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  • Life Insurance Calculator Online

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    In this day and age, life insurance should be in the financial planning of every single person irrespective of their age, gender, or profession. The main purpose of a life insurance cover is to ensure the well-being of one’s dependents in case of his/her unexpected demise. With the entry of various insurance companies into the market, people have a lot of choices when it comes to choosing a specific plan from the market. The cost of insurance is one of the factors often considered by individuals before they sign up for a policy. In addition to reading the policy features, individuals may also determine the premium for a specific plan by using an online premium calculator.

    A life insurance premium calculator is an online financial tool that helps people know the approximate premium amount for a specific life insurance plan. There are 24 life insurance companies currently registered with the Insurance Regulatory and Development Authority of India (IRDA). These companies offer multiple products in their lineup. Narrowing down to a specific policy from this long list of options requires some careful research. In this situation, an online premium calculator will help individuals narrow down their choices by calculating the cost of different products. Through this way, applicants don’t have to wait for a quote from the insurer while conducting their research.

    How to use life insurance premium calculators?

    Most of the top companies in the market have their own versions of life insurance premium calculators in their official websites. There are different types of calculators depending upon your specific needs. When it comes to term insurance premium calculation, an online life insurance premium calculator is likely to have the following steps. Based on this input, the premium calculator will determine the amount you have to invest in a specific plan.

    Here is a step-by-step guide of how to use a life insurance premium calculator:

    1. Visit the official website of the insurer from whom you wish to buy a policy.
    2. Locate the premium calculator provided in the official website. You can use search option to locate the premium calculator in the site.
    3. Choose the product category (term, ULIP, endowment, etc.) from which you wish to purchase an insurance plan.
    4. Choose the specific plan in which you wish to enroll.
    5. Enter your personal details such as name, age, employment, gender, smoking habits, etc.
    6. Provide the additional details if requested by the insurer.
    7. Once you click on ‘calculate’, you can find out the approximate amount you have to pay for the cover.

    The details requested for premium calculation may slightly vary from one insurer to another. However, these are the general steps involved in the premium calculators available with most insurers in the country.

    Types of life insurance calculators

    The premium calculation for a life insurance cover is most likely to have the above-mentioned steps. However, there are different types of insurance calculators available with different companies. For instance, if you wish to invest in a retirement plan, you must provide details like your present salary, years of employment, pension amount you wish to have, etc. Some of the premium calculators available with insurers can be listed as follows:

    • Savings amount calculators - These calculators are useful in providing the amount you need to invest every year in order to have a specific amount of savings after a specific term. For instance, if you wish to have Rs.50 lakh by the time of your retirement in about 25 years, this calculator will determine the yearly investment you have to make to achieve this target.
    • Child’s future calculators - If you have children, you can use these calculators help you plan for your children’s education or marriage. You may have to provide details like your child’s age, education preference, your annual income, etc., in the calculator. Once these details are provided, the calculator will provide the exact amount you need to invest to achieve these milestones.
    • Wealth planning calculators - Some people prefer to have insurance and investment in a single policy. Wealth planning calculators are useful in calculating the investments that must be made every year. Based on the wealth you wish to have after a specific number of years, these calculators will determine the investments that must be made every year.

    In addition to the ones listed here, many insurance companies also have calculators for various specific needs for policyholders. The names of these calculators may differ from insurer to insurer. However, these are some of the basic premium calculators that could guide you in your financial planning.

    Benefits of online premium calculators

    Online premium calculators help understand the cost of a life insurance cover. In addition, the following benefits can also be witnessed by using online premium calculators:

    • Saves time: Getting quotes from multiple insurers for multiple products in their lineup is a time consuming process. Moreover, it saves you the trouble of submitting all your paperwork before receiving a quote from an insurer. By using an online premium calculator, you can simply check the cost of multiple policies within a few minutes.
    • Aids in research: If you are doing research on life insurance policies, cost is certainly one of the factors that you may have to check. By understanding the cost of a specific life insurance cover, you can narrow down your choices and pick the right one that meets your requirements. Once you have chosen a specific policy, you can submit the necessary details and ask for a quote from the insurer.
    • Saves money: Visiting an insurer’s office directly and requesting a quote is not only a time-consuming process but also a costly affair. With the advent of internet, this is no longer necessary. You can simply check the cost of a policy from the comfort of your home.

    Life Insurance Policy Claim Acceptance/Rejection Scenarios

    1. What happens to life covers if policyholders move abroad? I am a 33-year old software professional who has a term policy and an endowment policy. I am moving to Canada in a few months for a new job. I am not sure how long I will be staying in the country. I am not ruling out settling in Canada too. What can I do with my insurance policies now? Will I get coverage even when I am living in Canada?
    2. A life insurance policy provides worldwide coverage as long as the premiums are regularly paid. In your case, you can still get life coverage even after moving to Canada. There are certain provisions that are applicable to non-resident Indians (NRIs) when it comes to life covers. You may contact your insurer and understand these provisions. You may pay the premium amount from Canada and keep the policy active.

      You may continue to pay the premiums for these policies in Indian rupees or foreign currency depending upon your preferences. If you pay the premiums in foreign currency, the claim amount can be withdrawn from the country of your residence. If you pay the premiums in Indian rupees, the settlement will be paid only in rupees and it cannot be expatriated. Make sure that you consider all these factors before making the move.

      Irrespective of whether or not you have family members living in India, you may keep the policies active rather than canceling them at the moment. If you decide to settle in Canada permanently and have no family members in India, you may close the policies and buy new covers in Canada. It all ultimately comes down to whether or not you are living permanently in Canada. You may take your decision based on that. As far as validity is concerned, life covers are valid even in foreign countries.

    3. I was thinking of purchasing a life insurance cover and did medical checkups for that. Now I have decided not to go ahead with the purchase. Is it possible to get a refund on the money I spent on these medical tests?
    4. Many insurers reimburse the cost of medical examination only after the acceptance of the policy. Since you are not purchasing the policy here, you will not get the refund from your insurer.

    5. I am a 29-year old government employee. I have a term insurance policy for Rs.1.5 crore, which I bought two years ago. At that time, I named by parents as the beneficiaries. I am married now and I want to nominate my wife. I also want to leave some money for my parents. What can I do here?
    6. All insurers allow policyholders to nominate multiple people in their policies. It is possible to include your wife along with your parents as the beneficiary. You may contact the insurance company and provide your policy details to make this change. The percentage of compensation you can leave is entirely up to you. You may allocate the money to your parents and your wife as per your wish.

    Conclusion

    If you have to narrow down from a long list of insurers, a third party aggregator like Bankbazaar may help you identify the policies that suit your requirements. The online premium calculator available will narrow down the policies based on the details you provide. As noted, an online premium calculator will save you from a lot of trouble when it comes to identifying the policies that are suitable for your specific requirements.