Life uncertainties come without any prior warnings. While there is nothing that you can do to avoid them, you most certainly can keep yourself and your family financially prepared to face them.
If the challenging times result in your sudden death, your loved ones will be left to repay your financial liabilities. Dealing with these changes can make matters worse for them, leaving them financially unstable.
Therefore, to protect your family against financial crises in your absence, it is best to buy a life insurance policy. Let us understand a little about what life insurance is.
Life Insurance – Life insurance is one of the highest-selling investment tools in India. Ideally, a basic life insurance plan protects your family financially in case of your sudden death. However, you will receive maturity benefits in most life insurance plans if you outlive the plan tenure.
However, insurers in India provide basic term insurance plans with several variants. Let us give you an overview of the same.
Term Insurance – Term insurance is the simplest life insurance product available in the market. The policy provides a lump sum benefit to your loved ones in case of your sudden demise. The death benefits received by your family can be used by them as and when needed.
Besides, insurers in India allow you to enhance the scope of your term insurance plan with rider benefits. That way, you can avail extensive benefits under the new age term insurance plans.
Ideally, term insurance is the most affordable life insurance policy. You can secure extensive coverage at a nominal price. However, each rider benefit you choose will add an amount to your base premium. Thus, increasing the overall cost of your policy.
So, to help people understand the price of term insurance for their desired coverage and rider benefits, insurers have a term insurance calculator available on their website.
We have enlisted a few benefits of using the term insurance calculator for your better understanding.
- It is quick: Any term insurance calculator available online provides prompt and accurate results. The tool uses its algorithmic prowess to churn results that are accurate, allowing you to make a better financial decision when buying term insurance plans in India.
- Easy to compare policy based on premium amount: Since most insurers in India offer the term insurance calculator tool, it makes comparing term plans by different providers easy. Based on the results of the tool, you will be able to shortlist a term insurance policy that is affordable to you.
- It saves money: In the end, all of us are looking for ways to save money when buying insurance. With the term insurance calculator, you will be able to decide on a term plan that is cheap on your pocket, and best secures your family’s financial future.
The Bottom Line
For those who are keen on buying a term insurance policy should use the term insurance calculator. The tool will help determine the premiums charged on your desired coverage.