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Calculate Your Coverage and Premium with Term Insurance Calculator

Use the term insurance calculator to estimate your coverage and premium based on your personal information. Learn more about the benefits of using a term insurance calculator.

Term Insurance Calculator: Calculate Your Coverage And Premium 

A traditional life insurance policy where an insured individual receives a death benefit during a time of financial constraints after the passing of the policyholder within the specified term is known as term insurance. These plans are cheaper than endowment plans, ULIPs, and money-back plans carry multiple benefits that can be availed only during the event of death of the insured individual.

What does a Term Plan Calculator do for You? 

A term life insurance calculator is a tool that helps in calculating the premium amount needed to pay for the desired insurance coverage. This plan calculator considers factors such as age, income, debt, status of marriage and health, etc. to help you select the plan best suited for your daily needs and life goals. 

The life insurance coverage of your choice must be large enough to cover the future of your family and loved ones in case of unforeseen events, and the term plan calculator helps you with just that. This tool helps in determining the required premium amount individuals need to pay for the specified insurance based on the factors stated below:

Policy Term 

The insurance period denotes the specific duration for which you are protected by the policy. Should an unforeseen circumstance result in your untimely passing during this established timeframe, the predetermined sum for life coverage will be provided to the individual or individuals you have designated as beneficiaries.

This ensures that your near and dear ones receive the financial protection and support specified in the insurance policy in the event of your demise within the defined coverage period.

Life Cover 

The amount the insurance company will provide you and your nominee in case of your demise within the policy term. The recommended amount for life cover must be a minimum of ten times your annual income. 

Add-ons 

You can select add-ons while purchasing the term insurance plan by paying an additional premium.

Pros of using Term Insurance Premium Calculator 

There are various advantages of using a term insurance premium calculator, as mentioned below:

Financial Security 

Term insurances ensure financial security regarding tribulations so financial struggles won't burden your family. It also provides them with an assured amount to cover expenses such as day-to-day expenses, education, as well as outstanding loans.

Affordable Premiums 

Term insurance is one of the most affordable policies that allow policyholders to pay a small amount regularly in return for a significant payout in case of their death during the policy term.

Tax Benefits 

Another perk of a premium calculator is the exclusive tax benefits it comes with. As per 80C of the Income Tax Act, the premiums you pay are tax-deductible, and the payout is usually tax-free as per Section 10D.

How to Use an Insurance Premium Calculator? 

The insurance calculator is very easy to use by following the three steps given below:

Step 1: The insurance buyer must fill in personal details to get started.

Step 2: After filling in these details, they need to mention the policy's tenure and the process of receiving the money, whether through monthly installments or as a lump sum.

Step 3: After completing these steps, they need to click on the enter button, and the calculations will display all the required information on the screen with various plans that suit the policyholder.

The Bottom Line 

Starting on a life insurance plan, tracking your insurance policy, and keeping up with calculations are essential to provide life coverage for policyholders. Opting for PNB MetLife’s term life insurance calculatorhelps us to ensure the exact return sum valuation for the life cover of an individual in case of financial constrictions, and also keeps up with inflation during the insurance period.

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