how to choose right insurance policy to secure your future

7

Click here to load reader

Upload: manishpandye

Post on 21-Jan-2018

25 views

Category:

Economy & Finance


0 download

TRANSCRIPT

Page 1: How to choose right insurance policy to secure your future

How to choose right insurance policy to secure your future?

Page 2: How to choose right insurance policy to secure your future

• Life insurance premium is the cost that you pay for buying an insurance policy. After thorough checks, this premium rate is calculated by the specialist known as actuaries. These insurance premium rates should be adequate and be in a position to pay the policy benefits.

• Usually, a customer is confused on how to purchase a life insurance policy and for how much amount is sufficient to offer financial security to their family. Manual calculations are tedious, time-consuming and a slight misjudgment will lead to a shortage of cover to your family. Therefore, insurance companies have introduced life insurance premium calculator which is a tool that determines the advantages of insurance policies. It's a user-friendly tool which after thorough computation provides the estimate about the required policy.

Page 3: How to choose right insurance policy to secure your future

• Today, markets are filled with various online life insurance premium calculators which are meant for various insurance policies.

• Some types of life insurance premium calculator:

• Child plan insurance premium calculator - A child plan premium calculator helps you analyze and compute the money require to get adequate funds for your child's higher education, career prospects, marriage and other miscellaneous expenses.

• Term plan premium calculators: These calculators help you get the right premium amount that you will have to pay at a specific age for the desired coverage.

• Pension plan premium calculators: These calculators will help you know the amount to be invested today to earn the desired amount of steady pension in your retiring days.

• Investment plan premium calculators: It helps to analyze your investments in an insurance policy and give you future earnings projection.

Page 4: How to choose right insurance policy to secure your future

• The premium you pay per month for insurance policy depends on many factors including whether you’ve selected a whole or term insurance plans. Some of the important factors that will influence your cost of the insurance premium would be: Age, Ages of spouse & children, Income source, risk appetite, future financial goals, mortgage and other debts, education expenses of children and spouse, the asset in hand & lastly but not the least inflation costs.

• The answers to the following question will definitely influence on how much you will pay towards your monthly premiums. On an average, as you age the premium rate is bound to get higher, if you smoke or drink, consume tobacco, or work in the dangerous profession like skydiving, fire brigade, construction sites, you should honestly specify it. If it is found later your family might receive lesser coverage as decided earlier.

Page 5: How to choose right insurance policy to secure your future

• While calculating your insurance premium, the term or tenure of the plan is also important to decide the amount of cover and premium paid. According to experts, the minimum age that you should be insured is up to 65 years. This ensures that you are covered throughout your entire working life. In addition to the term of your plan, your age proves vital in your premium calculation. The Less is your age to adopt the policy, lesser would be your premium costs.

• Term Insurance Calculator is offered by various insurance companies in India. These tools make customers life easy and quite sorted. Premium calculator with maturity amount provision not only enable people to calculate the amount payable but also help in determining the amount receivable after maturity is calculated. You can think thoroughly and choose the correct policy without any confusion. Some companies might offer you calculating facility along with the service tax applicable on your insurance policy.

Page 7: How to choose right insurance policy to secure your future

Click to know more on Term Insurance Calculator:

https://www.bajajallianzlife.com/calculators/life-insurance-calculator.jsp

Thank You