A term insurance premium calculator is a tool that helps calculate your premium. It is a free-of-cost tool that is easily available online and enables you to get a better idea about how much you have to pay to receive the required sum assured. Through this assessment, you can plan your financial budget in a better way. You can also verify
which term plan will suit you and whether the life cover you want will be enough for your family or not.
For Term Insurance calculation, you need to provide various details like your age, gender, date of birth, policy term and required sum assured based on which the premium to be paid by you is calculated. Term insurance calculator is easily available on every insurance website. You can visit the IIFL Insurance website to use the term insurance calculator.
There are diverse types of life insurance available in the market, but term life insurance is one of the most popular options for people.
Term life insurance, within a certain time frame, guarantees a policyholder various death benefits to their beneficiaries.
The two major factors that you should consider when buying insurance are the length of the term and the cost of the insurance.
With age, your responsibilities also increase, and you might want to offer additional protection to your family in your absence.
If you have invested in a term insurance plan early in life and over the years have realized that your loved ones need more financial security, you can always increase the sum assured amount.Read on to know how you can increase the cover amount of term insurance plans.How to increase your cover amount for online term insurance?There are two ways to increase your cover amount:Use the increasing cover option in your existing policy: If your current policy offers the rising sum assured option, you can go forward and raise the cover amount and enjoy more reliable protection.
This allows you to ensure that your loved ones are well-protected all the time.When you opt for this option, the insurance company will likely increase your premium amount in proportion to the sum assured amount.
However, the rest of the features and services remain the same, and there is no change in the terms and conditions of the plan.
In the unfortunate event of death, your loved ones receive the updated sum assured amount, as long as you have paid all premiums and the policy is active.This is a convenient option as you can modify your existing plan without any hassles.
Purchase a new plan with a higher sum assured: If your current insurance provider does not offer the option to increase the cover amount of your online term insurance plan, you can consider purchasing a new term plan.