Benefits of Using a Term Insurance Premium Calculator

A term insurance company in India has multiple plans to offer to buyers depending upon their unique financial capacity and the need to purchase one. However, despite being one of the most renowned plans for a life insurance coverage policy, it still may impose certain decisive barriers for the individual choosing to select from the various term insurance policy plans.

Nevertheless, a term insurance calculator resolves the problem of choosing an optimal plan for the given individual. A complete, user-friendly and cost-effective tool, the term plan calculator serves the purpose of estimating the premium amount to be paid for a given assured sum of money. A lot of factors, such as assured sum, health track record, age, tenure of the policy, etc., are considered. In addition to this, it works on a real-time basis.

Procedure to Use Term Insurance Premium Calculator

Before purchasing term insurance, it is essential for the insurer to know the procedure of using a term insurance calculator. It will help them to know what the premium of term insurance is. This will further aid in taking an informed decision. Therefore, we are hereby providing a step-by-step procedure for using a term insurance calculator.

  1. Firstly, the insurer should fill up the necessary details such as gender, age, sum assured etc., after visiting the term insurance premium calculator in India of a given term insurance company in India. For example, Tata AIA Life Insurance Company offers a term insurance premium calculator.
  2. The following step displays the payment option, premium term and the desirable premium to be paid. One can choose the premium to be paid given the premium rate from the calculated premium table presenting the monthly and yearly premium options against the sum assured.
  3. This step is for the policyholder to select from the multiple rider benefits available with a corresponding increase in the payable premium amount, such as the accidental death rider, critical illness rider etc.
  4. On running the calculator, after inputting all the needed information, theterm insurance premium plan calculator displays the premium to be paid. The premium can be re-calculated by altering the inputs that have been chosen before.
  5. Lastly, after understanding the amount to be paid, the insurer can accordingly select the plan and buy term insurance.

Benefits of Using a Term Insurance Plan Premium Calculator

  • Time and energy saving

Defending against calculation errors, a term plan calculator is a perfect substitute for manual calculation of life cover for a given payable premium and saves a load amount of time and energy.

  • Cost-effective calculator

A term insurance calculator charges zero-sum for even multiple uses and calculation of term insurance premiums.

  • Provides a conservative estimate

Error-free and designed with supreme caution, the calculator gives an ideal estimated figure of the entire plan based on the selected inputs.

  • Comparison benefits

A term insurance calculator comes with the additional benefit of comparing different types of plans with varying premiums. This is a cost-free feature as against the service of an agent with high payable charges.

  • It helps make informed decisions and plan better

An informed decision definitely has an advantage over other ill-prepared ones, and a term insurance calculator ensures this with its mechanical and technological ability. Next, families need to decide and allocate funds for the premium to be paid from their monthly budget.

A term insurance premium plan calculator suggests the best-suited plan as per the entered inputs and makes it easier for policyholders to decide on the best plan available, given their details.


Given the hassle and complex oriented nature of term policies and their documentation across companies, a term insurance premium plan calculator is of tremendous use for a person to decide the ideal plan for oneself. This cost-free benefit, therefore, must surely be availed by anyone planning to buy a term insurance policy plan in future.