Term Insurance Calculator
What’s This?
The Term Insurance Calculator helps you determine the coverage and premium for various term plans based on your age, income, and lifestyle. It’s tailored for Karur residents to ensure financial security for your family.
How to Use
1. Select your plan type, gender, and tobacco use.
2. Enter your age, annual income, number of dependents, desired coverage, and policy term.
3. Provide phone and email for a personalized quote.
4. Click "Calculate" to see your coverage, premium, and tailored tips.
5. Click the WhatsApp button to get a free quote with all your details.
How It Works
The calculator estimates your term insurance coverage using a simplified DIME approach (Income × Multiplier) for Regular and Return plans, and predefined sums for Housewife and Saral plans. Premiums are calculated based on plan type, age, gender, tobacco use, and term, ensuring affordability for Karur residents.
Formulas:
Coverage (Regular/Return) = Annual Income × Multiplier (10-20, based on dependents)
Annual Premium = (Sum Assured / 1,00,000) × Base Rate × Age Factor × Gender Factor × Tobacco Factor × Term Factor
Monthly Premium = Annual Premium / 12
Top 20 FAQs
1. What is term insurance?
Term insurance provides financial coverage for a fixed period. If the insured passes away, the nominee receives the sum assured.
2. How much coverage do I need?
Ideally, 10-20 times your annual income, depending on dependents and liabilities.
3. What affects my premium?
Age, gender, tobacco use, sum assured, and policy term influence premiums.
4. Is term insurance tax-free?
Premiums qualify for deductions under Section 80C, and benefits are tax-free under Section 10(10D).
5. What is the policy term?
The duration of coverage, typically 5-40 years, based on your needs.
6. Who should buy term insurance?
Anyone with dependents or financial obligations in Karur should consider it.
7. Does it cover critical illness?
Optional riders for critical illness are available with additional premiums.
8. Can I cancel my policy?
Yes, but check for surrender charges; consult Twins Consultancy.
9. What is the lock-in period?
Term plans typically have no lock-in; verify policy terms.
10. How do I choose the right plan?
Use our calculator and consult our Karur experts for advice.
11. Can I get a loan against my policy?
Term plans don’t offer loans; whole life plans may—check with us.
12. Can I switch plans?
Switching may require a new policy; consult Twins Consultancy.
13. Does health affect my premium?
Yes, pre-existing conditions can increase premiums.
14. Should I buy for my child?
Focus on your coverage first; child plans are available—ask us.
15. What documents are needed?
ID proof, income proof, and medical reports; we’ll guide you in Karur.
16. How long does approval take?
Typically 7-15 days, depending on medical checks.
17. What is a nominee?
The person who receives the benefit; choose wisely with our help.
18. What if I miss premiums?
Grace periods apply (15-30 days); lapses may void coverage.
19. What is Return of Premium?
It returns paid premiums if you survive the policy term.
20. How do I claim benefits?
Contact your insurer with death certificate and policy details; we assist in Karur.