8/31/2023 0 Comments Term life insurance calculatorHow Does the Term Insurance Calculator Work? (Backend Calculation on Mortality) In simple terms, you can opt for the best term plan in 2023 to avail the maximum insurance coverage and plan benefits at the best possible rate of premium. Given the fact that investing in life insurance is a life-long commitment, you do not want to end up purchasing a term insurance plan that offers sub-par financial protection or for which you are unable to sustain the payment of future premiums. Using a term insurance premium calculator, you can opt for the highest possible life cover amount that suits your budget. The choice of coverage depends upon different factors such as your annual income, existing liabilities, marital status, and the number of dependents for even the best term insurance in India Benefits of Using A Term Insurance Premium CalculatorĪ term insurance premium calculator helps you choose the best term insurance plan in India in 2023, by providing an estimate of the life cover amount that helps cover your liabilities and your family's financial needs, and the premium payable under the insurance policy. Choose between the following rider add-ons (on payment of the additional premium)Īccelerated Critical Illness (ACI) Benefit, Future Waiver of Premium, Accidental Cover. Life cover amount, Policy tenure, Duration of premium payment, Premium payment mode (there are four premium payment modes - Annual, Half Yearly, Quarterly, and Monthly) Name, Gender, Date of Birth, Annual Income, Mobile number, E-mail ID, Lifestyle choices such as whether you are a smoker/non-smoker. ![]() To use the term insurance premium calculator, you need to provide the following details: ![]() How to Use the Term Insurance Premium Calculator? The rider provides additional coverage to compensate for the loss of income due to temporary/permanent disability or death due to an accident. In case you are unable to continue paying the premium due to loss of income (because of accidental injury or life-threatening ailments), the insurance company will waive off any future premiums payable while the policy benefits continue as intended.Īccidental Cover - Max Life Comprehensive Accident Death Benefit Rider (UIN: 104B025V03) Max Life Waiver of Premium Plus Rider (UIN: 104B029V03) MAX LIFE CRITICAL ILLNESS AND DISABILITY RIDER (UIN: 104B029V03)Ĭritical illness benefit option Upon diagnosis of any of the 40 specified critical illnesses including cancer and cardiovascular diseases, the benefit amount is paid as a one-time lump sum. Following rider options are available with Max Life Smart Secure Plus Plan: These riders help provide benefits such as additional financial coverage over and above the life cover amount. Riders are an add-on that you can choose while purchasing the term plan by paying an additional premium. In case of your unfortunate demise within this period, your family or nominee would receive the life cover amount. The policy term is the period for which the insurance plan provides you cover. ![]() The recommended life cover amount to opt for should be at least 10times your annual income. Life cover amount is the amount insurance company will pay your family or nominee in case your demise occurs within the policy period. Ideally, the life insurance coverage should be large enough to secure your family's financial needs in case of an eventuality. On the other hand, the premium payable for the term plan coverage chosen should fall within your monthly budget. A term plan premium calculator provides the required premium amount payable for the selected insurance coverage amount, based on the following factors: What Does A Term Plan Calculator Do for You?Įssentially, a term plan calculator helps you get an estimate of the insurance coverage that you would need to protect your loved ones financially and the premium payable. ![]() A term plan premium calculator takes into consideration various factors such as our age, current income, debts, marital status, health conditions and the number of dependents to help you choose a term plan that best fit your needs and life goals. What is Term Insurance Premium Calculator?Ī term insurance premium calculator is a freely available online tool that helps calculate the amount of premium that you need to pay for the desired insurance coverage and policy benefits.
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