• 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
    • HDFC Life Life Insurance
      "Fair service"
      0.5 2.0/5 "Expected more"
      I've a health insurance policy with the HDFC life. I pay a premium of 8000 per year via an agent. I am not aware about the in depth features of the policy. So far the experience has been good with them. It is a recommendable insurance policy to have.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 14, 2018
    • Kotak Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance with Kotak Life from last 2 years and it is a long term policy. I am happy with the returns and tax benefits of this policy. I pay my premium once in 3 months and i am convenient with the payment options. The maturity period for this policy is 10 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a LIC policy from last 4 years and it is a long term policy. The tenure of this life insurance policy is 20 years. I pay my premium once in a year through direct payment and the payment options are convenient for me. I am happy with coverage and returns of this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 10 years and it is a long term policy. I am satisfied with the coverage and benefits of this policy. I pay my premium once in 3 months by cheque and i am convenient with the payment options. The maturity period for this policy is 15 years.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 14, 2018
    • ICICI Prudential Life Insurance
      "Value for money"
      0.5 4.0/5 "Great!"
      I am using ICICI prudential life insurance company from the last three to five years of time. I would like to say that the coverage value is an average one and the customer service is fine one too with the ICICI prudential life insurance company.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Scope for improvement"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the Life Insurance Corporation of India. I would like to say that the customer service is not good one and the coverage value is not good too. There are no advantages with them.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Best"
      0.5 4.5/5 "Excellent!"
      I have got the life insurance policy with the Life Insurance Corporation of India. I have not used their web portal as such. Coverage value is good one with the Life Insurance Corporation of India, also the premium value is better one with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Good money back plan "
      0.5 5.0/5 "Blown Away!"
      I am having the Money back life insurance policy for the past 10 years. The customer support service and the response is good with the LIC. I pay the premium amount of Rs,5000 to this policy every year once. This policy has the tenure of 20years. I got the money back in 4 years once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good child plan "
      0.5 5.0/5 "Blown Away!"
      I got the Jeevan Tharan life insurance policy around 3 years ago. The customer support service and the response is good with the LIC and this policy will get matured once my child turns to 18years. I pay the premium amount of Rs,15,000 to this policy in every once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The Life insurance policy has been taken by me around 4 years ago. This policy has the tenure of 15years. The customer support service and the response is good with the LIC. I pay the premium amount of Rs,28,000 in every year once. i am satisfied having this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 3 years and it is a long term policy. I am happy with the returns and tax benefits of this policy. I pay my premium once in a year through online and the payment options are convenient for me. The maturity period for this policy is 20 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • Aegon Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I hold the AEGON LIFE term insurance policy around a year ago. The customer support service and the response is good with the AEGON LIFE and I get good plan benefits and the policy coverage with this policy and I am satisfied using this AEGON LIFE insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have been using LIC since my childhood and it is a long term policy, the tenure for this life insurance policy is 15 years. I pay my premium once in a year by cheque and i am convenient with the payment options. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 13, 2018
    • Aviva Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      The AVIVA life insurance policy has been used by me for more than 3 years. This policy has the tenure of 20years. The customer support service and the response is good with the Aviva insurance. I pay the premium amount around Rs,10,000 in an year.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "BEST"
      0.5 5.0/5 "Blown Away!"
      MONEY BACK i have been using from the LIC. I have been using since 2009. It is a long term policy of 27 years. I pay for 6 months once for my insurance and through the cash and sometimes through the net banking. I have not taken any of the loans in my insurance.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance Corporation of India and I have not interacted with them as much. Coverage value is fine one with the Life Insurance Corporation of India and I have not claimed as such.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • Kotak Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I am having the Life insurance policy with the KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE company. I got this policy around 14years ago. This policy has the tenure of 20years. I pay the premium amount of Rs,2500 every year once. The plan benefits and the coverage is good with this policy and i am satisfied using it .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Better Jeevan saaral policy"
      0.5 5.0/5 "Blown Away!"
      I pay the premium amount of Rs,12000 every year once to the Jeevan saaral policy . I hold this policy for the past 18years. The customer support service and the response is good with the LIC and this policy ha the tenure of 20 years. The plan benefits and the policy coverage is very good with this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good Jeevan anand policy"
      0.5 5.0/5 "Blown Away!"
      I got the LIC life insurance policy around 6years ago. The customer support service and the response is good with the LIC and this policy has good plan benefits and better policy coverage with this policy. I pay Rs,762 every 3 months once as premium amount. This policy has the tenure of 20years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • SBI Life Life Insurance
      "Better Policy"
      0.5 5.0/5 "Blown Away!"
      Total tenure of the policy is 20 years. It is a cashback policy. Every 5 years i will get 10%. Every 5 years they will give the cashback policy. Once in 5 years, my number will update in their system, i have to give a blank cheque. At the end of th term , I would get bonus points I guess.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 13, 2018
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