A Quick Guide to Calculate Life Insurance Premium
Life insurance plans are known to reduce the financial risk associated with life. There are the noblest financial instruments available in the market that will take care of your financial liabilities and spending in your absence. Understanding this fact, insurers have launched several life insurance plans in the market.
Selecting an appropriate life insurance policy is a challenging task, especially when you are not aware of several factors. In order to simplify the process of premium calculation, take a look at the simple calculator provided by AEGON Religare.
To begin with, you need to enter the basic details in the calculator:
Basic Personal details:
Name, date of birth, smoking or tobacco consumption habit, and gender. Other additional personal details to be entered include the total annual income.
Once you enter the personal details, you will be redirected to a page which will consist of the following four factors.
1> Policy Term:
You can select a policy term from a minimum of 5 years to a maximum of 75 years. This can be selected on the basis of your current age.
2> Life Cover:
Generally, the system calculates the life cover for you, depending on the date of birth, gender, smoking habits, and annual income. Still, you have the provision of customizing the cover amount by toggling through various amounts.
3> Choosing Additional Benefits:
These are the additional covers that you can avail in addition to the basic life cover.
i) Accidental Death Benefit Rider:
In event of accidental death due to an unfortunate event, this benefit gives an additional pay-out.
ii) Waiver of Premium Rider on Critical Illness:
In case if the insured person is diagnosed of any critical illness, then this rider will waive off the additional premium charged. Thus, there will be no hassles in claim processing.
iii) iCl Rider:
This rider offers cover to four critical illnesses that include Cancer, Open Chest CABG, First Heart Attack, and Stroke.
After all these factors are included, the final premium is calculated, and you can move ahead to purchase a policy.