What Are the Various Uses of A Term Plan Calculator?

Dec 03, 2018 | 6 months ago | Read Time: 3 minutes | By iKnowledge Team

Term plan calculators can be a great tool to derive the premium amount for a policy, its uses are not just limited to that, it can also help you in many other ways.

We do our daily jobs and duties thinking about possibilities of the near future. However, the most important thing that we tend to neglect is the uncertainty of life. There are more than a hundred ways that can end your life, but after you, your family may face financial difficulties. Your family might also end up having financial crisis, which could make matter worse for them, leaving them deprived of their necessities. To make sure that your family has a financially secure future after your death, insurance is the ideal solution you could opt for.

The world of insurance has a lot to offer. Its products are modified every year to provide better cover to the insured. Life insurance and health insurance are the highest selling insurance policies in the world and are sold by more than 100 companies. Unfortunately, a basic life insurance policy does not cover health related issues and a health insurance policy is only subjected to provide claims in times of medical emergency. For a complete all-round protection, you need a combination of both, a policy that covers your health issues, and offers sum assured to your family in your absence; one such policy is term insurance.

What is term insurance?

Term insurance is a basic form of life insurance policy that offers a substantial amount to the nominees in the event of the insured’s death. Term insurance has many benefits which make it an ideal insurance product. It is also known for having lowest premiums that can be paid monthly or annually. For people who walk on a string tight budget, calculating insurance premiums can help them, by providing a definitive figure for their monthly or annual deductions. 

There are two ways for calculating the premium for term insurance, i.e., manual math or term insurance premium calculators. You can use formulae and math operations to get an appropriate figure of your term insurance premiums, but it would not be wise enough to rely on these figures.

If you are looking for term insurance premium calculators, fill in the below details to get a quote:

Term insurance premium calculators can make things a lot easier for you, and here are some of the ways a term insurance calculator can prove beneficial.

  • Saves time: Due to the algorithmic prowess, the term insurance premium calculator is known for providing instant and accurate results. When you are using a term insurance premium calculator, you don’t need to keep the formulae in mind. Instead, you just need to enter the correct values, and click on the submit button to get the answer.
  • Easy introduction: Since term insurance premium calculators are found on most of the insurance provider’s website, using it can be a great way to get in touch with the insurance provider. When you use a premium calculator, some websites tend to ask for your personal details like name, profession, annual income and others. This information is forwarded to insurance agents who later contact you for clarifications and help you choose the right policy.
  • Comparison: There are numerous companies that provide term insurance, and choosing the best one among them can indeed be confusing. While, term insurance calculators provide a detailed summary of the policy, it can be a great source to help you decide the suitable one for you.
  • Saves Money: As mentioned above, a term insurance premium calculator gives you a definite figure, which will be charged as premium for the policy. Usually, term insurance policies have low premiums, but if you are looking for a policy with the lowest premium, you can find one easily by using a term insurance premium calculator of different providers or you can visit the websites that compares different policies.

If you are looking forward to buying a term insurance policy that offers low premium with a high sum assured amount, you can opt for Aegon Life’s iTerm insurance plan.

However, if you wish to buy a policy that offers comprehensive protection with a wide cover spectrum, you can opt for Aegon Life’s iTerm Plus plan which comes with inbuilt riders.

II/Oct 2018/4471

 


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