Insurance Premium Payment Calculator
This Insurance Premium Payment Calculator helps you determine the total fund amount accumulated based on your premium payments and selected payment frequency (monthly or yearly).
Insurance Premium and Fund Amount Calculator
Insurance Premium Payment Formula
\[
\text{Fund Amount} =
\begin{cases}
\text{Premium} \times 12 \times \text{Policy Term}, & \text{if payment is Monthly} \\
\text{Premium} \times \text{Policy Term}, & \text{if payment is Yearly}
\end{cases}
\]
Where:
- $$Premium$$ = Amount paid per month or per year
- $$Policy Term$$ = Number of years the policy is active
- $$Fund Amount$$ = Total accumulated amount based on payment frequency
The Insurance Premium Payment Calculator is designed to estimate the total contribution made into an insurance fund based on the chosen payment frequency and the policy term. It helps policyholders understand the cumulative value of their premium payments over time.