Check our range of life insurance calculators to plan for your financial goals and calculate the insurance coverage & premium amount. Find the most suitable product for your savings, retirement, child, wealth & protection needs.
Calculate the amount of premium that you need to pay for the desired insurance coverage and policy benefits.
Plan for your child's future education & bright future, keeping inflation costs in mind
Find out how much would you need to have a happy, worry-free retired life
Figure out how much you need to save for your child's dream wedding plans?
Calculate the amount that you need to invest to get desired savings and guaranteed returns along with life cover.
Find out how much would your family need to continue leading the life that you have created for them, even in your absence
Find out how your lifestyle choices may be affecting your lifespan. Let go of the risky ones & adopt more healthy habits.
How much insurance cover should you have to make sure that your family's dreams can come true, even in your absence? Find out.
BMI is a reliable measure of body fatness leading to health problems. Know your weight category based on your height/weight combination.
Max Life Savings Advantage Plan gives you competitive plan features & benefits to meet your future needs
A Non- Linked Participating Individual Life Insurance Savings Plan. It is a comprehensive solution that ensures the provision of an additional income stream at the years when you need it the most
A non-unit linked plan that will look after your child’s education, even in your absence
Max Life Online Savings Plan gives you competitive plan features and benefits to meet your future needs
Max Life Shiksha Plus Super Plan helps you secure a fund for your child’s future education and lot more.
Max Life Forever Young Pension Plan helps you create savings for retirement years while safeguarding you from ups and downs of the equity market.
Max Life Flexi Wealth Plus helps you create wealth through systematic savings into various equity and debt fund options.
A plan that provides life cover till the age of 100 years and a legacy for the next generation
A perfect partner to lead a stress-free retirement with 212.5% of sum assured on maturity
Max Life Platinum Wealth Plan, an ideal plan that helps you accumulate and grow your savings so that you achieve your long-term goals easily.
Max Life Assured Wealth Plan, Get fully guaranteed lump sum maturity benefit to meet your savings goals.
Is a comprehensive security solution that can be personalized for you and your loved ones, all at an affordable price.
Is designed to fulfil your financial security requirements and provide a dependable support system in case of emergencies
A life insurance plan that gives a guaranteed monthly income for 10 years
Max Life Guaranteed Lifetime Income Plan is an annuity plan that allows you to convert your life-savings into a lifelong regular income source
Max Life Fast Track Super Plan is one such plan that aims to provide insurance options with a simplistic and safe approach to invest in the market with multiple fund options.
Max Life Smart Wealth Plan, A comprehensive life insurance savings plan to meet all the milestones in your life.
Max Life Cancer Insurance plan provides comprehensive protection against all stages of Cancer. Payout on diagnosis, regardless of the stage of Cancer.
The Max Life Saral Jeevan Bima plan is a pure form of term insurance, and it provides the policyholder with life coverage against a fixed premium
Use our Plan Finder to find the right Life Insurance plan in 2 easy steps.
Before buying insurance, you should clear all doubts related to policy coverage. To help you learn about the various policy benefits and get an estimate of the insurance coverage and the required premium, you should use online insurance calculators.
With an insurance premium calculator, consumers can quickly determine themselves the premium payable against any insurance policy on offer, before buying that plan.
An online insurance calculator helps prospective buyers in comparing quotes for different policies. Based on the type of policy chosen, the insurance calculator enables them to buy a suitable plan matching their needs.
An insurance premium calculator is a valuable tool that allows quick and easy comparison of insurance plans based on various parameters. Using an insurance calculator, buyers can quickly evaluate their needs and make an informed decision of choosing an appropriate plan.
Here are some prominent benefits of using an insurance calculator:
Without using an insurance calculator, calculating the premium is a tricky thing. Previously, policy buyers had no option but to agree with the premium that insurance agents ask them to pay.
However, in this Internet age, online insurance premium calculators have made it easier to calculate the premium in just a few clicks.
Paying the premium on time becomes a liability for policy buyers, which does have an impact on their finances. Knowing a tentative premium amount using an insurance calculator makes it easier for them to plan a financial schedule that incorporates their insurance needs.
An insurance premium calculator also enables them to check how a specific policy fits well into their finances without causing financial trouble.
Unlike using an insurance calculator, comparing the policies offline simply means visiting various agents for detailed discussions about choosing a plan. Doing this takes time and efforts, and you have to pay the agent’s commission as well.
On the other hand, the process of using an online insurance calculator is quite easy and with no hassles.
Various parameters determine the premium payable for a specific insurance policy. These include an individual’s age, gender, smoking habits, the chosen policy period, and health condition. Online insurance calculators are calibrated with such parameters to reach an optimum premium payable.
In other words, you can get much information about the dependency of premium on these parameters using an insurance premium calculator.
Life insurance acts as a protective blanket that helps protect your family members financially when you are not around. The sum assured they would receive, works as financial aid to deal with the tough times. Using an insurance premium calculator, you can quickly get an estimate of the premium payable.
Most of the renowned insurance companies in India have insurance premium calculators available on their official websites.
You must follow a few steps to use an insurance premium calculator. These include:
1. Filling personal details like age, gender, and annual income in the insurance premium calculator
2. Selection of an insurance policy with the desired sum assured for a specific tenure
3. Selection of add-on riders available with that policy, as shown in the insurance premium calculator
4. Paying premium online as the last step of using an online insurance premium calculator
We, at Max Life Insurance, offer simplified insurance calculators to help policy buyers in selecting a suitable plan [1].
Let us consider using our life insurance premium calculator for Max Life Smart Term Plan (UIN: 104N113V04) that offers comprehensive protection against death, disability, and critical illnesses.
The steps to use this life insurance calculator are as follows:
1. Visit the following link to use our life insurance calculator:
https://www.maxlifeinsurance.com/term-insurance-plans/premium-calculator
2. Enter the details in the respective fields of the insurance premium calculator, as shown below:
3. In the next step of using insurance calculator, select the life cover for a specific age limit.
The premium varies as you change the life cover or the age while using the insurance premium calculator. At this step, you can check the premium for different combinations of age and life cover.
4. Choose the premium payment tenure, which can be less than or equal to the chosen policy period.
For instance, by selecting ‘Pay till age 60’ option visible in the insurance calculator above, you choose to pay the premium till you reach the age of 60. But the life cover will continue till the age of 70 years (as shown above).
5. Enhance your life insurance plan by selecting add-ons/riders available while using insurance calculator.
The premium estimate shown in the insurance calculator will vary as you select suitable add-ons.
6. Enter the personal information required in the insurance premium calculator, which makes you a step closer to insuring your life.
7. Pay the premium online to buy Max Life Smart Term Plan.
Max Life Insurance facilitates premium calculation for its policy buyers by offering a wide range of insurance premium calculators [2]. You may calculate the insurance premium for the following plans –
a) Max Life Smart Secure Plus Plan (UIN: 104N118V04)
a) Max Life Flexi Wealth Advantage Plan (UIN: 104LI21V01)
b) Max Life Online Savings Plan – Variant 1 (UIN: 104L098V03)
c) Max Life Online Savings Plan – Variant 2 (UIN: 104L098V03)
Other than insurance premium calculators, Max Life Insurance also helps its customers with other interactive tools that help in analysing various financial goals.
Type |
Description |
To help you know how much money your family will need in your absence |
|
To plan for your child’s higher education needs |
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To know how your lifestyle choices are affecting your lifespan |
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To calculate how much money, you will need to live a worriless retired life |
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To calculate the amount, you will need for your child’s wedding plans |
Q. How do you calculate how much life insurance do you need?
A. You can easily calculate life insurance coverage by considering your human life value, current monthly expenses and liabilities, and total income. You are advised to choose a life cover of at least ten times your annual income while using an insurance calculator.
Q. How do you calculate life insurance premium?
A. The simplest way to calculate the premium for a specific life insurance plan is to check out the corresponding insurance calculator online.
Q. Is there any option to choose how one wants to receive the life insurance payouts?
A. At the time of buying a life insurance policy, you can choose how your family would receive the insurance policy payout. Based on your family’s financial needs and preferences, you can usually decide the payouts to be disbursed, either in the form of a lump sum, monthly income, or increasing monthly income. The number of payout options will depend on the selected insurance; thus, you need to read through the policy documents thoroughly, before choosing the payout mode.
Q. How to calculate insurance cost?
A. An online insurance premium calculator can help you determine the cost of buying a specific life insurance policy.
Q. How does insurance calculator work?
A. Every insurance premium calculator is based on a pre-built algorithm defined for various parameters, such as the buyer’s age, type of policy selected, the policy period, and riders.
While using our online insurance premium calculator, you are asked to enter the value of these parameters. Accordingly, it will display an estimated quote of premium payable under the plan.
Disclaimer: - In some cases, the premium shown upfront may change basis underwriting decision.
Q. What are the advantages of investing in a life insurance policy?
A. In addition to giving you, and your family, financial protection investing in life insurance offers many other benefits.
Encourages the habit of saving so you are provided with financial security at the time of retirement or your family is provided with financial assistance at the time of your demise.
Through a Life Insurance policy you can claim a tax benefit under section 80C of the Income Tax Act, up to Rs. 1,00,000.
The maturity benefits from a life insurance policy are tax free under section 10(10D) of the Income Tax Act.
You can invest in a policy that offers you a loan against your amount invested, if you need financial assistance in the case of an emergency. You can also take a loan from a bank or financial institution and put your policy up as collateral for the loan.
You can invest in a policy that allows you to withdraw a part of your investment at the time of a financial emergency.
You can add a critical illness rider to your policy, which offers you medical aid in case you are inflicted by a serious illness or injury. Under this rider you can also claim a tax benefit up to Rs. 25,000 as specified in section 80D of the Income Tax Act.
You can also invest in policies in the name of your spouse and children and claim tax benefit, under section 80C, on those policies as well.
Also Read: Features & Benefits of Critical Illness Insurance
Q. Is Life Insurance necessary?
A. Life Insurance is not necessary but is a smart investment to make, especially if you have a dependent spouse and children.
It offers your family the benefit of financial support even after your death. In addition to this, it offers a number of advantages and provides a lot of flexibility on your investment. For example, you can add a critical illness rider to cover the cost of expensive for surgeries and operations; you can withdraw a part of your maturity benefit in case of an emergency or for your child's education or marriage, etc. Life Insurance policies come with a lot of flexibility.
Q. How much Insurance cover do I need?
A. While deciding the cover, it is important to remember that the objective of insurance is to provide financial support to your family and/or dependents, in case you (as the primary breadwinner) are no more, or are unable to earn because of a permanent disability or illness. The life cover you decide on should be adequate to help your family maintain the standard of living you would have provided for them always.
You should keep the following things in mind as you go about the calculations:
Q. Why choose Max Life Insurance?
A. Max Life’s claim assurance is one of the best among private insurance companies in India. The company has an impressive individual death claim settlement ratio (claim paid ratio) of 99.51% in FY'22-23 (Src: Individual Death Claim Paid Ratio as per audited financials for FY 2022-2023). Such a healthy claim settlement ratio means that you are more than likely to get your claims on time, and at the time when you probably need it the most.
The ability of Max Life to offer feature-rich products has demonstrated the company’s robust financial strength and stability.
The company posted its best finances in a decade. The gross written premium touched Rs. 22,414 crores (Source: Max Life Public disclosure FY’21-22). Moreover, the 13th month persistency stood at 85% (Source: Max Life Public disclosure FY’21-22) and the solvency ratio reached 201% (Source: Max Life Public disclosure FY’21-22), 1.34 times more than the mandatory 150% indicating the company’s strong and stable financial position.
Another great thing about Max Life Insurance is that they offer personalized assistance during claims. A dedicated claim settlement officer engages the customer within 5 working days after the submission of a claim.
Read More: Why Choose Max Life Insurance?
Sources:
[1]:https://www.maxlifeinsurance.com/term-insurance-plans/premium-calculator
[2]:https://www.maxlifeinsurance.com/insurance-calculators
ARN: PCP/IC/120623
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