Life Insurance Premium Calculator

Life Insurance Premium Calculator

This practical will calculate monthly, quarterly, half-yearly and yearly life insurance premium based on given sum assured.

Life Insurance Premium is the amount of money that an individual or business must pay for their life insurance policy. This insurance premium is income for the insurance company, and represents a liability of the company to provide coverage for claims being made against the life insurance policy.

#include<stdio.h>
int main()
{
float sum_assured, years, monthly_premium
float quarterly_premium, half_yearly_premium, yearly_premium;

printf("Enter your sum assured:");
scanf("%d", &sum_assured);

printf("Enter life insurance policy term(in years):");
scanf("%d", &years);

printf("Your Monthly Premium    : %8.2f\n", sum_assured/(years*12));
printf("Your Quarterly Premium  : %8.2f\n", sum_assured/(years*4));
printf("Your Half Yearly Premium: %8.2f\n", sum_assured/(years*2));
printf("Your Yearly Premium     : %8.2f\n", sum_assured/(years));
printf("\nNote: Actual premium may vary because of various charges imposed by company.");
return 0;
}

Output of program

Enter your sum assured:250000
Enter life insurance policy term(in years):5
Your Monthly Premium    :  4166.67
Your Quarterly Premium  : 12500.00
Your Half Yearly Premium: 25000.00
Your Yearly Premium     : 50000.00

Note: Actual premium may vary because of various charges imposed by company.

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Note: Insurance premiums charged by the insurance companies is determined by many parameter including statistics and mathematical calculations. The premium charged to a client is also depends on statistical data that exists about age, health and life history.