Investing in a term insurance plan to ensure their loved one’s financial future is usually one of the first steps any financially independent adult takes. A term insurance plan is a type of life insurance plan that gives the nominee a death benefit of the amount invested through regular premium payments made in the policy tenure. As beneficial as this policy is, keeping track of the premium amounts along with your regular expenses can be a difficult affair. So, in order to properly calculate term insurance premium, using a term insurance calculator is the best course of action.
A term insurance calculator is a simple tool made to calculate term insurance premium amounts. You can use the one available on ICICI as it’s extremely convenient. To calculate term insurance premium, all you’re required to do is enter some details such as gender, substance use history, annual income, birth date, email ID, mobile number, and click on the “Calculate Premium” option to proceed. Here are the various benefits you can take advantage of by using an online term insurance calculator:
- Determining Policy: A term insurance calculator will help you calculate the cover amount you require as per your and your family’s needs. These calculators will give you a premium quote, making it easier for you to calculate the entire term insurance amount along with the regular premiums.
- Comparison of Term Plans: Missing out on better policies and investing in not so good ones is one of the most common worries of someone investing in term insurance plans. With a term insurance calculator, you can easily compare various plans with each other to determine which one is the best and get beneficial plans suitable for all your needs.
- Efficient: One way or another, you will definitely have to calculate term insurance premium, and if you go by the traditional routine, it involves a whole lot of paperwork, seeking help from insurance agents multiple times, engaging in conversations with them and the most tedious of all, manual calculations. All of this takes up a major chunk of your day that can easily be saved with an online term insurance calculator and put to use at other times. Not to mention, it’s overall better for the environment as it eliminates usage of a lot of paper and gets the work done online in just a few minutes.
- Cost Saving: Term insurance calculators allow you to take a good look at all the investment expenses, which can be a great cost-saving tool as you can then increase and decrease the amount as per your needs. You can also consider various riders and waivers together so you can have the independence to choose the best option for you at affordable rates.
Using an online calculator to calculate term insurance premium has many overall benefits that will make the procedure an easier one. Check out ICICI’s online calculator for a convenient investment experience and choose the best deals, all for your benefit.