lic money back policy 15 years maturity calculator
lic money back policy 15 years maturity calculator
Sure, let’s go through how this calculator works:
- Interface Setup: The HTML code sets up a basic user interface with input fields for the premium amount and policy term, along with a button to calculate the maturity amount. It also includes a read-only input field to display the calculated maturity amount.
- Input Gathering: Users input the premium amount they pay for the Money Back Plan and the duration of the policy term in years.
- Calculation Function: When the user clicks the “Calculate” button, the
calculateMaturity()JavaScript function is triggered. - Maturity Calculation Logic: Within the
calculateMaturity()function, the premium amount and policy term entered by the user are retrieved from the input fields. - Calculation Formula: In this basic example, a simple calculation is performed to determine the maturity amount. Currently, it simply multiplies the premium amount by the policy term. However, in a real-world scenario, the calculation logic would be more complex and would typically involve the application of formulas provided by the insurance company, considering factors such as interest rates, bonuses, and other policy-specific parameters.
- Display Result: The calculated maturity amount is then displayed in the read-only input field for the user to see.
- Optional Enhancement: If more sophisticated calculations are needed, the calculation logic within the
calculateMaturity()function can be expanded or replaced as required.
Overall, this calculator provides a basic framework for users to estimate the maturity amount of a New Money Back Plan based on their premium amount and policy term.