FAQs 219 views November 19, 2018

While buying any kind of insurance policy, customers are more inclined about how their premium rates have been calculated. While some seek the help of their financial advisor, the digital mode has now made it easy to estimate the premium amounts by filling in certain basic details. Insurance companies sharing the online insurance premium calculator have enabled prospective consumers to know the premium rates they have to pay to correspond to the amount of sum assured they are looking for.

Some of the common benefits of having an online insurance premium calculator may include:-

Choosing the cheaper policy: Corresponding to the same amount of life cover and policy periods, different insurers charge different premium amounts. Filling in the details in the online premium calculator ensures that we do not end up paying extra to avail benefits promised by another insurer selling cheaper plans.

Saves time: The need to submit physical documents takes up a lot of time and energy. To get estimated values of insurance premium amounts, the customer does not need to submit hard copies of any document. The online version just takes into account your gender, age and the payout you are seeking. Based on these details, it helps gauge the amount that policyholders may need to pay for availing the benefits of insurance.

Comparison is easier: If customers wish to compare the premium rates of various insurance companies before zeroing on the cheaper one, they can log on to online insurance portals or insurance web aggregators to view the premium rates charged by different companies on a single chart corresponding to the amount of life cover they are seeking from their policy.

Saves on costs incurred: Getting the best deal at the lowest possible price is one of the inherent benefits of using an online term insurance calculator. Moreover, it helps get rid of the middleman costs or fees required to be paid to any insurance agent for premium calculation, thus, enabling automated service at virtually no added charges.