A life insurance calculator is an online tool that helps you calculate how much premium you have to pay for buying a life insurance plan. It also helps you compare the premiums payable for various insurance coverage amounts and suggests life insurance plans suited to your financial capacity and personal needs.
The life insurance premium calculator uses a unique algorithm that considers a variety of parameters like age, date of birth, gender, lifestyle habits, annual income or earnings, and the desired sum assured amount you have in mind. After considering these factors, it suggests the premiums payable for the requisite policy term. Read on to get your questions on the types of insurance calculators, their benefits, and how to use them answered.
Calculators
Term Insurance Calculator
Calculate the amount of premium that you need to pay for the desired insurance coverage and policy benefits.
Retirement Planning Calculator
Find out how much would you need to have a happy, worry free retired life
BMI Calculator
BMI is a reliable measure of body fatness leading to health problems. Know your weight category based on your height/weight combination.
Using an online premium calculator can benefit you in many ways.
1. Time-saving
The foremost benefit of using an online insurance calculator is it saves time. Because the entire process is online with a pre-developed calculating algorithm, using the premium calculator takes less time than it would take you manually or on paper.
Moreover, it is easy and cuts the paperwork required in offline calculations. It is also far more accurate than manual calculations where you run the risk of faulty assessments, irrespective of whether you do it yourself or under the assistance of an insurance agent. All the insurance policy calculator requires is to input specific details, and it will do the rest for you.
2. Free of cost
There are no costs involved in using the life insurance calculators. Insurance providers provide detailed steps and guidelines on using the insurance calculator and what information to enter to get the appropriate premium prices and plan options. Moreover, they have toll-free contact numbers to get free of cost guidance from expert insurance agents or customer service operators.
3. Comparison of multiple policies
A policy premium calculator lets you compare the cost of several insurance policies. You can analyse the features of different insurance policies and the benefits unique to each of them. For instance, you can see how much coverage you can get in a term insurance plan, savings insurance plan, and child education plan. You can pick which riders you can add to each insurance policy and see how much additional cost you need to pay over the base insurance plan costs. Per your life goals, financial capacity, and other unique requirements, you ultimately get directed to an insurance plan that aligns with your requirements.
Using a life insurance premium calculator is simple. Insurers generally provide clear, easy-to-follow steps that help you come to a life insurance premium quote hassle-free. First, you have to provide basic personal information to the life insurance policy calculator. The steps to use the life insurance premium calculator are:
1. Visit the PNB MetLife website.
2. Go to the ‘Buy Insurance’ tab and select ‘Tools and Calculators’.
3. Then, click on the calculator of your choice.
4. Enter details like your name, gender, age, income, health history, occupation, etc., followed by the sum assured as requested by the calculator.
5. You can also add riders like a critical illness rider.
6. Once you have entered the information, click on ‘Calculate Premium’.
7. The premium will be calculated based on information submitted by you and reflected on the screen.
8. If you want to make any changes to the inputs, you can go back and make them. Then, you can compute the premium again to compare the premiums for different sum assured amounts or policies.
You can use a life insurance premium calculator in a matter of a few minutes. It can generate precise estimates and help you pick a suitable cover for your needs. Once you input these details, you will get quotes of various life insurance plans tailored specifically to meet your unique needs.
The premium charges for each plan will also be displayed. You can compare the insurance plans suggested and check which features align with your requirements best. The last step would be finalising a life insurance policy and making the payment.
Insurance calculators are diverse, each catering to a specific life goal or all life goals in one comprehensive cover. The various types of insurance calculators include:
1. Term insurance calculator
Term insurance is a pure protection-based insurance plan that provides a pre-agreed sum of money to the family members of the breadwinner or policyholder on their unforeseen demise. A term insurance calculator helps you find the premium payable for getting the desired coverage and additional plan benefits to secure your family in your absence. The additional benefits include critical illness coverage, accidental death, and physical disability arising from an accident.
2. Retirement sum assured calculator
A retirement life insurance calculator helps you calculate the exact amount you need for a comfortable and stress-free retired life. It takes factors like your ideal retirement age, your desired post-retirement income, and your current savings and investments earmarked for your golden years. It is different from a term insurance premium calculator or general life insurance calculator as it takes crucial factors like the inflation rate at your desired retirement age and expected returns on investments/ savings into consideration.
3. Savings plan insurance premium calculator
A savings plan is a dual benefit-based insurance plan that provides the twin benefits of life insurance coverage and the space to save your money systematically to generate interest-based returns in the long term. A savings premium calculator gives you an estimate of how much you need to set aside for investing in creating a specific percentage of wealth within a given time frame.
4. Child education/ marriage premium calculator
A child education insurance calculator helps you arrive at an estimate of how much you will need to fund your child’s future studies and higher education. It assists in planning their future in line with the then inflation rate. Similarly, a child marriage life insurance premium calculator helps calculate how much you would need to set aside for your child's big day. By using these calculators, you can ensure your child crosses these milestones without any obstacles.
Apart from the term plan calculator, retirement premium calculator, and other life insurance calculators, a few other calculators can help you understand what factors influence your life insurance premiums. These include the -
1. BMI calculator
The BMI or body mass index calculator is a calculating tool that gives you an understanding of your body fat or mass. It checks whether your weight is ideal for your height or a cause for concern. The BMI calculator uses the standard BMI chart ratios where height and weight combinations fall into normal, overweight, and obese categories.
Suppose you weigh more than the recommended weight for your height. In that case, you will be considered at risk for weight-related diseases like diabetes, hypertension, and heart disease, among others, and influence life insurance premium prices.
2. Mortality risk calculator
A mortality risk calculator peeks into the various habits shaping your life and calculates how risky each of these habits is. Insurance premiums depend on various personal factors in your control like your routine, lifestyle, food intake, workout regime, health issues, family medical history, and genetic conditions. Depending on these factors, it assesses your lifespan and how much premiums you will have to pay for life insurance plans. If you are healthy, have disciplined lifestyle habits, and have little to no risk of developing health ailments, you will fare well on the mortality risk calculator.
3. Human Life Value calculator
The human life value calculator helps you calculate the financial value of your life and the family members you are financially responsible for. The insurance calculator considers your age as the foremost factor. It then asks for your monthly expenses, total savings and investments, pending loans and debts, and approximate value of how much your family will need to fulfil their future goals. Finally, it calculates how much insurance coverage would serve your needs best based on these factors.
Life Cover
Protect your loved ones with a sum assured (ideally 7 times that of your annual income) even in your absence.
Riders
Get additional benefits in the form of health riders and protection against accidents, critical or serious illnesses.
Non-Linked plans
Term insurance plans are suitable to those who have a lower risk appetite as they are not linked to any market factors.
Affordable Premiums
Low premium rates set Term Insurance Plans apart from other life insurance plans. Non-smokers and women typically enjoy lower premiums.
Tax Benefits
Your life insurance policy can get you tax benefits from the moment you start paying premiums! Availing this benefit can help you save up to Rs. 1,50,000 from your taxes. However, you can claim this benefit only when the premiums paid don’t exceed 10% of the sum assured (under sec 80 C, I-T Act, 1961).
Life insurance premiums are calculated in two ways – manual or online. The manual way can be very complex, time-consuming, and inaccurate. Nowadays, life insurance premiums can be calculated online through the life insurance premium calculator.
The premium calculator tool requires you to input some basic personal information and then certain financial details to give you an estimate of how much premium is payable for a particular life insurance plan. The asked details include your age, gender, annual income, preferred payment tenure, policy term, lifestyle habits, etc.
After entering these details, it suggests the life insurance plans right for you and the premium prices payable for each insurance plan.
It is simple to use a life insurance calculator or any insurance calculator for that matter. Usually, you will get clear-cut steps to follow on the insurer’s website and a link to the premium calculator.
All the life insurance premium calculator requires is the entry of personal and financial particulars. These details include the date of birth, gender, preferred policy term, premium payment tenure, mode of premium payment, occupation, annual income, and desired sum assured.
Based on the information you submit on the insurance calculator, you get life insurance plans and premium quotes tailored to your unique needs.
Life insurance premium calculators are beneficial in ways more than one. Apart from being easy-to-use and navigate, the insurance calculators help you:
The life insurance calculator is digital and free to use. You can simply go on the insurance provider's website, add in the required details, and get the information you need with the help of the calculator. The sum assured calculator does the work for you quickly and efficiently.
With a life insurance calculator, you get to compare the features of multiple insurance plans at once. For example, you can see whether a term plan, retirement plan, savings plan, or child plan suits you and see the corresponding prices for each plan. This can lead you to an insurance plan that offers comprehensive coverage at an affordable premium price.
Life insurance is necessary to secure financial assistance for your loved ones in your absence. Given the uncertainty of life, we need to plan and prepare ways to stay firmly rooted when obstacles come our way. Life insurance takes on the responsibility of providing financial support to those you care for in the eventuality of your death or an event that causes permanent physical disability.
Moreover, it helps you create a sufficient corpus for the joyful milestones of life like higher education, marriage, and retirement. It also beats external factors like inflation and gives meaning to your saving efforts.
To calculate how much insurance you need, you must first decide what type of insurance you require. Then, depending on the insurance type, you can use a term plan calculator, retirement calculator, savings plan calculator, or other life insurance calculator. Then, to get the approximate insurance cost suitable to fulfil your needs in the future, you have to submit the requisite information asked.
These include details like your age, name, gender, birthdate, annual income, monthly expenses, and the sum assured you desire, among others. After this, the insurance calculator will suggest suitable insurance plans and the premiums payable for them.
Yes, you can add riders to your life insurance policy while buying it online. As most of the buying process is online, adding riders to the life insurance policy is online too. Before finalising the riders you want, you can check the features of each rider and then add them to your insurance policy. You can even add multiple riders to one life insurance policy. However, the more riders you add, the higher your premiums will be.
Yes, there are many options to choose how to receive life insurance payouts. You can choose your payout option while buying the life insurance plan. Usually, the payout options include:
To calculate the amount of life insurance you require, you can use an online premium calculator. The online premium calculator takes your personal and financial details to come up with life insurance estimates that align with your goals. It then shows you the corresponding premiums payable for each plan.
There are several advantages of investing in a life insurance policy, especially early on in life. With life insurance, you get:
Bonus declared for Participating Policies in FY’23
transactions completed on the khUshi chatbot.
Claim settlement ratio for retail business
Locations & strong branch network
Bonus declared for Participating Policies in FY’23
transactions completed on the khUshi chatbot.
Claim settlement ratio for retail business
Locations & strong branch network
As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.
PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance Plans, Term Plan, Protection Plans, Long Term Savings Plans , Retirement Plans & Child Education Plan.
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