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SBI Life Insurance is one of India's most reputed insurance providers, especially for term insurance. It offers various life insurance products such as term insurance policies with high insurance coverage at lower premium rates. Several factors like age, income and smoking habits also determine the premium rates. Insurance buyers can use the SBI Term Insurance Calculator to estimate their approximate premium rate.
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Without online tools, it is challenging to calculate and customize a policy. It also helps the customers to do their research with varying sum assured amounts and policy tenures, including 1 crore term insurance plans.
Below are some of the benefits provided by Term Insurance Calculator:
Free of Cost: The Term Insurance Calculator is easy to use, plus it is free of cost.
Saves Times and Hassles: The Term Insurance Calculator saves time as it does not ask for any documents while calculating your plan. In a very few steps, you get the quote, and then you can decide if you want to go with the same or not.
Compare different Term Plans: SBI Life insurance offers various term plans to suit the needs of their customers. The Term insurance premium calculator lets you compare different plans' features and benefits and select the plan that's right for you.
Right Plan: You can also choose the highest possible life insurance amount that befits your necessity with the help of the calculator. There is an option for Additional Benefit as well, available at possible rate of premium.
Correct Premium Amount: SBI Life Insurance Calculator aims to provide the correct premium amount for your term insurance. The availability of different premium amount under different plans assists you in comparing and choosing the priced premium amount befitting your need.
To understand what is term insurance, you can take a look at the term plans offered by SBI life insurance:
SBI Life Purna Suraksha
SBI Life e-shield
SBI Life Smart Shield
SBI Life Grameen Bima
SBI Life Saral Swadhan+
SBI Life Smart Swadhan Plus
SBI Life Insurance Saral Jeevan Bima
SBI Life Insurance plan premium is easy to calculate with the premium calculator available online. Following are the steps to use the premium calculator:
Visit the official SBI website.
Enter your details like date of birth, gender, marital status, life cover, etc.
Enter the income details, such as the income details showing the earning capacity. It also plays a crucial role in determining the premium plans for you.
Click on ‘View Plans.'
Once you click on ‘View Plan,' a page will appear asking if you smoke or chew tobacco. Click according to your preference.
Choose your occupation and educational qualifications.
Enter how much amount you want (1 crore in this case) and the time duration. Click on 'Calculate.'
A page will appear with a customized plan and with some other Additional Benefit Plans. It will show you the premium amount and other plan details.
Select and choose your plan and buy according to your preference, if you agree to it.
Online calculators easily help you decide the premium amount a policyholder needs to pay against SBI Life Term 1 crore plan. The calculator is also free of cost to use. Plus, an individual can choose from any customized plan available for them.
The policyholder can pay the monthly amount yearly, quarterly, and even monthly and use the SBI Term Insurance Calculator to calculate the rough estimate of the premium. The insurance buyers can also modify the factors according to their needs. If the buyer does so, the plan will be changed accordingly.
To calculate the Life Term Insurance, buyers are required to enter the following details:
Name of the Applicant
Name of the Plan
Premium Frequency
Gender
Date of Birth
Assured Amount
Rider
Tenure
The applicants' plans and credentials regulate the premium term rate. The data of the buyer's input in the calculator decides the premium amount. All a buyer needs to do is simply enter their personal information, the amount, and the tenure. The calculator itself will do the rest.
Certain factors determine the rate of the Term Insurance. Following are those factors that need to be taken into consideration before calculating the premium of a term insurance policy:
Age: Age is the most important factor to consider before calculating the term insurance premium. As the SBI Life Insurance Calculator calculates the lesser premium for young buyers, it is recommended that they start a term insurance plan at an early age to enjoy long-term benefits.
Insurance Coverage: While determining the premium term for the buyers, insurance requirement is also another essential factor that the calculator takes into consideration. Choosing the term insurance premium plan and the coverage wisely according to your need and requirement is highly recommended.
Selected Policy Term: A buyer should always go for a longer tenure, as they have to pay a small premium. Hence it is economical.
Online Purchasing of the Term: If a buyer is buying the term online, it is convenient in terms of paying and cost-effective as well.
Occupation of the Buyer: Individuals working as fishermen, miners, firefighters, etc., are considered dangerous because of the nature of the work. Buyers with these occupations might need to pay slightly higher premiums.
The benefit received for the Term Insurance Plans from SBI Life is much higher than the payment done. It is necessary to have a premium plan to take care of their family. The Term Insurance Plan Calculator by SBI Life helps you to calculate the term plan insurance premiums and decide the plans fit for you.
†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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