HDFC Life Insurance is one of the leading insurance provider companies in India. The company offers an extensive range of life insurance policies to cater to the needs of insurance seekers.
When it comes to the term insurance plan, then HDFC Life offers some of the most comprehensive plans at an affordable premium rate.
Moreover, the company also assists customers in computing the cost of insurance coverage and the premium rate of the policy with the help of an HDFC term insurance premium calculator available online.
What is the HDFC Term Insurance Premium Calculator?
The HFDC Term Insurance Calculator is an online tool that helps policy buyers evaluate the approximate value of the premium amount that they will be required to pay for the chosen policy.
The HDFC term insurance premium calculator calculated the premium based on the age, policy tenure, the sum assured amount, etc. chosen by the insured.
Before zeroing in on a plan, it is always advised to the insurance buyers to calculate the premium rate of the policy, so that they can make a sound financial decision that how much need to invest to have the desired coverage.
With the help of the HDFC term insurance calculator, insurance buyers can get the premium rate of the policy instantly by providing some basic information. These basic details vary from person to person. The HDFC term plan calculators are designed in a way that provides quotes based on the data provided by the insurance buyers.
Factors Affecting HDFC Term Insurance Premium Calculator
Various factors play an important role in determining the premium rate of the insurance policy. Let’s take a look at some of these factors in detail.
- Age- The age of insurance buyers is one of the most important factors in determining the premium amount of the policy. The higher the entry age of the policy buyer will be, the higher will be the premium amount. This is because, with the growing age, individuals are more prone to diseases and the risk factor also increases for the insurer. As the premium rate of the policy increases with the growing age, one should consider purchasing a term insurance plan while being young.
- Sum Assured- The sum assured is another important factor to consider while calculating the premium amount of the policy. As a rule of thumb, the life cover chosen by the policyholder should be 10 times the annual income. Based on the sum assured amount chosen by the policyholder, the HDFC term insurance calculated the premium amount of the policy.
- Gender- The gender of insurance buyers also plays an important role in deciding the premium amount of the policy. As per the studies, women tend to live 5 years longer than men. Hence, the insurance company offers a lower premium rate for female policy buyers as compared to men.
- Medical History– It is always advised to the policy buyers to share everything about their medical history records with the insurer while purchasing the policy as it affects the premium rate of the policy. If in the past the policyholder has suffered from any critical illnesses or is suffering from one present then the premium rate of the policy automatically goes up. Moreover, in the worst-case scenario, the insurance company can also reject the application.
How to Use HDFC Term Insurance Premium Calculator?
One can use the HDFC term plan calculator very easily by visiting the official website of the insurer. To use the HDFC term insurance premium calculator the individual needs to provide important details like the sum assured amount, age, gender, income, etc.
The following are the step-by-step processes to calculate the premium of the policy with the help of the HDFC Term Insurance Premium Calculator.
- Visit the official website of the insurance company.
- On the home page, click on the section on useful tools and calculators.
- Once you click on the section of useful tools and calculators, you will find a list of calculators like tax saving calculator, human life calculator, retirement planning calculator, etc.
- For the term insurance plan, you will have to use the individual plan calculator.
- On the term, plan page click on the button of calculate premium located at the bottom of the page.
- Once you click on the calculate premium option you will need to provide details like:
- Nationality
- Age
- Sum Assured
- Mobile Number
- First & Last Name
- E-mail ID
- Date of Birth
- Tobacco User (yes or no)
- City and state
- Once you fill in all these details click on the proceed button.
- After clicking the proceed button, the company will compute the cost of the term plan and show you the personalized result.
Benefits of Using HDFC Term Insurance Premium Calculator
HDFC term insurance calculator offers many different benefits to insurance buyers. Let’s take a look at it in detail.
1. Helps to Do the Financial Planning
With the help of an HDFC term plan calculator, the individual can plan their finances more efficiently. With the help of a premium calculator, one can know how much premium they will need to pay to get the desired coverage. Moreover, they can plan their finances accordingly and financially secure the lives of their loved ones. Also, the HDFC term insurance premium calculator provides an opportunity to compare various plans online and choose the best plan as per one’s requirements and suitability.
2. Time-Saving and Hassle-Free
Using the HDFC term insurance calculator is very simple and hassle-free. Moreover, it saves a lot of time as the policyholder gets the quotes within minutes and can make quick decisions on which plan to buy.
3. Cost-Effective
With the help of an HDFC term plan calculator, you can know which plan provides maximum coverage at the most affordable premium rates. Moreover, you can use the premium calculator online free of cost. Thus, it is cost-effective and helps you to save money.
While using the HDFC term insurance calculator it is important to keep in mind that the HDFC term insurance premium calculator provides the approximate value or figure of the policy. The actual premium amount of the policy differs slightly because all the other pre-determined factors are considered by the insurance company and the applicant profile is checked thoroughly to obtain the actual premium amount of the policy.
HDFC Term Insurance Calculator – FAQs
Is it safe to use the HDFC term insurance premium calculator?
Ans- Yes, it is completely safe to use the HDFC term insurance calculator. HDFC is a trusted and reputed website, thus your data will be protected from online fraud and you can compute the premium on a secured gateway.
How much coverage amount I should take under a term insurance plan?
Ans- As a rule of thumb, the life cover chosen by the policyholder should be 10-12 times the annual income. Based on the sum assured amount chosen by the policyholder, the HDFC term insurance calculated the premium amount of the policy.
How the premium of the term insurance policy will change if I opt for riders offered under the policy?
Ans- Not all term insurance plan comes with inbuilt rider benefits. Thus to add rider benefit to the basic coverage of the policy, the insured needs to pay the extra premium along with the basic premium of the plan. The riders are offered by the policy to enhance the coverage of the policy.
