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FINANCE Comparing Term Insurance Plans: A Guide Using Term Insurance Calculators
FINANCE
Comparing Term Insurance Plans:
A Guide Using Term Insurance
Calculators
By Sneha shukla
26 July 2024
are very handy as they allow you to stay wholesomely covered while
going easy on the pocket as well. However, to be able to get the best value out of a plan, you
need to □nd the best policy at the best rate and ensure you pay the correct premium for the
correct coverage amount. So how does one decide which is the best option? The answer is
quite simple – by using a term insurance calculator. Take a look at this article to understand
what a term insurance calculator is and how it can help you when you look to buy a term life
insurance policy.
What is a term insurance calculator? 
A term insurance calculator is an online tool that allows you to understand how much money
you have to pay for a chosen term insurance plan. This is a convenient tool as it gives you a
realistic idea about your term insurance costs before you make a purchase. 
How to use a term insurance calculator? 
It is very easy to use a term plan calculator. All you have to do is:
□. Visit the website of a trusted and well-reputed insurance provider. Almost every life
insurance company has an online presence these days and the websites of these
companies are very modern and advanced. You can □nd several tools, including the term
life insurance plan calculator. Locate the calculator and get to work.
Term insurance plans

https://www.bajajallianzlife.com/life-insurance-calculator/term-insurance-calculator.html

□. Enter your details such as your name, contact information and KYC details. If you are
using the online services of a trusted life insurance provider, your data will stay safe, so
you need not worry about giving out such sensitive information.
□. Enter the coverage amount you want for the term plan. Along with that, also choose a
suitable policy period. Put this information in after assessing your needs and
requirements.
□. You will instantly get to know the premium cost for your chosen cover. If you feel the
amount is too high, you can make some modi□cations to the sum assured or tenure. 
□. Once you are satis□ed with the premium amount, you can proceed to buy the plan on
that very platform and make a wise and well-informed purchase.
What are the bene□ts of a term insurance calculator? 
Accurate
After you enter the data related to your coverage amount and tenure, you get to see an
accurate estimate of the premium you will be charged for the coverage amount you choose.
Free
The online term insurance calculators are free to use. You do not have to pay any fee or
charge to use such a tool.
Helps you to make a budget 
The
accurately tell you what your premium liability will be for the
years to come. This is a very handy bene□t, as you get to know your term insurance liability
and understand the money you need to spare for the cover you choose for the □nancial
wellness of your family.
term insurance calculators

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Points to note about term insurance costs
Cost depends on the coverage amount
The premium of the term insurance plan you choose will depend on the coverage amount you
select. You have to pay a higher premium for a larger cover and vice-versa. Keep this
important point in mind when you choose your term insurance plan.
Riders push up the cost 
Riders are add-on covers that you can buy with a basic term insurance plan. They increase
the scope of coverage and also help you to make your policy more □exible. However, the riders
are available at an added cost and every rider you buy pushes up the premium rate. So, you
need to be careful when selecting your riders and only go for the ones that are of best use to
you.
The tenure of the plan is a signi□cant factor
A term insurance plan for a longer duration will have a higher premium, as compared to a
short-term policy. So, you will pay a larger premium for a 30-year term life insurance plan as
compared to a 10-year term life insurance plan.
Conclusion 
As you can clearly see from the points mentioned above, a term insurance calculator is one of
the most convenient tools that serves many bene□ts and purposes. You can easily □nd this
tool on the website of your chosen life insurance company, so give it a try before you make
your □nal purchase.
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