1 cr term insurance premium calculator is an online tool that helps you calculate the premiums of your 1 crore term life insurance policy. It is a reliable tool that not only calculates your premiums but also helps you compare various 1 crore term insurance plans.
For calculating your term insurance premiums, a 1 crore term insurance calculator considers various parameters including age, annual income, smoking habits, health conditions, occupation, etc. You can choose a plan with the help of a 1 crore calculator that best suits your needs.
Using a 1 crore term insurance calculator is an easy task. Let’s understand how you can use it by following some simple steps:
First of all, enter your age, gender, city, annual income, name, and mobile number at the top of the page.
Once you click on ’Get Free Quotes’ it will ask you for additional information including date of birth, educational qualification, occupation type, etc.
Choose your sum assured, policy tenure, premium payment term, payout type, and any additional riders you wish to add.
Various plans will be displayed on your screen. You can compare these plans based on their premiums, claim settlement ratio, solvency ratio, etc. You can compare a maximum of four plans at once using the PolicyX Term Insurance Premium Calculator.
After comparison choose the plan that best fits your financial needs and goals. Make the premium payment using the available payment modes such as UPI, credit card, debit card, or net banking.
Once payment is made you will get the policy details on your e-mail and mobile number.
Let’s understand how a 1 cr term insurance calculator works with a simple premium illustration.
Ramesh a 30-year old salaried non-smoker earning 8 LPA wants to buy a 1 crore term insurance plan. He uses PolicyX.com 1 Cr Term Insurance Calculator to compare various plans from different term insurance companies and calculate his premium amount. He chooses the Axis Max Smart Total Elite Protection Plan with a 1 crore sum assured.
Policyholder’s Age | Plan Name | Policy Tenure | Sum Assured | Premium Payment Tenure | Annual Premiums |
30 years | Axis Max Smart Total Elite Protection | 30 years | Rs 1 crore | 30 years | Rs 11,243 |
Key Takeaway: In the case of Ramesh’s unfortunate death during the policy tenure his nominee would be paid an amount of Rs 1 crore.
There are various benefits of using a 1 cr term insurance calculator. Understanding these benefits helps you make a wise decision.
A 1 crore term insurance policy calculator helps to calculate your term insurance premiums once you provide your personal details including your age, gender, annual income, medical conditions, lifestyle habits, etc.
You can compare various term plans using a 1 crore term insurance calculator and choose the one that suits your requirements and best fits your budget.
You can use the premium calculator at your convenience without paying any charges.
The premiums displayed by the 1 crore term insurance calculator are reliable. These premiums are calculated based on various parameters including age, gender, health details, lifestyle habits, etc.
The premium calculator offers you instant results. You can calculate your premiums within a few minutes of entering your details.
Generally, people misinterpret a 1 crore term plan as expensive. But you can buy a 1 crore term insurance policy starting at monthly premiums of just Rs 650 which is less than the cost of a good pizza!
Various factors affect 1 crore term insurance plan premiums. We have provided a list of factors that you must consider when buying a 1 crore term insurance plan.
Policyholder’s Age
The age of the policyholder is one of the factors affecting term insurance premiums. The higher the age of the policyholder, the greater their term insurance premiums are.
Let’s see how age affects your premiums using a simple illustration.
Policyholder’s Age | Plan Name | Policy Tenure | Sum Assured | Premium Payment Tenure | Annual Premiums |
30 years | Axis Max Smart Total Elite Protection | 30 years | Rs 1 crore | 30 years | Rs 11,243 |
Policyholder’s Age | Plan Name | Policy Tenure | Sum Assured | Premium Payment Tenure | Annual Premiums |
40 years | Axis Max Smart Total Elite Protection | 30 years | Rs 1 crore | 30 years | Rs 23,545 |
The above tables highlight how age affects your term insurance premiums.
The health conditions of the policyholder also affect the 1 crore term insurance premiums. For a healthy individual, the premiums are less as compared to an individual with a certain illness/ chronic condition.
The policy tenure opted by the policyholder also affects their term insurance premiums. The higher the policy tenure, the greater their premiums are, and vice-versa.
The additional riders you choose with your 1 cr term insurance policy also affect the premiums. Every rider costs you an additional amount. That’s why you should choose only important riders with your 1 crore term plan.
The lifestyle habits also impact your 1 crore term insurance premium amount. If you are a smoker your premiums are higher than a non-smoker while other parameters remain the same.
The gender of the policyholder also affects the term insurance premiums. According to data from life insurance companies, women live longer than male. That’s why female policyholders are charged a lesser premium as compared to male policyholders.
Planning to buy a 1 crore term insurance but are confused about where to buy it? We at PolicyX.com offer No Spam, No Gimmicks, and Only Expert Insurance Advice.
To buy a 1 crore term insurance from PolicyX you have to follow the below-mentioned steps:
Step 1 - Visit the official website of PolicyX.com
Step 2 - Click on ’Term Insurance’
Step 3 - Enter your age, gender, city, annual income, age, and mobile number. Click on ’Get Free Quotes’.
Step 4 - Enter your date of birth, education details, smoking habits, and email address.
Step 5 - Choose your sum assured, policy tenure, premium payment term, and additional riders.
Step 6 - Compare various best term insurance plans and choose the one that suits your needs.
Step 7 - Pay the premiums using the desired payment method such as UPI, credit card, debit card, or net banking.
Once the premium is paid you will get the policy details on your email address and contact number.
You should buy a minimum of 1 crore term insurance policy in your early 20s as the inflation rate is rising at upwards of 7%. But the sectoral inflation such as education and medical inflation is even higher than 10%. A term insurance policy ensures that your loved ones are financially safe even in your absence.
Still confused about which 1 crore term insurance policy to buy? We at PolicyX.com offer No Spam, No Gimmicks, and Only Expert Advice. Book your call with us now!
The premium for a 1 crore term plan starts at just Rs 650 per month.
The maximum age limit to buy a 1 crore term insurance is 65. But for certain plans, the upper limit is 80 years.
To calculate your term insurance coverage, you can use the PolicyX term insurance calculator.
Yes, a 1 cr term insurance calculator is a reliable tool to calculate your term insurance premiums.
Yes, a 1 cr term insurance calculator is a free tool that can be used anytime at your convenience.
LIC Jeevan Kiran is the term insurance policy that offers 1 crore coverage.
Yes, a 1 crore term plan is totally worth buying. You should buy the one to provide financial safety to your loved ones.
No, a 1 crore term plan is not expensive. You can buy a 1 cr term plan at affordable premiums if you buy early.
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Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.
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