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Life insurance premiums are the monthly amount you pay your insurance company in exchange for the coverage. The companies providing life insurance in the UAE offer multiple payment options: monthly, quarterly, and yearly to help policyholders pay their insurance premiums with great ease.

The premium amount varies depending upon the type of coverage and the person buying it. In this article, we will help you understand what a life insurance premium calculator is and how you can calculate an estimated insurance premium amount using the same in just a few clicks. 

What are Life Insurance Premium Calculators?

Life insurance premium calculators are online tools that help you get an estimated premium amount based on the chosen type of insurance policy and the technicalities like your age, income, sum assured, premium frequency, and more. The life insurance premium calculators are available on the official life insurance providers’ websites. 

For example, we at Policybazaar have our own life insurance premium calculator available on our website. The life insurance premium calculators include some standard fields such as:

  • Name of the insurance policy
  • Age of applicant
  • Chosen sum assured
  • Premium frequency
  • Term or tenure of the insurance policy
  • Riders or add-ons, if any

You can use the life insurance premium calculator on our website to calculate an estimated premium amount of the chosen life insurance policy in just a few clicks. Let us proceed and check how you can use a standard life insurance calculator when planning to buy life insurance in the UAE.

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How to Calculate Premiums Using Life Insurance Premium Calculators?

Life insurance providers in the UAE offer various beneficial insurance plans with a higher sum assured at lower premiums. The premium amount for a life insurance policy depends upon multiple factors such as the applicant’s monthly income, age, current medical condition, location, and more. You must get an estimated quote using an online life insurance premium calculator before buying life insurance in the UAE. This helps you get an idea of the insurance prices while performing thorough research to find the best-fit life insurance plan.

Here are the simple steps to help you use a life insurance calculator to evaluate an estimated life insurance premium in the UAE.

  • Enter Your Age - Your age plays a critical role in calculating life insurance premiums. The insurers look into the applicants’ age to determine the level of medical care they may need. The younger policyholders are less likely to get medical attention, whereas older people are more prone to getting sick, which is why they need special medical care. To calculate the insurance premium, you first need to enter your age in the life insurance premium calculator. 
  • Type of Insurance Policy - To calculate an estimated life insurance premium, you need to enter the type of life insurance plan you are opting for. The kind of life insurance plan defines the comprehensive coverage that you get. For example, if you opt for an individual life insurance plan, it will provide coverage for you and not for your family members. On the other hand, if you choose to buy a family life insurance plan, it will cover all your family members.
  • Choose the Sum Assured - Make sure you determine the amount of sum assured you need to opt for. The less the coverage amount you choose, the lower the insurance premiums will be. For example, you will pay a lower premium for an insurance policy if you have opted for a higher deductible. Here you need to provide an estimated sum assured you are looking for along with the policy term you want to take.
  • Personal Details - In this section, you need to select your gender and disclose the status of your tobacco/alcohol consumption. Here, you also need to provide your lifestyle details, medical history, health condition, marital status, and more.
  • Get the Quote - Once you have provided all the details, you can get an estimated life insurance premium quote for your chosen insurance plan. Make sure you do not consider this as the final amount to be paid to your insurer when buying a life insurance policy. The insurance rates may vary from insurer to insurer, depending on various factors affecting the premium amount.

How to Reduce Life Insurance Premiums?

Here are a few simple steps that you can take to reduce your life insurance premium amount.

  • Try to Buy an Insurance Policy Online
  • Avoid Alcohol/Tobacco Consumption
  • Choose the Suitable Policy Tenure
  • Check for Discounts
  • Add Riders, If Required

Try to Buy an Insurance Policy Online

Make sure you perform your research and buy a life insurance policy online. To find the best-fit insurance plan, you can visit our website and explore your options. The best part is that you will find a life insurance premium calculator on the website itself that you can use to calculate an estimated insurance premium amount. 

The insurance policies bought online have comparatively lower prices than the ones available offline. The reason behind this is that no additional cost of purchase and documentation is added to the premium.

Avoid Alcohol/Tobacco Consumption

The applicant’s health and current medical condition are considered one of the most critical factors affecting the premium amount. Life insurance in the UAE offers low insurance prices for applicants who are non-smokers and do not consume alcohol or tobacco. 

Choose the Suitable Policy Tenure

The chosen policy term also plays an important role when it comes to calculating an estimated premium amount. You can visit the online life insurance calculators and check the premium amount for different policy tenures. This helps you choose the one that provides the right coverage and caters to your financial needs at the same time.

Check for Discounts

Most life insurance companies offer attractive discounts for their customers. Make sure you perform deep research and find insurance plans with exciting deals and offers. This will help you reduce the insurance rates.

Add Riders, If Required

Life insurance in the UAE comes with various riders and add-ons that you can include in your insurance policy. The policyholders need to pay additional charges for these riders. Make sure you select the rider wisely and opt for the same only if you need it as they increase the amount and cost of premiums.

How to Use Life Insurance Calculator

The Bottom Line

Now that you know how to calculate premiums using the life insurance premium calculators, you can visit our website and calculate the same for yourself. Make sure you choose the right insurance plan based on your financial needs. Apart from the premium amount, there are various other factors such as claims settlement ratio, market value, financial stability, etc. of the insurer that you need to consider when buying life insurance in the UAE. 

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You can also contact our help and support line to find the right life insurance plan in the UAE. Our professionals will explain all the features and benefits of the chosen plan and help you buy one without any hassle.

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