Term Insurance Calculator

Key Benefits of our term insurance plan

Here are the key benefits of Moneyfy’s Term Insurance Plan:

1. Accidental Death Benefit: Receive an additional payout in case of death occurring due to an accident.

2. Exit Early Option: Once your need for insurance coverage is over, opt for this to get your paid premiums back.

3. Waiver of Premium Benefit on Accidental Total Permanent Disability/ Terminal Illness: The premium is waived during the policy term in the case of accidental total permanent disability/terminal illness.

4. Avail Tax Benefits: Under the Income Tax Act 1961, you can receive tax benefits on what you pay and what you or your family receive. 

5. Premium Holiday: Skip your premiums for 1, 2 or 3 years during the premium payment term.

Why choose Tata Capital Moneyfy?

Tata Capital’s Moneyfy offers you a bespoke bouquet of insurance products that help you secure your finances against unexpected circumstances. 

Who can buy a Term Plan?

Insurance and financial protection are crucial for any family, and term insurance can provide the safety net that your dependents need. However, it is essential to note that not everyone is eligible for a term insurance policy. Specific criteria need to be met. For example, it is advisable to buy term insurance plans at an earlier age. Many providers require policyholders to be between the ages of 18 to 65. Some providers offer term plans that start at age 65 as well. 

A health checkup may also be conducted to determine the policyholder's health and identify any risk factors. Pre-existing health conditions like asthma or diabetes may affect eligibility or cause the premiums to increase. When choosing a term policy, it is also essential to consider your financial goals. Factors like the policyholder's age, income, health, lifestyle, and more can also affect the premiums they are required to pay for term policies. 

How Life Insurance Calculator Helps You?

A life insurance calculator helps you ascertain the insurance coverage you need to protect yourself and your loved ones against unforeseen events and its premium amount. With a life insurance calculator, you can calculate your premium payable based on factors such as: 

1. Amount of Life Cover

This refers to the amount your insurer will pay your family or nominees in case of your unfortunate demise within the term of the policy. Consider choosing a life cover of a minimum of 10 to 15 times your annual income.

2. Policy Term

This refers to the time for which the term plan will provide your life insurance coverage. Your loved ones or nominees will receive the amount in case of your unfortunate demise within this period. 

3. Select Add-ons

You can choose extra benefits by paying an additional premium amount at the time of buying your life insurance. These add-ons offer you benefits that aren’t provided by your life insurance.

One of the most significant benefits of life insurance calculators is that they allow you to tweak your sum assured, policy term, etc., to learn how your premiums will be affected. This helps you understand whether you can afford add-ons over and above your life insurance premium.

How To Use Term Insurance Premium Calculator?

Our insurance calculator is a free, user-friendly tool that helps you plan your insurance policies effectively. Here’s how you to use it:

Step 1: Fill in the Details

The life insurance calculator requires you to enter details such as your date of birth, gender, marital status, annual income, number of children, life cover, etc. You might also need to share your smoking habits. 

Step 2: Enter the Desired Sum to be Assured

Next, fill in the amount of insurance coverage you desire and the period of the coverage. You must also specify whether you would like your loved ones or nominees to receive the insurance amount in monthly instalments or lump sum. 

Step 3: Compare your Plans

The insurance calculator will recommend the most suitable life insurance plans based on the information you have shared. You can compare your options to choose the one that best fits your needs.

An insurance calculator helps you calculate and compare your insurance plans with ease. This, in turn, helps prevent any confusion at a later stage.