years and there are good plan benefits and sum assured. I would get my maturity amount after the 10th year. The premium is nominal and I can pay it online.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 20, 2018
    • LIC Life Insurance
      "Satisfactory"
      0.5 4.5/5 "Excellent!"
      I have taken another policy with LIC. It is a Jeevan Saral policy. The premium is normal. The sum assured and the policy benefits are good. I would get the benefits of this policy after the retirement. It has been a very good experience till date.
      Was this review helpful? 2
      , vadodara
      Reviewed on Sep 18, 2018
    • Future Generali Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Future Genrali. I am paying a premium of 12000 per year. Their hasn't been any issues with the policy. The policy is a normal life insurance with out any commendable benefits. They need to improve their customer support services.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 15, 2018
    • Kotak Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Kotak, I am paying a premium of 11000 , they need to work on their promises while purchasing the policy. I am just paying the premium with out any benefits or a proper support. When it comes to serving customers they're all hesitant.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 15, 2018
    • Max Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Max Life. I am paying a premium of 35K per year, they all provide massive offerings in order to convince the customers but once the customer has taken the policy; the service part becomes pathetic. They need to be more helpful and beneficial form the customer point of view.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 15, 2018
    • Birla Sun Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with Birla Sun Life from last 10-12 years and it is a long term policy. I pay a premium of Rs 6000 once in 6 months and i am convenient with the payment options. The tenure period for this insurance policy is 20 years.
      Was this review helpful? 1
      , mumbai
      Reviewed on Sep 14, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      My life is insured with LIC from last 12 years and it is s long term policy. The name of the policy is Jeevan anand and the tenure period for this policy. I pay my premium once in 3 months through net banking and the maturity period for this policy is 16 years.
      Was this review helpful? 2
      , pune
      Reviewed on Sep 12, 2018
    • Aviva Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with AVIVA life from last 6 years, i am happy with the coverage value of this policy. It covers critical illness as well as it has a cashless treatment. A premium of Rs 4500 has to be paid for this policy and i pay it through net banking.
      Was this review helpful? 1
      , pune
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I hold a Money back policy with LIC from last 6-8 years, i get a money back after every 4 years. I pay my premium once in a year by cheque and i am convenient with the payment options. I am happy with the returns and benefits of this policy. The tenure period for this loan is 25 years.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 1 year and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium once in 3 months through net banking and i am convenient with the payment options. The maturity period for this policy is 15 years
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I have a life insurance policy with LIC from last 4 years and it is a long term policy. I am satisfied with the coverage and returns of this insurance policy. I pay my premium on yearly basis and the payment mode is Auto debit. The tenure period for this policy is 15 years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've two life insurance policies with the LIC, I'm paying a premium of 40000 for the two policies. I am making the premium payments online. So far there hasn't been any issues with their services.
      Was this review helpful? 1
      , lucknow
      Reviewed on Sep 11, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've two life insurance policies with the LIC, I'm paying a premium of 40000 for the two policies. I am making the premium payments online. So far there hasn't been any issues with their services.
      Was this review helpful? 0
      , lucknow
      Reviewed on Sep 11, 2018
    • SBI Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the SBI Life. I am applying a low premium, So far it has been a hassle free experience with the policy. I am just paying the premium. The premium is comparatively low.
      Was this review helpful? 1
      , udaipur
      Reviewed on Sep 11, 2018
    • ICICI Prudential Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the ICICI Prudential Insurance for a while. Their services are good. I am paying the premium regularly. So far there hasn't been any issues with their services so far.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 11, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the LIC. I am paying a premium of 3100 quarterly, I am making payments online. The offers flexibility of loans and their services are friendly.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 07, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policies, I am paying a premium 50000 per year, I have 2 policies. I am paying the premium via the LIC portal. So far it has been a good experience with the policies and their services.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 07, 2018
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