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What is Life Insurance Calculator?
A Life Insurance Calculator is a practical tool designed to help you determine the right amount of Life Insurance coverage you need. By inputting your financial details, such as age, monthly expenses, savings, outstanding loans, and future financial goals, this calculator estimates the insurance coverage required to ensure your family’s financial stability if something happens to you.
How to use the Life Insurance Calculator?
Use a Life Insurance Calculator by providing details, such as:
- Your age.
- Provide your monthly expenses and current savings.
- Include any outstanding loans and liabilities.
- Specify any future financial goals, such as education or retirement planning.
- Indicate the existing insurance coverage you have.
By filling in these details, the calculator provides an estimate of the additional life cover required to secure your family’s lifestyle.
Benefits of using a Life Insurance Calculator
- Strategic financial planning: Goes beyond basic coverage estimates by helping plan for unexpected events like job loss or sudden health issues.
- Investment adequacy check: Assesses if your current investments can meet long-term goals, such as children's education or retirement.
- Scenario analysis: Allows testing of different scenarios, such as income changes or new dependents, to provide a dynamic view of insurance needs.
- Proactive decision-making: Encourages better decision-making by providing a comprehensive overview of your financial protection needs.
- Future security: Ensures your family is adequately covered against life’s uncertainties by evaluating diverse financial factors.
Factors that affect Life Insurance Rates
- Age: Younger individuals generally pay lower premiums as they are considered lower risk.
- Health status: Pre-existing health conditions or a history of illnesses can increase premiums.
- Occupation: High-risk occupations, such as firefighting or construction, often lead to higher insurance rates.
- Lifestyle habits: Smoking, excessive alcohol consumption, and high-risk hobbies (like skydiving) can also increase rates.
- Policy type and duration: The type of Life Insurance (term vs whole life) and the length of the policy period directly affect the premium amount.
- Coverage amount: Higher coverage amounts result in higher premiums, reflecting the increased liability for the insurer.
Important Details
Indicative nature of the calculator
The life insurance cover calculated above is indicative in nature and has been arrived at basis the information provided by you. The calculation of life insurance cover is provided for assistance only and is not intended to be and must not be alone taken as the basis of purchase of a life insurance product.
This Life Insurance Product Is Offered and Underwritten By Max Life Insurance Co. Ltd. The Life Insurance contract is between the Proposer and Max Life Insurance Co. Ltd.
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Mitsui Sumitomo Insurance Co. Ltd. Max Life Insurance Co. Ltd.
11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram - 122002 (Haryana). For more details on the risk factors, Terms and Conditions, please refer to the detailed prospectus available on www.maxlifeinsurance.com. For further details, call Toll free number 1860 120 5577. IRDAI Registration No. – 104.
Axis Bank Limited is the Corporate Agent of Max Life Insurance Co. Ltd. Axis Bank Limited, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025. IRDAI Certificate Regn No: CA0069. The purchase of a Max Life Insurance product by Axis Bank's customer is purely on a voluntary basis. As Axis Bank is not in the business of insurance, there is no link either direct or indirect between the banking services offered by the bank to its customers and use of the insurance products.
ARN : Max Life/Axis/HLV Cal/ Sept 2019
BEWARE OF SPURIOUS / FRAUD PHONE CALLS
IRDAI is not involved in activities like selling insurance policies; announcing bonus or investment of premiums.
Public receiving such phone calls are requested to lodge a police complaint.
Disclaimer
Axis Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User's own risk. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. Axis Bank does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against Axis Bank. Neither Axis Bank nor any of its agents or licensors or group companies shall be liable to user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein.
Frequently Asked Questions
Yes, Life Insurance is crucial as it provides financial security to your family in case of your untimely demise, ensuring they can maintain their lifestyle and meet future financial obligations without your income.
Investing in a Life Insurance plan offers peace of mind, tax benefits, and financial protection for your loved ones. It also supports long-term financial planning, helping you achieve goals like children’s education or retirement.
The amount of insurance coverage you need depends on factors like your annual income, financial responsibilities, debts, and future financial goals. A general rule is 10-15 times your annual income.
Yes, many insurance policies allow you to choose the death benefit payout mode, such as a lump sum, monthly income, or a combination of both, depending on what suits your family’s needs best.
The best Term Insurance plans in India offer high coverage at affordable premiums, flexible payout options, critical illness riders, easy claim settlement processes, and tax benefits under Section 80C and 10(10D) of the Income Tax Act.
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