The premiums differ according to the credentials of the applicant and the plan chosen by an individual. Generally, a younger and healthier individual is likely to have lower premium as compared to a person who is nearing his/her 50s. Similarly, the premium for a non-smoker will generally be lesser, whereas a smoker is likely to be charged a higher premium. Apart from these factors, there are several other factors that determine the premium amount of a policy.

One can use of a premium calculator in order to find and select the most beneficial plan, at affordable premium rates. Premium Calculator is a tool which is designed to estimate the premium amount the insured is required to pay for the chosen sum assured amount . Also, the premium calculator estimates the premium amount on the basis of the policy chosen and technicalities like age, tenure, premium frequency, etc. While making use of the premium calculator the insured will have to provide certain information like:

• Age of Applicant
• Plan Name
• Premium Frequency
• Sum assured
• Tenure
• Rider (If any)
• Gender
• Date of Birth
• Proposer’s name

Once the insurance buyers enter all the required information, an estimate premium amount is displayed.

Features of Life Insurance Premium Calculator:

1. Coverage- The life insurance premium calculator helps insurance seekers to decide the exact amount of coverage they require in order to safeguard their families in case of an emergency or the unfortunate demise of the insured.
2. User-Friendly- Premium calculators are simple and easy to use financial instruments. All one needs to do is to fill-in the required details and the information will be displayed.
3. Analysis- Insurance buyers can compare the various plans and analyze the cost of the policy vs the benefits offered by the policy by entering details like date of birth and other particulars related to insurance.
4. Comparison- In order to choose the most beneficial plan according to one’s own suitability, the customers can provide the details related to various plans and can compare and analyze the plans according to the premium amount and level of cover.
5. Simplifies Difficult Data- Most insurance seekers find financial data and tax calculation relating to an insurance policy very confusing. The premium calculator provides the data instantly and without any hassles.
6. Provides Better Knowledge of the Product- As the premium calculator provides an option to analyze, compare, and simplify complex data, insurance buyers can better understand the policies offered by the insurance providers.
7. Customization- According to one’s own requirement and suitability the customers can make customizations by entering specific details related to the policy like premium paying tenure, date of birth, etc.