Never miss a story

Get subscribed to our newsletter

Guide to buy best term plans. Shutterstock

By Yashvi Jain

Earlier, when you buy an insurance policy, either an agent or the branch will assist you with the premium calculation, depending on your financial needs. But today, with the introduction of the Internet in every phase of our lives, we can quickly check the insurance premium payable online using a term insurance calculator. Every insurance company has its term insurance calculator available on its website or mobile application.

A term insurance calculator is a free online tool that helps calculate the amount of premium payable for the desired insurance coverage and policy benefits. The premium is calculated based on the life insured’s age, type of coverage, amount of coverage, insurance history, and other factors. In a term plan, life coverage is the essential aspect, as this is the amount that your nominee gets in your absence.

Follow NewsGram on Facebook to stay updated.

Why Is An Online Term Insurance Calculator So Important?

An online term insurance calculator can make things easy for you. Here is why you must check your premium on a term insurance calculator before buying a plan:

  1. Comparison of various plans to select the best plan
  2. Time-saving and easy to check
  3. Cost-effective

Let’s dig into each of these aspects in detail.

Comparison of various plans to select the best plan

Compare the various plan features and premiums to select the best. Pixabay

Insurance companies usually offer different term plans to suit the customer’s needs. When using a term insurance calculator, you can compare the various plan features and premiums to select the best plan for you. You can visit an insurance company website and use the term plan calculator to compare each insurer’s premiums in one place.

Time-saving and easy to check

You don’t have to visit the insurer’s office or talk with your agent to schedule the premium calculation and submit any documents. Comparing the term plans online helps you get quotes within minutes. Hence, it facilitates a quick decision-making process as to whether you need to buy the policy or not.


Once you have compared the different premiums available using a term insurance calculator, you can buy the term plan online at a specific premium amount and coverage. Buying term insurance online is also cheaper as there are no intermediaries or agents involved.

Effective financial planning

Knowing an estimated amount of term life insurance premium makes it easier for you to plan your financial goals effectively.

Term insurance is also one of the best investment options for tax benefits (both deductions and exemptions) under the Income Tax Act 1961. It offers full protection for your family in case of any unforeseen death event of the insured.

How to use a term insurance calculator?

There is a series of steps to be followed. Shutterstock

When you use an online term insurance premium calculator, you need to follow a series of steps mentioned below:

  • Visit your insurer’s website and input the necessary details. These details include your age, retirement age, annual income, and whether you have any existing life insurance cover.
  • The next step is to enter your financial data, which includes details regarding all types of assets and liabilities under your holding. Like for example, if you have invested in mutual funds, or taken any loan.
  • Though the online interface of the term insurance premium calculator will be different for each insurer, you will either be called by their representative executives or shown with a list of premium options available.
  • Once you know the premium, you can buy the term plan using net banking or mobile banking applications.

Are Online Term Insurance Calculator Estimates Final?

An online term insurance calculator available on the insurer’s website is accurate and updated with the latest quote. Thus, instead of relying on any third-party providers or agents, you should depend on the insurer’s estimates when it comes to buying a term plan. Though the results provided in the term insurance calculator are accurate, the final premium cost can be slightly different from the quote you receive

Tips for Choosing The Best Term Policy

While determining your policy, consider the number of dependent family members and their ages.

  • Think about the amount that they will need to maintain the same lifestyle.
  • Coverage should be based on your family’s needs and not based on your income.
  • Include the outstanding liability (if any).
  • Choose the plan that offers a high claim settlement ratio.
  • Choose your riders wisely to maximize insurance benefits.

ALSO READ: India Faces Technical Recession: RBI

Among the different investment options, term insurance is also one of the best investment options that provide maximum coverage. To maximize term plan benefits, you can choose additional riders like critical illness coverage, accidental death coverage, or accidental disability. Most insurers charge an additional premium to the policyholder’s existing term plan. So, it is advised that you talk with your insurer before finalizing the policy terms and conditions.

(Disclaimer: The article is sponsored, and hence promotes some commercial links.)


getty pictures

Divorce proceedings

Divorce is a hard fact in someone's life because it can affect all aspects of life like social, economic, and living status. Conditions become tougher if you have children. Recovering from divorce is also a painful process but good thing is that it is possible to get through it and place better in terms of both finances and emotions. The impact of divorce on finances can be life-lasting but taking precautions and thorough investigations of options can help a lot not only to save unnecessary costs but also some other hidden areas where you weren't aware. Following are some tips to save money during a divorce.

1.Avoid advice from everyone

Keep Reading Show less
ryunosuke kikuno/unsplash

Hosting the Olympics is an economic burden on host cities which mainly include construction delays, cost overruns, security issues, and environmental concerns.

By Saish

Gone are those days when people, sports enthusiasts, and governments lined up to host the Olympics. Hosting the Olympics, once seemed to be an immensely prideful event, but it has now transformed into an economic burden. Host cities grapple with a plethora of problems which mainly include construction delays, cost overruns, security issues, and environmental concerns.

Keep Reading Show less

Tokyo Olympics 2020 Indian wrestler Ravi Kumar enter semi finals.

Indian wrestler Ravi Kumar (57kg) and Deepak Punia (86kg) enjoyed fruitful outings at the Tokyo Olympic Games as they secured semifinal berths in their respective weight categories at the Makuhari Messe on Wednesday.

On the opening day of the wrestling competition, Ravi Kumar defeated Bulgaria's Georgi Vangelov 14-4 on technical superiority to reach the last-four in the men's 57kg category, while compatriot Deepak Punia overcame China's Zushen Lin 6-3 on points to advance to the semifinals.

Ravi Kumar will take on Nurislam Sanayev of Kazakhstan in the last-four, while Punia will be up against David Morris Taylor of the USA.

Earlier, Ravi Kumar had won his opening-round bout by technical superiority against Colombia's Oscar Tigreros to secure a quarterfinal spot. Competing in the Round-of-16 bout against the Colombian wrestler, the 23-year-old Ravi Kumar, who is making his Olympic debut, showed no nerves as he dominated the bout to win by technical superiority (13-2).

Ravi Kumar landed attack after attack and went 13-2 up, winning the bout by technical superiority with minutes to spare. In wrestling, building up a 10-point lead over the opponent results in a victory by technical superiority.

India's 86kg freestyle wrestler Deepak Punia showed no signs of the niggle that had forced him to pull out of the Poland Open Ranking Series in Warsaw in June, as he defeated Nigeria's Ekerekeme Agiomor on technical superiority to secure a quarterfinal berth.

He got his Olympic campaign to a fine start as he was in control from the start of the bout and hardly ever allowed his Nigerian opponent any room to maneuver his moves, finally winning with a 12-1 on technical superiority.

Punia, who had also suffered an elbow injury just before the Games, was slow at the start but came into his own as the bout progressed, inflicting takedowns at regular intervals to earn points.

The Indian wrestler eased into a 4-1 lead at the break and extended his lead comfortably in the second period.

Punia, the silver medallist from the 2019 world wrestling championships, then set up a clash with China's Lin Zushen in the quarterfinals and defeated him 6-3.