With the help of Bajaj Allianz Life Insurance’s “Right Insured”, you can now calculate an approximate amount of sum assured you require. Typically, your insurance agent or financial planners will help you derive at your required life cover.
Though it could happen that the amount that they quote would be more or less than what you require. With the Bajaj Allianz’s online calculator you can compute your adequate life cover.
The tool involves four simple steps to arrive at the right sum assured, on the basis of basic information such as income, estimated increase in income, average expenditure and number of working years
“Most of our customers had this difficulty in assessing the right amount of life insurance, which led to underinsurance or over insurance. The ‘RightInsure’ calculator is an online self help tool to give you an estimate of how much life insurance you require, within a few minutes”, says Rituraj Bhattacharjee, Head-Market Management, Bajaj Allianz Life Insurance.
The insurer’s calculator is too simple as they ask just four questions. Many other parameters are not considered.
When sum assured is calculated, you need to take into consideration outstanding debts, such as loans, credit and so on. These would need to be repaid upon your death, or the repayments covered. If you already have life insurance, then this should be factored into the calculation.
Also consider the effects of inflation and interest rates. None of these seem to be looked at in this calculator.
Many other life insurance companies, too, have these calculators on their websites. However, even after using the online calculator, make sure you consult your financial advisor to see if the
amount arrived at is adequate for you.d droughts in pulses and cereals growing areas of western and southern states.
