Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
How Do Life Insurance Term Plan Premium Calculators Work?
5 mins
4.1KWhat is term insurance? How do premium calculators help?
The term insurance, also known as a term plan, provides coverage to the nominee in the unfortunate event of death of the life insured during the policy term (duration of the policy). At the time of purchase, the coverage amount is determined (known as a sum assured ). Since it is a pure risk coverage plan, if the policyholder is alive till the end of the policy term, the customer will have to forego the coverage.
These days, companies like Generali Central Life Insurance offer term plans with a return of premium option, where if the life insured is alive till the end of the policy term all the premiums are returned. There is no premium rate, rather, a fixed premium amount is decided based on the sum assured, policy term, type of policy, age of the life insured, and many such factors.
What is a life insurance term plan premium calculator?
Also called a or a , this is a specially built and customised tool. It helps calculate the estimated monthly or annual premium you are required to pay towards the policy.
When looking to acquire a term insurance policy, the life insurance term plan premium calculator can help estimate the premiums and decide whether the policy is affordable. Thus, they are simple to use and remarkably useful to insure yourself if you have budget constraints.
How does a life insurance term plan premium calculator work?
The premium rate for a term insurance plan is decided by the plan selected and the applicant's qualifications. In general, premium rates for younger insurance purchasers are lower than those for people in their 50s. Compared to older insurance buyers, young policyholders are deemed healthier and fitter and are at a lower risk for the insurer.
Furthermore, a variety of factors influence the policy's premium rate. As a prospective policyholder, you may use the term insurance calculator to find the most advantageous plan at a low premium cost. As you change the criteria involved in the computation, the term insurance premium will also vary. Additionally, while using the life insurance term plan premium calculator, you must submit the following information:
Term insurance comes in a variety of forms. The premiums vary based on the plan you choose. As a result, there are many for various types of term policies.
Different types of term insurance calculators
There are various types of term insurance calculators based on the below plans:
1.Level term plans
Level term life insurance plans have a fixed sum assured that does not vary during the life of the policy. These are the most basic term policies, and the premiums must be calculated using a basic term insurance calculator.
2.Increasing term plans
An expanding or increasing term plan is when the sum guaranteed rises by a specified percentage each year. The premium does not change even when the coverage does. On the other hand, the premium is calculated so that it covers the expense of increased coverage. Separate term insurance calculators are used for these policies, which compute premiums based on rising coverage levels.
Quick Link: Generali Central Flexi Online Term Plan
3.Decreasing term plans
Decreasing term plans are the polar opposite of growing term plans. Every year, the amount promised under these programs decreases. These programs are frequently accompanied by loans to meet decreasing liabilities. These policies also require a separate term insurance calculator to calculate the annual set payment, which must be paid even if the coverage decreases.
4.Return of premium plans
When these return of premium plans reach maturity, the premiums paid are reimbursed. As a result, these plans offer a maturity benefit. The premiums for these plans are calculated using a return of premium term insurance calculator since the premiums are greater than standard term insurance policies.
Quick link: Term Insurance with Return of Premium Calculator - Life Insurance Premium Calculator
GCLI offers various plans like single-premium term insurance plans, unit-linked insurance plans ( ULIPs ), health insurance, child plans, and retirement plans. They also offer group insurance plans. Some group insurance plans are Generali Central Sampoorn Loan Suraksha , Generali Central Group Leave Encashment Plan , etc.
Advantages of life insurance term plan premium calculators
Before you acquire a term insurance plan , you should utilize a term insurance calculator for the following reasons:
Conclusion
Term life insurance is a way to show your family how much you care. It's about following through on commitments and fulfilling the promise of taking care of loved ones, shielding them from severe financial instability in uncertain times. If you are worried about premiums, use a life insurance term plan premium calculator to get an idea.
Life insurance coverage is essential at all stages of life. At various periods of your life, you may invest in multiple life insurance plans to increase your wealth and safeguard your family from any financial difficulty. You can explore the different life insurance plans offered by GCLI to choose the one that caters to the needs of your loved ones.
Sources:
: ADVT/Comp/2021-22/November/314
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Get Expert Advice from Your Trusted Life Insurance Partner!
Have questions? Get help and reliable support from experts at Generali Central India Life Insurance.
Explore Knowledge Center
From insurance basics to wealth-building strategies — everything you need, in one place.
Got Questions? We’ve Got Answers!
Here are answers to some of the questions you might have.
Life insurance is a financial safety net that supports your loved ones in your absence. If something happens to you, it provides them with funds to help cover everyday expenses, repay debts, and achieve future goals. It gives you peace of mind, knowing your family’s financial future is secure— no matter what.
The right plan depends on your needs.
Start by assessing your life stage, financial goals, and the needs of your family. Consider factors like your income, outstanding loans, future expenses and goals (like children’s education, foreign travel, study abroad), and desired coverage amount. We offer a wide range of plans that cover multiple goals and budgets. To get a better idea and make a confident choice consult with a financial advisor or call us on 1800 102 2355.
A good rule of thumb is to aim for coverage that's 10–15 times your annual income. Consider your family’s living expenses, outstanding loans, children’s education, and long-term goals. The right amount ensures your loved ones can maintain their lifestyle and meet future needs— even in your absence.
We would love to help you choose and buy the right policy for your needs. Call our toll-free number 1800 102 2355 or drop us an email at care@generalicentral.com.
Reach out to us in any way that you prefer, and our team of experts will soon get back to you!
Disclaimers
Understand your policy better with key details and insights into our Generali Central Life Insurance.
This Product is not available for online sale. Life Coverage is included in this Product. For detailed information on this plan including risk factors, exclusions, terms and conditions etc., please refer to the product brochure and consult your advisor, or, visit our website before concluding a sale. Tax benefits are as per the Income Tax Act 1961 and are subject to any amendment made thereto from time to time. If you have any request, grievance, complaint or feedback, you may reach out to us at care@generalicentral.com For further details please access the link: www.generalicentrallife.com/customer-service/grievance-redressal-procedure.
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