Term insurance, regarded as one of the basic, affordable and popular types of life insurance coverage, provides financial support to the nominee in case of the death of the policyholder during the policy tenure. Being a pure risk plan, the coverage ends if the policyholder survives until maturity. However, many variations are offered under a basic term plan, one of which is plans with a return of premium option.

Premiums for different types of plans vary, thus, it is recommended to use the term insurance calculator to determine affordable premiums. Premium calculators for term plans are easy to use and are widely available across the internet.

Calculating Premium for Term Life Insurance

Premium amount is one of the major factors that impact the buying decision. As mentioned above, term life insurance is a life cover that Indians typically opt for, mainly due to its simple concept and affordable pricing. However, when it comes to calculating the premium for term insurance, it comprises several factors.

Some of the factors that determine term insurance premiums include:

• Age: The premium for younger individuals is lower than for those in their 50s.
• Gender: Women usually attract higher premium amounts as they require extra coverage, vis-à-vis men.
• Pre-existing diseases: Persons suffering from pre-existing illnesses will have to pay a higher premium.
• Insurance requirements: Your insurance requirements determine the premium you pay. Any additional coverage will come at a cost.
• Lifestyle and habits: Your current lifestyle, income, spending, debts, liabilities, etc., play an important role in deciding the premium amount.
• Policy tenure: Longer the policy tenure, the higher the premium will be.
• Premium payment mode: If you opt for a monthly premium, you typically spend more than if you opted for a half-yearly or annual premium mode.

Online Premium Calculator for Term Plan

Since calculating premiums manually can be tedious, an online term plan calculator, also known as a term insurance premium calculator, is a specially designed and customised tool. With the help of this tool, you can calculate the estimated premium for the desired plan and frequency.

A term plan calculator typically asks for basic details making it easy to use and time-saving. Moreover, it aims to showcase affordable term insurance plans providing maximum coverage. Thus, this is one tool that is remarkably useful for persons belonging to any age group to insure them if they have budget constraints.

You can visit any of the insurer’s term plan calculator pages to determine the premium amounts for their plans. For example, to determine the premium for Tata AIA term insurance policy, you can visit their official website and go to the term insurance premium calculator page. Add the required details, verify them, and receive instant quotes.

Determine Affordable Premium Through Term Plan Calculator

Term plan premiums are generally very affordable. In fact, compared to other life insurance products like endowment policies or similar products, term insurance plans have the lowest premiums. This makes term insurance highly lucrative for many families in India. It allows you to care for your family’s financial future in your absence.

A premium calculator for a term plan can help you select the best term insurance plan at affordable rates. Using a term insurance premium calculator helps you save costs, tap on the best deal, and save on agent fees.

Some More Benefits of Premium Calculator for Term Plan

Determining affordable premiums is surely one of the key benefits a term plan calculator provides. However, it is not the only benefit.

• Helps in better decision-making: With the term insurance premium calculator, you can choose the right policy based on your needs and budget.
• You can choose additional coverage: Riders or add-ons on a term insurance plan can enhance your life cover. You can increase the coverage and learn how much more you need to pay for the additional coverage.
• It saves time and is hassle-free: Term insurance calculator is a quick, easy-to-use tool that aids in achieving your financial goals.

Term life insurance is a great and affordable way to show your family you care. Don’t let premium amounts worry you, use a term plan calculator to get an estimated premium rate on your preferred plan.