With the help of a savings calculator, you can calculate the amount you need to save over a certain number of years to meet your financial goals. This simple and free-of-cost online tool helps you understand the amount of savings you need with the help of some information on your current savings, the time period of your savings, and the annual interest on your savings. Here is how a savings calculator works:
 

Savings Amount: You will need to mention the target amount you intend to save by the end of the savings tenure. This can be decided by you as per the timeline of your goals. Since this is an important part of the calculation, ensure that it is as accurate as possible.
 

Savings: Your current or existing savings will also help you calculate how much more you need to save over the savings time period. Be sure to include all of your savings and not just the ones that are liquid and can be accessed at any time. Since your liquid funds are easier to access, it is possible that you may not be able to account for them accurately at all times.
 

Monthly/Annually: A savings calculator helps you know the result of your calculations, either on a monthly or quarterly basis. Therefore, you can mention the months or the years during which you want to save your money. At the end of this tenure, you will have saved the desired amount of funds, and you will be able to fulfil your financial obligations as and when needed.
 

Rate of Interest: Your savings will grow as you earn interest on the savings on a yearly basis during the tenure. You can choose the current rate of interest as of the present day to get a fair estimation of how your savings will grow. Note that the interest rate is subject to fluctuation, and if it is lower in the future, it will impact your savings accordingly.

Using the Tata AIA Life Insurance savings calculator is not only free of charge but also very convenient. You can follow a few easy steps to use the savings calculator and swiftly get an accurate result for your savings:

• Visit the official Tata AIA Life Insurance website.
   

• Under the “Calculators” tab, click on Savings Calculator.
   

• On this form, fill in your personal and contact details. Select your smoking/non-smoking habit as well.
   

• After an OTP verification for your security, you will be directed to the main calculator page.
   

• Here, you can fill in details such as your existing savings, the target savings amount, the estimated savings tenure, and the rate of interest.
   

• Once you click “Submit”, you can then view how many years you will need to save a certain amount of money to reach your savings goal. You will also be able to check how the interest rate has impacted your savings.

You can use a savings calculator in India for different reasons, such as creating a financial plan based on your savings, purchasing a savings insurance policy to meet your goals, and understanding how much money you need to fulfil your short-term or long-term goals.
 

The savings calculator is a free and flexible online tool that lets you choose the tenure for your savings along with the interest rate. This helps you know the final amount that you will have to save and make a concrete plan accordingly. In addition, the whole process saves a lot of time which would have been spent making manual calculations.

The amount you save each month should be such that your basic and essential expenses should not be disrupted. This will depend on your current income, your household expenses, your family’s needs and so on. If you have a financial goal that needs to be met after a certain time period, you can use a savings calculator to check how much you should be saving during this time to ensure that you can meet the savings goal.

Yes, one of the primary reasons why many people use a savings calculator in India is to understand how much money they should save over a certain period. For example, if you have some financial goals to be met in about 10 years, the savings calculator lets you know the amount to be saved during this period and an estimated return on your savings while also considering the inflation rate and other factors.

By mentioning your existing savings amount, you will understand how much more you need to save over the years or months to be able to meet the expected returns. The gap between your present savings and the expected amount helps you make a better and more realistic financial plan for your needs.

If you use the Tata AIA Life Insurance savings calculator, you will receive a recommendation on which savings plans may be most suitable for your savings and financial goals. By comparing these plans, you can then choose one policy which makes it possible for you to meet your financial objectives.
 

Alternatively, if you are choosing between any of our savings plans and want to estimate your returns in the future from savings, our online savings calculator can help you know the amount you need to save.

Yes, an online savings calculator offers accurate results based on the information you provide. Hence, if you fill in the correct details about your savings, you can get the right estimation of your expected savings by the end of the savings period.
 

Since the calculation is done online, there is also no room for human errors. And lastly, an online savings calculator also saves a lot of time as compared to the manual calculations of your savings.

No, using an online savings calculator does not incur any charges since this is a free and easy-to-use online tool. You can simply visit the official Tata AIA Life Insurance website and use the savings calculator.

• ^*Guaranteed Income shall be a fixed percentage of the Annualised Premium / Single Premium (excluding discount) payable in a year.

• ⁺Return of Premium Benefit is The Total Premiums Paid (excluding loading for modal premiums and discount) by the policyholder will be payable at the end of the Income Period, irrespective of survival of the life insured(s) during the Income Period.

• ⁺⁺Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess if any will be charged extra as per prevailing rates. The Tax-Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.

• ^~Available under Regular Income with an Inbuilt Critical Illness Benefit option

• Claims beyond three years from the date of issuance of policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later. Subject to all the relevant terms and conditions of the policy contract.

• Claim Processing - All the relevant terms and conditions of the policy contract, including provisions in respect to claim procedure shall apply. Unit linked products; policies with unclaimed amounts or last premium payment not cleared are excluded.

• ^**4 Hour claim processing is applicable for Tata AIA Life Insurance working days (Monday to Friday) up to 2 pm and bank working days subject to submission of completed documents.

• ¹Individual Life Claim Settlement Ratio is 98.53% for FY 2021 - 22 as per the latest annual audited figures.

• ²66 Lakh+ as on 31st March 2022

• ³Guaranteed Returns/Pay-outs depend on Plan Option, Policy Term, Premium Payment Term and Age at entry

• ^{^}Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums, and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch.

• This product is underwritten by Tata AIA Life Insurance Company Ltd. The plan is not a guaranteed issuance plan, and it will be subject to company’s underwriting and acceptance
  

• Insurance cover is available under this product.

• For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale. The precise terms and conditions of this plan are specified in the Policy Contract.

• Risk cover commences along with policy commencement for all lives, including minor lives.

• Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs, and the Surrender Value payable may be less than the all the Premiums Paid.

• In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.

• For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
  

• All Premiums and interest payable under the policy are exclusive of the taxes, rider premiums, underwriting extra premiums, loading for modal premiums, if any which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium or interest. Tata AIA Life shall have the right to claim, deduct, adjust, and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.>

• L&C/Advt/2022/Sep/2180