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Nowadays, having insurance is a necessity because it is a foundation of good financial planning at the right age. With the growing life insurance market, there are several plans available ranging from basic protection and savings to investment plans. Amongst all these plans, term insurance and whole life insurance plans provide comprehensive and the most basic life coverage that caters to different requirements of their buyers. Term and Whole life insurance calculators are designed to calculate the actual premium you are required to pay. The plans will be chosen based on your financial needs and future objectives.
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A basic type of life insurance is term insurance. It is a basic protection plan that offers life coverage for a limited period. Term Insurance plans provide financial protection and security (in a form of a lump-sum amount payable as a death benefit) to the nominee/beneficiary in case of any unforeseen situation with the policyholder throughout the policy tenure. These policies provide high coverage at minimal premium prices. The premium prices are fixed which are required to be paid at one time or a regular period for the complete policy tenure or for a specific time. The amount of premium varies based on the premium payment mode chosen by the customer at the time of buying the policy.
Note: Now that you know that what is term insurance plan you can easily buy a term plan for your loved ones.
The major benefits of term insurance are:
Term Plans
Whole Life Insurance is a term insurance plan that provides you coverage till the age of 99 years. The policy offers guaranteed death benefits to the nominee/beneficiary of the plan in case of an unfortunate demise of the policyholder. The sum assured will be decided by the policyholder at the time of buying the policy. They can also avail tax benefits u/s 80C on the premiums paid for the policy and the claims for maturity are exempted from tax u/s 10(10D) of Income Tax Act 1961.
Term and Whole Life Insurance Calculator is a tool that is used to determine the actual amount of premium, a policyholder is required to pay to the insurance company. With the availability of several insurance companies offering plans, an term insurance calculator helps in the easy comparison of several plans, thus you can select your insurance company as per your requirements. It is a hassle-free and quick process of comparison and it can also be customized as the needs.
Benefits of Premium Calculator
Besides all this, while calculating premiums using a calculator the life assured is required to provide some information such as the age of the applicant, name of the plan, sum assured gender, policy term, date of birth, rider, and the name of the proposer.
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Term Insurance |
Whole Life Insurance |
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A term insurance plan is good for you if there are financial dependants in your family who would stay dependent for a specific time such as kids who ultimately grow and become independent financially. |
If you have financial dependents who will remain dependant on you only for a comparatively longer period such as children with special requirements. |
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It lasts till the policy is active |
It lasts only for a limited or a specific period |
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It has cash-value |
No cash-value |
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Premiums are comparatively higher |
Low premium prices |
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Ideal for an individual looking out for long term assurance i.e., investment + insurance |
Ideal for someone looking out for short term assurance along with better coverages |
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Initially, the premium prices are high but remain constant with time |
Premiums increases at each point of renewal |
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A term plan is the right plan for you if you are at the age of 20 or 30 years. These plans provide you financial protection along with a pocket-friendly premium payment option. Moreover, term plans also offer large benefits in the short policy tenure.
A combination of term and whole life insurance is an ideal option for a married person having 2 kids. The whole life insurance policy provides you the cash value used at different stages of life, whereas the rider in term insurance will enhance the coverage, provides security to the dependants along with high financial benefits. For an individual of 40 years, whole life insurance is the best consideration. The plan provides cover during your life and it is quite economical than the term insurance plans. Apart from all this, the selection of plans depends on the buyer’s requirements and his/her future goals.
Term and Whole life insurance calculators are used to estimate the premium amount required to pay at different points in time. Both plans are ideal but their selection depends entirely on the requirements of the life assured. One should always be aware of the features and benefits of the policy he/she is going to buy. Choose your plans carefully.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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