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Life Insurance is always taken as a last resort, as a ‘when-all-else-fails’ deal. Seeing as how you won’t be around to lend your family a hand when this piggy bank is broken, you have to be absolutely certain as to the amount to which you have to be insured for the policy to be of maximum effectiveness. Life Insurance Calculators can be of benefit here.

Life Insurance Calculators help zero in on the most viable insurance policy, depending on how accurate your predictions of the future needs of your family are. By taking expert advice and economic variables into account, this tool could effectively tell you how much your Life Insurance Cover should be.

Different Life Insurance Companies in India offer their own calculators that are individually calibrated to the specifics of the policies that they have on offer. Most of them also come with Life Insurance Premium Calculators, that tell you the amount of premium to be paid as well. This grants you access to a lot of variables that you can compare to tell you which policy is best suited to your needs.

Overall, a Life Insurance Calculator generally takes the following variables into account from our end:

1. Lump sum needs in case of your unfortunate death like: home loan, car loan pay off etc. 
2. Monthly expenses required to cover the daily needs of your family
3.  The amount of time till which your policy would have to sustain your family until they become self- sufficient.
4. Inflation in the economy. 
5. No. of dependents in the family 
6. One-time sizeable expenses that will have to be met during the policy tenure. 
7. The kind and cost of education required to be given to your children. 
8. Amount required for Child’s marriage. 
9. Amount required to provide for your dependent parents.

Based on the variables that you have given and algorithm that will incorporate expert predictions of the economy, the Life Insurance Calculator will tell you the amount of cover required to financially secure your family in your absence.

The easy accessibility enables everyone to find the adequate amount of Life insurance required for financial security of their loved one’s. It would be strongly advised to use such services before you begin investing in a policy of your own.

Disclaimer: 
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
 

PNB MetLife India Insurance Company Limited 
Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka 
IRDAI Registration number 117 | CIN U66010KA2001PLC028883 
PNB MetLife Mera Term Plan is an Individual Non-Linked, Non-Participating, Pure risk premium Life Insurance Plan | Product UIN Number – 117N092V03 
#Maximum maturity age: 99 years for all options (except Joint Life cover option), Joint Life Cover option: 75 years (applicable for both Primary & Secondary life). 
For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale. 
Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time. 
The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks. 
Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203. 
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