Term insurance is a long-term insurance policy that you can avail of. This insurance comes with a life cover that protects your family in case of an unfavourable event. It helps them with the lifestyle they want to lead. The coverage amount can be more significant & as per your financial needs & lifestyle. The premiums for such a policy are affordable.
In the case of term insurance, you do not get any benefit that arises upon maturity. The policy is curated for your beneficiaries or family only. The amount is paid to the nominees in case of the policyholder’s demise only during the course of the term of the policy.
Why is term insurance relevant to you?
1. Secure your beneficiary’s financial future:
When you are the sole breadwinner in your family, you need to account for the present as well as the future. This future should consider a scenario wherein you may not be with your family.
2. Asset Security:
The proceeds of term insurance can help you pay off any loans you may have without diluting any of your personal assets.
What is a term insurance premium calculator?
A term insurance premium calculator is what the name says. A tool helps you calculate the premium you need for the term insurance you may want to purchase. A term insurance premium calculator provides you with the results you need in an instance.
How to use the term insurance premium calculator?
Using a term insurance premium calculator is easy. It begins with finding a term insurance premium calculator online. The steps for using the term insurance premium calculator are as follows:
- Enter your name, age, gender, & whether you are a smoker or not in the given space online. Your age is a critical determinant in the premium that you pay.
- Choose the policy that you will be opting for. In this case, let us consider ‘Level Cover from SBI Life Insurance Company Ltd eShield Next.’
- Then it would help if you chose the frequency of the premium, the mode of payment, & the policy term.
- Once you do this, you can proceed with the sum assured, payment mode, and type of insurance & choose if you need any additional rider or not.
Once all of the above steps are complete, you will receive an idea of what premium to pay & other details that you will need to base your decision upon to invest. The term insurance premium calculator does all of this in an instant.
Why should every policyholder use this?
Whenever you are about to make a financial decision, it is imperative that you have knowledge about it & understand the instrument you are buying to a more significant if not the total extent. Whether you are a potential term insurance policyholder or someone who has already bought it, this calculator will help you determine the value of the premium you are paying & will help you figure out how valuable this policy is for you.