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How Can You Calculate Online Term Plan?

Updated on November 5, 2017

An insurance policy, which is a fixed-term policy, is term insurance. If the policyholder outlives the fixed-term, they can either renew the policy or use for their retirement fund or reinvestment fund.

The cause of taking life insurance is to yield monetary benefit to the policyholder's family and the insurer benefits from life cover.

There are two varieties of life insurance:

  1. Term insurance, which is a fixed-tenure "life cover
  2. Savings component with life cover is endowment insurance.

Uses of Online Term Plan Calculator:

The benefit is you can calculate premium of various plans of insurance companies. After comparison of various insurance companies, you can choose which insurance plan suits your needs, based on premium, fixed-term period, and other benefits. Online term plan calculator is hassle-free because they save time and digital sale of insurance is less expensive due to lack of agent involvement.

Information required for online term plan calculation: There will be various information that you need to fill out.

  1. Fill personal information like date of birth, your habits, annual income, gender, marital status, email ID, phone number, and the city you live.
  2. Questions about family's health and bank details
  3. Cover amount and period.

After filling out all the above details, you will get detail information of insurance plans, premium period monthly, quarterly, or annual, age limit, pay-out amount and various riders available. After considering all the factors, you can choose which company's policy you would like to take.

Features Of Term Plan Insurance:

Premium Amount: With the help of online term plan you calculate how to pay a low premium and get high sum assured and life cover. Term plan premium is low compared to other insurance plans. The reason for low premium for online term plan is there is no intermediary and it is a low-risk for insurance companies because they assume the insurer is well-read, must be having health insurance, and earning well. However, still, the customer should be careful while buying a policy and go with a reputed firm.

Tenure: There are two tenures in term plan. Low tenure and long tenure. How low tenure helps: For example, if you have a home loan amount for "XX" for "YY years", then take a term policy that is same as the loan amount. By doing so, in the case of sudden demise of the policyholder, the nominee can repay the home loan and keep the house. How long tenure helps? Due to increasing life expectancy, long tenure covers the family for a longer period of time.

High Returns: Term plan has most benefit compared to the sum invested in the premium per annum.

Riders: Fixed-term plan or term-plan has add-on benefits like riders. At a minimal rate, you can buy these riders. They are a permanent or partial disability, premium waiver, accidental death benefit, critical illness, etc.

Tax Benefits: Under Indian Income Tax Act 1961, two sections are available Section 80C and Section 10 (10D). In the event of payout to the policyholder, the maturity amount comes under Section 80C tax is an exemption. In the event of the sudden demise of the policyholder, the payout received by the nominee is tax exempted under Section 10 (10D).

Conclusion: Online term plan calculation is hassle free and costs less because of lack of middleman. Term plan has maximum benefits.


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