Term Insurance Premium Calculator
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Term Insurance Calculator
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Himanshu Kumar
Written By:
Himanshu

Himanshu Kumar

Term & Life Insurance

Himanshu is a content marketer with 2 years of experience in the life insurance sector. His motto is to make life insurance topics simple and easy to understand yet one level deeper for our readers.

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Reviewed By:
Anchita Bhattacharyya

Anchita Bhattacharyya

Health, Term & Life Insurance

Anchita has over 6 years of experience in content marketing, insurance, and healthcare sectors. Her motto to make health and term insurance simple for our readers has proven to make insurance lingos simple and easy to understand by our readers.

Himanshu Kumar

Himanshu Kumar

Term Insurance, Content Writer

Content Manager with heart, mind, and soul dedicated to creating impactful content that exceeds the market standard, delivers and reaches the readers conveniently. Besides producing high-ranking content, my focus lies in creating content that solves user queries and adds value.

Himanshu Kumar

Written By: Himanshu Kumar

Updated on Jan 15, 2025

Himanshu Kumar

Anchita Bhattacharyya

Term Insurance, Content Manager

Content Manager with heart, mind, and soul dedicated to creating impactful content that exceeds the market standard, delivers and reaches the readers conveniently. Besides producing high-ranking content, my focus lies in creating content that solves user queries and adds value.

Reviewed By: Anchita Bhattacharyya

15 min read

Rhishabh Garg
Written By: Rhishabh Garg
Rhishabh Garg
Rhishabh Garg Term Insurance Head
Rhishabh Garg is the Business Unit Head of Term Insurance at Policybazaar.com. He has over 10 years of experience and currently plays a crucial role in shaping the future of term insurance in the company. Rhishabh also has experience in customer services and crafts new strategies for organizational success, one of which is Policybazaar’s claim assistance program.
Santosh Agrawal
Reviewed By: Santosh Agrawal
Santosh Agrawal
Santosh AgrawalChief Business Officer
Santosh Agarwal is the Chief Business Officer of life Insurance at Policybazaar.com and has over a decade of experience in the insurance domain. She has helped shape Policybazaar's life insurance vertical and ensures the effective execution of the company's overall strategy. Santosh is also responsible for the Term Insurance for Women domain at Policybazaar.com and educates the masses about its importance and benefits.

What is a Term Insurance Premium Calculator?

A term insurance premium calculator is a free online tool that helps you calculate the premiums you need to pay for your term insurance policy. The premiums are calculated based on various factors including age, gender, annual income, smoking habits, occupation, health, etc.

There are so many term insurance policies available in India. A term insurance plan calculator helps you compare and choose the right insurance policy that aligns with your needs. You can use the PolicyX term life insurance premium calculator to calculate the premiums of your term plan.

Continue reading to know all about the term insurance premium calculator without personal information

How Does Term Insurance 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:

  • Enter your basic details including your age, gender, city, annual income, name and mobile number.
  • Then it will ask for some other details such as educational qualification, occupation, and smoking habits.
  • Based on the provided information online term insurance calculator will show you various plans.
  • You can choose your coverage amount, premium paying term, riders, and payout type on the same page.
  • Now you can compare the plans based on various factors like premium amount, claim-settlement ratio, benefits offered, riders available, etc.
  • Choose the plan you wish to buy and upload the required documents.
  • Pay your premiums and you will shortly receive your policy documents.
Tired of Pushy Sales? Get Insurance, Your Way Tired of Pushy Sales? Get Insurance, Your Way

What Term Insurance Plan Calculator can do for you?

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

  1. Calculate Premium Amount

    The term plan calculator can help you calculate the amount of premium you have to pay based on various factors such as:

    • Age

      The age of an individual impacts the premium of the policy. The more the age of an individual, the higher the premium amount they have to pay. It is always wise to buy a term insurance plan as early as possible.
    • Policy cover

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

      The term plan usually ranges from 5 years to 40 years. The term insurance policies with long policy duration have high premiums and vice versa. In case of a policyholder's demise during policy duration, death benefits are paid to their nominee.
    • Gender

      Females pay less premiums than males as they have a higher life expectancy rate.
    • Occupation

      Individuals who are indulged in high-risk occupations are charged higher premiums.
    • Lifestyle Habits

      Smokers and tobacco consumers are charged higher premiums than non-smokers.
    • Additional Riders

      Each rider adds to your premium amount. Choosing riders with your term plan increases your term insurance premiums.
  2. Help You Choose A Right Term Plan

    A term insurance cost calculator helps you compare and choose a term plan that best aligns with your needs based on the provided information.

Steps for Using PolicyX Term Insurance Premium Calculator

Using the PolicyX term insurance premium calculator is very easy. You can calculate your term insurance premiums in just a few simple steps.

  • Step 1

    Look for "Customized Term Plan Insurance For You" at the top of this page. Select your gender and enter your age. Then click on 'View Plans'.

    Insert Personal Details For Term Insurance Calculator
  • Step 2

    Select your city and annual income. Then click on 'Proceed'.

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

    Enter your name and mobile number. Click on 'Get Free Quotes'.

    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. Moreover, you can also change coverage amount, and tenure and add riders from the left corner.

  • Step 6

    Pay the premiums displayed on your screen and you will shortly receive the policy documents.

Given below are the premium illustrations shown by the PolicyX.com term 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 Rs 1 crore and a policy term of 30 years.

Company Name Plan Name CSR (FY 2023 - 24) Policy Term Life Cover (in Rs) Monthly Premium (in Rs) Yearly Premium (in Rs)
Axis Max Life Insurance Smart Term Plan Plus 99.65% 30 years 1 crore 918 10,429
HDFC Life Insurance Click 2 Protect Super 99.50% 30 years 1 crore 1181 13,499
Tata AIA Life Insurance Sampoorna Raksha Supreme 99.13% 30 years 1 crore 1051 11,896

Term Insurance Premium Calculators

Benefits Of Term Life 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 different term plans and then make an informed decision.
  • Time Saving and Hassle-Free Calculation

    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 a term insurance plan is cheaper than buying it offline as no intermediaries are involved in between. Moreover, some insurance companies also offer special discounts for buying term insurance online.
  • Better Financial Planning

    The term insurance plan premium calculator also helps 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

    An online term insurance calculator provides the list of all the riders available with the term plan. You can choose the rider that best fits your needs and calculate the final premium amount.
  • 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 for its accuracy. It is designed to provide accurate results based on the provided details.

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 take into consideration all these factors while calculating the 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 buying a term plan, the greater the premium he has to pay. Therefore, it is recommended to purchase a plan at a young age to avoid high premiums. To see how age affects the premium amount in a term plan, refer to this age slider here.
  • 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 in calculating the term insurance premium. The shorter the duration of the policy, the higher the premium you have to pay.
  • Sum Assured

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

Is Term Insurance Calculator A Reliable Tool?

A term insurance calculator eliminates the hassle of doing lengthy calculations for calculating term insurance premiums. 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 personal details, the desired sum assured, and the preferred policy term.

To know more about our best-selling term plan, schedule a quick call with us.

We believe in No Spam, No Gimmicks, Only Expert Insurance Advice.

Term Insurance Calculator: FAQ's

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

A term insurance premium calculator helps you compare different plans and calculate your term insurance premiums.

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 affect 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 the 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, the number of dependents you have, your budget, the 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 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 the 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 or PolicyX.com.

8. Would selecting a rider affect my term insurance calculation?

Yes, the premium calculated increases 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 the 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 like PolicyX.com.

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 have to 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 term insurance premiums?

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.

15. Can the term insurance premium calculator be used without personal information?

Yes, a term insurance premium calculator can be used without providing your personal information at ease.

16. How does occupation impact term insurance premium calculation?

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.

17. Is the term insurance calculator reliable?

Yes, the term insurance premium calculator is a reliable tool to calculate your term insurance premiums.

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

Amar Patil

Pune

October 9, 2024

I want to thank Shubham Sharma for his exceptional help with my term insurance query. He went above and beyond to assist me. I’m very grateful to Policyx.com and Shubham Sharma.

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.

Customer Review Image

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.

Himanshu Kumar

Written By: Himanshu Kumar

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.