Ever wonder if the life insurance plan you signed-up for is sufficient, now that you have taken a home loan? Re-assessing your insurance cover is required when life’s needs changes, but many of us may not want to tackle the complex calculation.
Tata AIA Life has come up with three calculator tools to help customize insurance products to your requirements. The Protection gap calculator computes life insurance cover required to maintain a family’s standard of living both pre & post retirement, after considering any outstanding loans and existing life insurance cover.
Child Need planner helps to plan your monthly savings required to meet children’s financial requirements such as education or marriage.
Retirement gap calculator computes the consistent monthly savings needed to achieve the desired retirement income. You can also calculate the required corpus at the time of retirement, after considering future inflation estimates.
The app is available for Android and Apple platform and can be downloaded for free. The company says that there has been around 3,000 downloads in the one month since launch. Life insurance advisors are also using these calculators to gauge their client’s needs.
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