Insurance Kit is an invaluable tool for Insurance Professionals and Financial Planners.
1. Calculates Rate of Return of limited payment saving/ insurance/ investment plans.
2. Calculates Retirement Fund required
3. Calculates Life Insurance required
4. Calculates College Fund required and
5. Is also a Financial Calculator
Rate of Return
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Using cash flow calculation, Insurance Kit works out the rate of return of limited payment plans e.g. plans that require 10 annual payments and mature on the 20th year.
A financial calculator can do the job too but it involves many steps. With Insurance Kit , all you need is to enter the following fields and the the rate of return will be generated instantaneously:
- Annual Payment/premium
- Number of payments (in years)
- Year of maturity or surrender
- Maturity/surrender value
Retirement
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Using Capital Liquidation method, Insurance Kit calculates Retirement fund needed. The app takes into account inflation and interest rate and the amount needed to finance a desired retirement lifestyle in todays dollar. It then calculates the amount required at retirement age. The calculation will be shown with a touch of a button.
Life Insurance
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Insurance Kit calculates the amount of life insurance required.
Education
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Insurance Kit calculates the projected cost of college education.
Financial Calculator
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Insurance Kit is also a financial calculator that allows you to calculate anyone of the following fields:
- Present Value (PV)
- Period (N)
- Payment ( PMT)
- Interest Rate (I)
- Future Value (FV)