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Investing in an insurance plan is an important part of financial planning. Such a plan provides the much-needed financial coverage when it is needed the most.
You may wonder how insurance companies calculate the premiums that you are required to pay. The process of calculating premium is complex, as numerous factors need to be taken into consideration. Besides, the chance of errors during manual calculation cannot be eliminated. At such times, a premium calculator simplifies the process and provides quick and accurate results.
An insurance premium calculator is a digitized tool, which helps you gauge the amount that you have to pay towards your insurance policy. It gives you a fair idea of the policy quotes. Besides, you may add various riders and determine how your premiums change accordingly. An insurance calculator, therefore, helps you make the right buying decision.
A major application of an insurance calculator is towards a motor insurance plan . By entering basic details about your vehicle, you may use a motor insurance calculator to determine your premium easily. You may enter details such as vehicle manufacturer, model, value of the vehicle, place of registration, date of registration, and cubic capacity, among others. You may also determine the premium cost if you wish to add any add-on covers to your motor policy such as zero depreciation cover, roadside assistance, engine protection etc.
Car Insurance Calculator
Another application of a premium calculator is towards your health insurance policy . A health insurance premium calculator helps you get an estimate of the premium prior to purchasing your policy. In order to get a quote, you may enter basic details such as your age, required sum insured, and any pre-existing diseases, among others. You also have the option to include certain health insurance add-ons such as, critical illness rider, double sum insured, hospital daily cash, and convalescence benefit among others. An insurance premium calculator helps you plan towards your financial goals. You may find the right amount of coverage based on your needs. You may generate quotes instantly without having to make any manual calculations. Further, this digitized calculation tool helps you receive quotes in the comfort of your home by a mere click of the mouse.
You may also use an insurance calculator to renew your health insurance or motor insurance plan. By doing so, you may continue to remain insured and enjoy the benefits of your insurance policy at all times.
Health Insurance Calculator
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