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A home loan insurance calculator is a digital tool designed to help borrowers estimate the premium and EMI for their home loan insurance policy. By entering essential details like loan amount, tenure, and interest rate, you can determine the cost of securing your home loan against unforeseen circumstances.
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A home loan insurance premium calculator simplifies financial planning by providing an accurate estimate of the insurance premium you need to pay. It considers several factors, such as:
Loan amount
Policy tenure
Age of the borrower
Interest rate
Term Plans
Here is a list of reasons why you should use a home loan insurance calculator:
Accurate Estimates: Get precise calculations for your insurance premiums based on your specific loan details.
Instant Results: Save time and effort by getting quick answers.
Easy Comparisons: See how different factors, like loan amount or tenure, affect your premium.
Better Budgeting: Plan your finances effectively by knowing the insurance costs upfront.
While home loan insurance ensures that your outstanding loan is covered in case of an unfortunate event, term insurance, a pure type of life insurance, provides additional financial security for your family. A term insurance policy offers a lump sum payout to your dependents, which can be used to clear the home loan and manage other financial needs. This added layer of protection ensures that your loved ones are not burdened with liabilities and can continue to live in the house without financial stress. Using a home loan insurance calculator can help you assess the premium costs, and considering term insurance alongside home loan insurance ensures a well-rounded financial safety net.
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Using a home loan insurance premium calculator online offers various benefits:
Provides an instant estimate of the premium.
Helps compare different insurance policies.
Allows better financial planning.
Saves time by eliminating manual calculations.
Calculating the right amount to cover your unpaid home loan includes various factors. Below is a step-to-step guide on how to compute home loan insurance premiums:
Loan Amount: How much money did you borrow for your home loan?
Loan Tenure: How long do you have to pay back the loan?
Your Salary: How much do you currently earn?
Your Age: How old are you? (This can affect how long you have to pay back the loan and the chances of something happening to you.)
These factors all play a role in determining the right amount of insurance and the premium you'll pay.
A home loan insurance EMI calculator is another crucial tool that helps borrowers understand their monthly EMI payments based on the chosen insurance plan.
Step 1: Enter the home loan amount.
Step 2: Select the policy tenure.
Step 3: Input the applicable interest rate.
Strp 4: The calculator provides an estimated EMI for the insurance premium.
Step 5: This helps borrowers choose a policy that aligns with their financial capacity.
Several factors determine the cost of your home loan insurance premium:
Loan Amount: Higher loan amounts lead to higher premiums.
Age of the Borrower: Younger applicants get lower premiums.
Policy Tenure: Longer tenures may have higher premiums.
Health Condition: Medical history affects the premium cost.
Coverage Type: Additional riders increase the premium.
A home loan insurance might not be thought of as a mandatory requirement, but you should always consider opting for this type of protection policy under different cases, such as:
Home buyers for the first time: Home loan insurance offers a protective net for first-time home buyers.
High amount of loan: If you have a large home loan, this insurance helps protect your family from losing the house if something happens to you.
Unpredictable Income: This insurance provides extra security if your income changes a lot (like with seasonal work).
Lots of Families to Support: If many depend on you financially, this insurance can help care for them and your mortgage.
Not all calculators are created equal! Here's what to look for when choosing a home loan insurance calculator:
Easy to Use: It should be simple to understand and navigate, even for beginners.
Detailed Information: It should let you enter all the important details about your loan and personal information.
Accurate Calculations: Make sure it uses up-to-date information for the right results.
Comparison Tools: A good calculator will let you compare different policies side-by-side to find the best policy.
A home loan insurance calculator and home loan insurance EMI calculator are essential tools for selecting the right policy for your financial needs. Use an online calculator today to make informed decisions and ensure financial security.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.
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