Question 1

What types of insurance calculators are available?

Accepted Answer

CalcScope offers comprehensive insurance calculators including Term Insurance Calculator to determine life coverage needs, Health Insurance Premium Calculator for family medical coverage planning, Motor Insurance Calculator for car and bike premium estimation, Vehicle Insurance Calculator for comprehensive coverage analysis, and ULIP vs Mutual Fund Calculator to compare investment options. All calculators are free, require no registration, and work entirely in your browser.

Question 2

Why should I separate insurance and investment?

Accepted Answer

Separating insurance and investment through Term Insurance + Mutual Funds is financially superior to combination products like ULIPs. Term insurance provides pure protection with 10-15x higher coverage at lower cost. Mutual funds offer better returns with lower expense ratios (0.5-2%) compared to ULIP charges (2.5-4%). This combination typically results in 30-50% more wealth over 15-20 years while providing adequate family protection.

Question 3

How much term insurance coverage do I need?

Accepted Answer

The ideal term insurance coverage is 10-15 times your annual income, or enough to replace your income for 20-25 years. Add outstanding loans (home loan, car loan) and future financial goals (children's education, marriage). Subtract existing savings and investments. For example, if you earn Rs 12 lakhs annually with Rs 50 lakhs home loan and Rs 30 lakhs in goals, you need approximately Rs 2-2.5 crore coverage.

Question 4

What factors affect motor insurance premium?

Accepted Answer

Motor insurance premium depends on multiple factors: vehicle's IDV (Insured Declared Value based on depreciation), engine capacity (higher CC means higher third-party premium), vehicle age (older vehicles have lower IDV and premiums), NCB discount (up to 50% for 5+ claim-free years), registration zone (metro vs non-metro), add-on covers selected, and voluntary deductible chosen. Maintaining NCB and choosing appropriate IDV are key to managing costs.

Question 5

Is health insurance tax deductible?

Accepted Answer

Yes, health insurance premiums qualify for tax deduction under Section 80D. You can claim up to Rs 25,000 for premiums paid for self, spouse, and dependent children. An additional Rs 25,000 (Rs 50,000 if parents are senior citizens aged 60+) can be claimed for parents' health insurance. Maximum total deduction is Rs 1,00,000 per year if both you and your parents are senior citizens. Preventive health check-up expenses up to Rs 5,000 are also covered within these limits.

Insurance Calculators

Life Insurance

Term Insurance Calculator

ULIP vs Mutual Fund Calculator

Health & Motor

Health Insurance Premium Calculator India

Motor Insurance Calculator

About Insurance Calculators