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Life Insurance Premium Calculator

Life insurance premium calculator is an online financial tool that allows the prospective buyer to know the approximate amount of premium that needs to be paid for a respective life insurance policy. The amount of the premium is based on certain factors such as age, policy term, coverage amount, among others.

Nowadays, many insurers (like LIC) and online web-aggregators (like PolicyX.com) have designed their own life insurance calculators to offer maximum comfort to their customers.

What Is The Importance Of A Life Insurance Premium Calculator?

Life insurance is a useful investment as it helps to secure the financial future of your loved ones after you are gone. Though there are many ways of buying life insurance, the least favorite of them is via agents. Why? Buying a policy through an agent result in an increased premium amount. That's why many people take the help of a life insurance premium calculator and buy online.

Let's understand the importance of a life insurance premium calculator with an example:

Mr. Ramesh is planning to buy a life insurance policy for his family. On his friend's advice, he asks for an agent's help. Somehow Ramesh was not satisfied with the options given by the agent and decided to do his own research.

While searching, he comes to know about the 'Online Life Insurance Premium Calculator'. It offers him more prominent options (as per his needs and requirements) and that too with affordable rates. He selects a plan and manages to save around 15% as compared to the plans offered by the agent.

Calculate Life Insurance Premium With Top Insurers

Aegon Life Insurance Premium Calculator
Aviva Life Insurance Premium Calculator
Bajaj Allianz Insurance Premium Calculator
Bharti Axa Insurance Premium Calculator
Birla Sun Life Insurance Premium Calculator
Canara HSBC Life Insurance Premium Calculator
DHFL Pramerica Life Insurance Premium Calculator
Edelweiss Tokio Life Insurance Premium Calculator
Exide Life Insurance Premium Calculator
Future Generali Life Insurance Premium Calculator
HDFC Life Insurance Premium Calculator
ICICI Prudential Life Insurance Premium Calculator
IDBI Federal Life Insurance Premium Calculator
IndiaFirst Life Insurance Premium Calculator
Kotak Mahindra Life Insurance Premium Calculator
LIC of India Premium Calculator
Max Life Insurance Premium Calculator
PNB Metlife Insurance Premium Calculator
Reliance Life Insurance Premium Calculator
SBI Life Insurance Premium Calculator
TATA AIA Life Insurance Premium Calculator

Benefits of Life Insurance Premium Calculator

Here are the key benefits of the calculator:

  • Saves your time: Life insurance premium calculator effectively helps to save your time. Here, you don't have to provide all your documents to get the required quote. Within a few seconds, you will get what actually you are looking for. It also allows you to buy the desired life insurance plan without the intervention of an insurance agent.
  • Assist in comparison: It helps you to compare the available plans and allows you to choose the best on a single platform.
  • Free of Errors: The process of premium calculation through the online calculator is completely automated. Hence, there are very few chances of errors.
  • Cost-effective: The calculator works online and it doesn't require the help of an agent or any other party to calculate the premium. Hence, there are no commission charges.

What Do You Mean By Life Insurance Premium?

A life insurance premium is a fixed amount paid by the policyholder to the insurance company for a pre-decided tenure. The premium can be paid on a monthly, quarterly, half-yearly, or yearly basis. In case one is unable to pay the premium on time, his/her policy will get lapsed and the concerned person won't be able to avail the benefits of the policy.

How To Use Life Insurance Premium Calculator?

To take advantage of the life insurance premium calculator, you need to perform the below-listed steps:

  • Go to the calculator and enter your basic details like age, income, gender, marital status, among others.
  • After that, you need to choose the type of plan, the sum assured amount, tenure, and riders (if required).
  • Once all this is done, the calculator will take a few minutes to display the premium amount on your screen.

Sample of Life Insurance Premium Calculator

Let us take the example of the SBI premium calculator to understand the functioning of the life insurance calculator:

  • Plan Type: Individual Protection Plan
  • Term: 30 Years
  • Age: 40 Years
  • Gender: Female
  • Sum Assured: 50 Lakhs

Let us see the result:

  • Monthly Premium: Rs. 781
  • Quarterly Premium: Rs. 2,387
  • Half Yearly Premium: Rs.4,682
  • Yearly Premium: Rs 9,180

Which Factors Impact The Life Insurance Premium?

Many factors have an impact on the life insurance premium. The most significant ones are given below for your reference.

Age of the Policyholder

Age is one of the top factors that affect the life insurance premium. The age is inversely proportional to the premium amount. The younger you are, the lower will be the premium amount.

Lifestyle

The lifestyle of the policyholder is also considered while calculating the life insurance premium. If one has smoking habits or is an alcoholic, (s)he will be more prone to life-threatening diseases and would need to pay higher premiums.

Sum Assured

The amount of coverage you take fluctuates the premium amount. For example, higher coverage can be availed by paying a higher premium amount.

Family Health History

Even though you don't have any medical conditions at the time of purchasing a policy, a family history of illness (especially hereditary diseases) could affect the premium and increase the amount.

Life insurance premium calculator serves its users well and gives accurate results for the data entered.

Last updated on 19-11-2020