Term Insurance Premium Calculator
- Premium calculator
- How to use?
- Benefits offered
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 insurance premium calculator without personal information
The process of using a term insurance calculator is very simple and easy. Let's understand how the term insurance premium calculator actually works:
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".
Step 2
Fill-in your income, city and click on 'Proceed'.
Step 3
Select the sum assured amount, policy tenure and riders (if needed).
Step 4
Within a few minutes, the calculator will display premium details of different term plans offered by term insurance companies.
Step 5
You can compare different plans and choose the right one based on your financial needs.
Given below are the premium illustrations shown by the PolicyX.com life 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 |
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.
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-
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.
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.
Easy to compare quotes from different Term Plans and choose the most suitable one.
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.
Not at all. Using Term Insurance premium calculator is easy, and you can use it at your home without anyone's expert assistance.
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.
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.
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.
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.
Yes, using the Term Plan calculator is safe if you are using a calculator from a reliable and trusted company.
Yes the term insurance premium, depends on the coverage amount of the policy.
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.
It takes seconds to calculate the premium, once you enter the correct information.
Yes, age affects the results of the term plan calculator, age is directly proportional to the premium paid.
The term insurance calculator is available on the term insurance company's official website and is also available through the company's mobile application.
Yes, a term insurance premium calculator can be used without providing your personal information at ease.
Your occupation impacts your term insurance premiums because if you are engaged in high-risk activities the insurance companies have greater risk of insuring you. Thereby they charge high premiums from the policyholders.
Yes, the term insurance premium calculator is a reliable tool to calculate your term insurance premiums.
Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.
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I am a passionate content writer with over three years of experience in the insurance domain. An avid learner, I always tries stays ahead of the industry's trends, ensuring my writing remains fresh and includes the latest insurance shifts. Through my work, I strive to engage with targeted insurance readers.
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