• Things You Should Know About Term Insurance Plans Premium Calculators

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    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
      "Trusted and Good service"
      0.5 5.0/5 "Blown Away!"
      I have my life insurance policy with Life Insurance Corporation of India as I have a very good trust on them because they are a long time company like government owned company. I hold a policy for 5 lakhs and for this policy I pay around Rs. 25000 to Rs. 29000 as annual premium. This is a 20 years policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 22, 2018
    • LIC Life Insurance
      "Good Investment"
      0.5 5.0/5 "Blown Away!"
      I have taken a total of three schemes with LIC and felt all of them to be quite convenient. For the Money back plan that I have, premium of Rs.18600 has been invested on an annually basis. For my other schemes I have been Rs.13600 as an annual premium. For money back plan every 5 years I would be getting cashback on that years premium. At the end of my whole term I would be getting a lumpsome amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 22, 2018
    • SBI Life Life Insurance
      "Good policy to use"
      0.5 3.0/5 "Satisfactory"
      I have taken a Money back policy with SBI Life from last 20 years and it is a good policy to hold. The tenure of this life insurance policy is 20 years and i get a cash back after every 4 years. I pay my premium once in a year through net banking and the payment options are convenient for me. I get good coverage and returns in this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 21, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 6-7 years and it is a short term policy. The tenure of this life insurance policy is 10 years. I pay my premium on annual basis through net banking and i am convenient with the payment options which they are giving. I am happy with the coverage and returns in this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 21, 2018
    • Future Generali Life Life Insurance
      "Good policy to hold"
      0.5 4.0/5 "Great!"
      I took accidental cover from Future Generali, they are providing all the benefits and the product is good. For normal accident also I can claim from them. Yearly I make the premium around Rs. 2900 for the tenure of one year. Total sum assured value of Rs. 15 lakhs. For disability they provides good coverage.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 21, 2018
    • LIC Life Insurance
      "Good Insurance Company"
      0.5 5.0/5 "Blown Away!"
      LIC is good, I took the policy before six year. Every month I make auto debit premium around Rs. 1000 for the tenure of 25 years. I took Jeevan anand, after completing the tenure period I would get the sum assured around Rs. 24 lakhs with life cover.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 21, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 20 years and it is a long term policy. The tenure of this life insurance policy is 20 years. I pay my premium once in 3 months through net banking and the payment options are convenient for me. I am also happy with the coverage and benefits of this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 21, 2018
    • SBI Life Life Insurance
      "Average"
      0.5 2.0/5 "Expected more"
      I am having the life insurance policy with the State Bank of India life and the premium is around 50000 Rupees per annum. I need to pay it for the tenure of 5 years of time and the return value is around 10 lakh Rupees.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 21, 2018
    • LIC Life Insurance
      "Good Benefits policy"
      0.5 5.0/5 "Blown Away!"
      LIC provide good return and its more secured, they have good endowment plan it has good return, the premium is good enough compared to normal plan it has 10 to 20% extra on endowment policy it has good benefits, it gives good sum assured. tax benefits, financial security unforeseen events.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 20, 2018
    • Aegon Life Life Insurance
      "Good for Me and My Family"
      0.5 5.0/5 "Blown Away!"
      Last three month back I purchase Aegon life through online channel. The plan benefits are good, I get the maturity benefits of Rs. 34 lakhs after 25 Years . In case of any loss, my nominees get the amount of Rs. 7.50 lakhs. I make monthly premium around Rs. 5000 monthly month its fine.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 20, 2018
    • LIC Life Insurance
      "Trusted Insurance Company"
      0.5 4.0/5 "Great!"
      LIC is a good company, but they don't have proper customer service to give reminder call on the premium. Plan benefits are average than other company like Bharathi Axa, TATA Birla etc. I took Jeevan bheema plan it has the tenure of 10 years , it has the premium Rs. 5000 in a year, I get sum assured value around 5 lakhs.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 20, 2018
    • LIC Life Insurance
      "Excellent policy to use"
      0.5 5.0/5 "Blown Away!"
      I have got the Life insurance policy for my child and it was started from the month April. This policy has the tenure of 21years. I pay the premium amount of Rs,2700per month. The plan benefits and the policy coverage is better with this policy .
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 20, 2018
    • LIC Life Insurance
      "Better Jeevan anand policy "
      0.5 5.0/5 "Blown Away!"
      Holding the Jeevan anand Life insurance policy for more than 2 years from the LIC. The customer support service is good with the LIC and they have better plan benefits and the payment options. I pay the premium amount through ECS which is easy and helpful.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 20, 2018
    • LIC Life Insurance
      "Good insurance"
      0.5 5.0/5 "Blown Away!"
      I am using the LIC service and its very good. I am satisfied with the policy coverage and the plan benefits. I have several policies for the entire family. All are long term policies. I am paying the premium for annum sum around 80K to 1L. The payment was done quarterly through cheque as well as ECS.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Feb 20, 2018
    • SBI Life Life Insurance
      "Looking for better feature and service"
      0.5 3.0/5 "Satisfactory"
      Performance of people they wont helpful, they don't realize whom they are dealing with. If anything happens also no body is there to help me. SBI life is average, I have tenure of 15 years, premium monthly 1500. I will maturity benefits lump sum amount its nominal, tax benefits, life cover accidental cover
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance with LIC,the premium amount is 3800.i make direct payments at the branch.The policy coverage amount is one lakh, i feel its very less.The policy is for 15 years,I submitted documents via an agent.Plan name is Jeevan anand.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with LIC.The premium amount is 13800 in a year.The policy coverage is three lakhs,I make direct payments at the branch.I have no claim experience,its been nine years since i have taken this policy.The policy is for 15 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 16, 2018
    • Tata AIA Life Insurance
      "Good Investment"
      0.5 5.0/5 "Blown Away!"
      I took this Insurance some 2 years back and the experience with it has been pretty good. I have been paying Rs.25000 as premium in this Insurance. I would be getting a Money back for every 2 years. The overall experience with it has been pretty good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 16, 2018
    • Max Life Insurance
      "Good Insurance"
      0.5 5.0/5 "Blown Away!"
      Like all my Life Insurance even this is a Money Back plan. Every 3 years I will be getting a cashback and at the end of term I would be getting a lumpsome amount. I have been paying Rs.15000 as a premium for this Insurance. Customer service of them is pretty good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Good investment"
      0.5 5.0/5 "Blown Away!"
      I have taken a Money back policy in LIC, in which every 5 years I will be getting Cashback and also at the end of stint I will be getting a lumpsome amount. I have been paying Rs.25000 as an annual premium for this Insurance. They provide Loan on the basis of this Insurance. I have making my repayment for this Insurance using cheque mode.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 16, 2018
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