In a life insurance premium calculator, the premium is calculated depending on the data fed into the calculator. The important data required for calculating premiums include -
The type of policy required
The sum assured
The term of the plan
The age of the member to be covered
Any riders which are required
Premium paying mode and frequency
Any discounts applicable
Smoking habits of the insured
After these details are entered, the calculator calculates and shows the premium charged by the life insurance plan.