Term Insurance Premium Calculator
  • What's a premium calculator?
  • How to use a term insurance calculator?
  • Factors that affect term premiums
Term Insurance Calculator
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Buy Policy in just 2 mins

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What is a Term Insurance Premium Calculator?

A term insurance premium calculator is an online tool that calculates the exact amount of premium that you need to pay to the insurer for a particular term life insurance policy. A term insurance calculator takes into consideration your unique specifications such as age, annual income, smoking habits, occupation, geographical location, etc, and shows exclusive premiums that you will need to pay to buy a term policy.

With so many insurance firms offering policies in India, a term insurance calculator enables you to compare several plans, allowing you to select the best term insurance plan according to your unique preferences. You can simply calculate term insurance premiums with the PolicyX.com term plan calculator and choose which term insurance plan is more suitable for you.

Continue reading to know all about the term plan premium calculator.

How Does Term Plan Calculator Work?

The process of using a term insurance calculator is very simple and easy. Let's understand how the term insurance premium calculator actually works:

  • First of all you have to provide your basic details such as your name, age, gender, annual income, and geographical location.
  • Then it will ask for some other details such as your education level, occupation, smoking habits, whether you are a salaried person or a self-employed one.
  • After you provide all of this information, the term life insurance calculator will analyze the provided information and show the most suitable plans for you.
  • On the same page, you can choose your own coverage amount, policy term, premium payment term, riders, and the type of payout you want.
  • Now you can compare various plans as per various parameters such as your financial needs, company's reputation, claim settlement ratio, etc.
  • Choose the right plan, upload the required documents, and make the premium payment.

What Term Insurance Calculator can do for you?

The term insurance premium calculator can do the following things for you:

  1. Calculate Premium Amount

    It can help you calculate the amount of premium charged based on various factors such as:

    • Age

      The age of an individual influences the premium of the policy. The more the age of an individual, the higher the premium amount.
    • Policy cover

      The amount of policy cover you choose influences the premium. If you choose a higher policy cover the premium will be higher and vice versa.
    • Policy Duration

      The term plan usually ranges from 5 years to 40 years. In case of policyholder's demise during policy duration death benefits are paid to their nominee.
  2. Provide a suitable plan

    Term plan calculators provide you with a plan that is suitable for you based on the provided data.

Steps for Using a Term Insurance Calculator

After discussing all the details required for using a premium calculator, the next important part is knowing how to use this calculator. Generally, the calculator functions in 4 simple steps. Let's take a look at the simple and hassle-free steps of calculating Term Insurance Premium online via PolicyX.com:

  • Step 1

    Look for "Customized Term Plan Insurance for you" at the top of this page. Enter your personal details and click on "View Plans".

    Insert Personal Details For Term Insurance Calculator
  • Step 2

    Fill-in your income, city and click on 'Proceed'.

    Insert Income And City Details For Term Insurance Calculator
  • Step 3

    Select the sum assured amount, policy tenure and riders (if needed).

    Update The Coverage Amount and Policy Tenure in Term Insurance Calculator
  • Step 4

    Within a few minutes, the calculator will display premium details of different term plans offered by term insurance companies.

    Result about premium details of different term plans
  • Step 5

    You can compare different plans and choose the right one based on your financial needs.

Term Insurance Premium Calculators

Illustration of Premiums Given by a Term Insurance Premium Calculator

Given below are the premium illustrations shown by the PolicyX.com term insurance premium calculator. The premiums shown are for a 30-year-old male, who is a non-smoker and has chosen a sum assured of 1 crore and a policy term of 30 years.

Company Plan Name CSR Policy Term Life Cover Monthly Premium Yearly Premium
Max Life Insurance Smart Secure Plus - Life Cover 99.51% 30 years 1 crore 1017 11553
HDFC Life Insurance Click 2 Protect Super 99.39% 30 years 1 crore 1181 13499
Tata AIA Life Insurance Sampoorna Raksha Supreme 99.01% 30 years 1 crore 1053 11918

Benefits Of Term Insurance Premium Calculator

Given below is the list of benefits of a term insurance premium calculator that will help you understand its necessity in the present digital age.

  • Easy comparison

    Generally, insurance companies sell multiple term plans to meet the needs of different customers. Using a term insurance premium calculator makes things a bit simple by allowing the users to easily compare the features, premiums, and coverage of all different term plans and then make an informed decision.
  • Time-saving and hassle-free

    As everything is done online, there is no need to submit hard documents. You just enter the information, wait for the quote, and select the best plan among them.
  • Cost-effective

    Buying term plans online is cheaper than the offline mode, as no intermediary is involved. Also, some of the term insurance companies offer special discounts and offers when you buy an insurance policy online.
  • Better Financial Planning

    The term insurance plan premium calculator also aids in financial planning by estimating the amount of premium to be paid immediately. Once you know how much you'll have to pay in premiums regularly, you can organize your budget appropriately.
  • Added Protection

    With a term insurance premium calculator, you can get a glance at all the available riders of the plan add each one of them, and see whichever suits your budgetary needs. You get the option of manipulating your primary policy and the available riders to the point where they fall into your desired premium option.
  • Easier Calculations

    A term insurance calculator saves you from the chaos of heavy calculations that may lead to confusion. With a term insurance premium calculator, all you have to do is provide your basic details and it will do all the calculations for you.
  • Accuracy

    A term insurance premium calculator is a well-designed tool that is known and established for its accuracy. The details that you fill in are used to provide you with accurately estimated information that can be relied upon without any doubts.

Factors To Consider While Calculating Term Insurance Premium

As we've already discussed above, the premium amount for a term insurance plan depends upon a variety of factors. Given below is a list of a few such noteworthy factors. It is important that you should take into consideration all these factors while calculating premium for your term plan-

  • Age

    The premium for a term plan is directly impacted by the policyholder's age; the older he is when he chooses a term plan, the greater premium he has to pay. Therefore, it is recommended to purchase a plan at a young age in order to maximize the plan's benefits. To see how age affects premium amount in a term plan, refer to this age slider here.
  • As Age Grows Term Insurance Premium Also Increases
    Premium: Rs.900/month
    Age: 25
  • Requirements

    Before calculating the term insurance premium, it is important to decide your insurance needs and requirements. Every insurance plan offers different benefits, and it's important to choose a plan according to your future financial goals.
  • Gender

    If we go by the data of life insurance providers, women live longer than men. Therefore, women are charged a lesser premium as compared to men of the same age.
  • Lifestyle

    The lifestyle of an individual is also considered while calculating the term insurance premium. If one has smoking habits or is an alcoholic, (s)he will be more prone to life-threatening diseases and will need to pay high premiums.
  • Policy Term

    Policy tenure plays a key role while calculating the term insurance premium. The shorter the duration of the policy, the higher premium you have to pay.
  • Sum Assured

    The chosen coverage amount of your term insurance plan is another factor that affects its premium amount. If you choose a high sum assured, you have to shell out a higher premium in return.

Are Online Term Insurance Premium Calculator Estimates Reliable?

The Term insurance calculation with the help of an online calculation tool indeed eliminates the hassle of lengthy manual calculations. It also puts an end to human errors and saves a lot of time and energy. To get the correct estimate of your term insurance premium, you need to enter the correct personal details, the desired sum assured, and the preferred policy term to enable it to generate the premium amount for different term insurance plans.

Term Insurance Calculator: FAQ's

1. Why do I need a Term Insurance Premium calculator?

Calculating your Term Insurance Premium in advance with the help of a Term Insurance premium calculator helps you to compare the term insurance plans that you can choose from and also helps you to plan and maintain your budget.

2. How is the Term Insurance Premium Calculator useful to me?

Easy to compare quotes from different Term Plans and choose the most suitable one.

  • Helps in planning your finances better.
  • Saves time and confusion.

3. Does my job profile effect my Term Insurance Premium?

Yes, your occupation also plays an important role in deciding your Term Insurance premiums. Working in hazardous industries puts your life at risk. As a result, people in these professions may have to pay higher insurance premiums.

4. Do I need to take an expert's advice to use the Term Insurance Calculator?

Not at all. Using Term Insurance premium calculator is easy, and you can use it at your home without anyone's expert assistance.

5. How much cover should I take in a term plan?

Choosing your sum assured amount depends on several factors including your family's needs, number of dependents you have, your budget, lifestyle you wish to provide to your family and many more. To get an estimated figure about an ideal coverage amount for your term plan, refer to our Human Life Value (HLV) Calculator.

6. I am a 32-year-old diabetic. Will it affect my Term Insurance Calculation?

Yes, a patient with diabetes is more likely to pay more premiums than those who don't have it. It happens because a patient with diabetes is more likely to develop certain other comorbidities which increase the risk to the insurer.

7. Do I need to pay any additional fees for using Term Insurance Premium Calculator?

No, you can use the Term Plan Calculator free of cost. The calculator is available on the official website of the company you have chosen.

8. Would selecting a Rider will affect my Term Insurance calculation?

Yes, the premium calculated rise if you opt to add riders to your term insurance policy. This is because each rider has an additional cost associated with the increased coverage it offers. As a result, the premium rises by adding each rider.

9. Is using Term Insurance Premium Calculator safe?

Yes, using the Term Plan calculator is safe if you are using a calculator from a reliable and trusted company.

10. Can increasing or decreasing the coverage amount affect the term life insurance premium?

Yes the term insurance premium, depends on the coverage amount of the policy.

11. Do lifestyle choices affect my term plan premium?

Yes, the results of the term insurance premium may be impacted by lifestyle decisions. For example, smokers must pay a greater premium than non-smokers.

12. How much time do I need to fetch the result from the term life insurance calculator?

It takes seconds to calculate the premium, once you enter the correct information.

13. Does age affect the results of the term plan calculator?

Yes, age affects the results of the term plan calculator, age is directly proportional to the premium paid.

14. Where can I find the term insurance premium calculator of an insurance company?

The term insurance calculator is available on the term insurance company's official website and is also available through the company's mobile application.

Term Insurance Companies

Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.

What Our Customers Have to Say

Customer Review Image

Sanjeev

Hyderabad

May 20, 2024

SUD Life term plan truly stands out my expectations as I got SUD Life term plan along with additional riders at very affordable premiums.

Customer Review Image

Sumit

Coimbatore

May 20, 2024

I am impresses with the hassle free and quick claim settlement process of SUD Life. Thanks to PolicyX who guided me to get my claim settled.

Customer Review Image

Barkha

Delhi

May 20, 2024

Bought SUD Life Family Income Benefit Rider plan to secure the future of my plan financially even in my absence.

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Geetanjali

Kolkata

May 20, 2024

I was looking for a term plan to secure the future of my family. So I contacted PolicyX and one of their representatives Mr. Vaibhav helped me choose SUD Life term plan.

Customer Review Image

Armaan khan

Agra

May 17, 2024

I recently purchased a Pramerica term insurance policy from Policyx.com. The customer service team was very helpful in answering all my queries and guiding me through the application process. I...

Customer Review Image

Rahul Yadav

Indore

May 17, 2024

PolicyX’s dedicated support made renewing my Bandhan Life Insurance policy easy. I’m absolutely delighted with the service offered by PolicyX Insurance Advisor.

Customer Review Image

Priyanshu Sharma

Delhi

May 17, 2024

I bought a Bandhan Life Insurance through PolicyX, and I must say the level of communication and assistance I have received has been truly impressive.

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Yash Tomar

Bhopal

May 17, 2024

After getting advice from the PolicyX experts, I chose a Bandhan Life Insurance term plan. Thank you, PolicyX, for helping me buy a term plan at such a low premium.