ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

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.

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)