How to get accurate calculation of your insurance premium?

Planning is better than the hassle in the last minute. In life, we all plan for special occasion like anniversaries, birthday parties and weddings but planning for the family's future is equally important if you wish to enjoy the real celebration of such beautiful occasions. In fact, future planning comes first. An individual who has to undertake responsibilities for their family has to prepare financially for an untimely death. Today, life insurance is the best investment vehicle that can provide protection for your family against the financial impact they might get if you meet with an unfortunate incident in life. A suitable life insurance will give you shelter against various problems like ongoing expenses, mortgages loans, future savings and rising inflation. Thus, it can act as a perfect guardian of your family in your absence. If a person takes policy early it comes at lesser premium rates. Life insurance products come in various forms like term plans, endowment plan, whole life, ULIP etc.

However, most of the people get confused when it comes to the amount of coverage that they should take to produce sufficient cover for their family. Ideally speaking you have to come to some consensus which depends upon your family needs, existing debts, incomes sources and projected inflation costs.

Therefore, life insurance companies have come up with life insurance premium calculator to compute a suitable e-premium that required paying by an individual in order to buy an insurance policy. Insurance calculator helps you determine actual premium which you may need to pay to the insurer. As there are so many insurance companies offering policies in India, these calculators facilitate easy comparison of various plans and thus, allow you to choose the best insurance as per your needs. The premium for your insurance policy should depend upon your incomes sources, existing debts, assets in hand, family requirements, living standard, and nature of job and inflation costs.

Some of the major benefits offered by life insurance calculator are detailed below-

Time saving:

Life insurance premium calculator will obviously help you save precious time in visiting companies or talking to agents, collecting information leaflets, scratching your brains for calculations etc. You are not required to submit any documents to get premium quotes. Within couple of minutes the application will suggest the best insurance plan that fits your needs and most importantly within your budget. Once figured you can buy the plan online also without the intervention of agents, thereby saving cost on agent commissions.

Comparison:

These calculators help you compare the plans offered by different insurance companies on a single platform. You can compare the costs, insurance premium set and then go for suitable purchase. 

Cost effective:

Online purchase is anytime cost effective as compared to manual purchase. They offer exciting discounts to people who buy insurance online. It helps you compare features and benefits, discounts, policy structure, payment modes, claim procedure etc.

Life insurance calculator will help you take a judicious call on your insurance policy. The time that you consume in wild guessing, scratching your brains, sitting and doing manual calculations is much longer compared to few minutes of filling requisite details while using insurance calculators. Besides, your calculations might not be 100% accurate leading to insufficient financial covers but insurance calculators give accurate readings for information provided. These calculators are fast and easy tool of comparison and most importantly they are accurate.