Term Insurance Premium Calculator
Term insurance premium calculator is an easy and effective way to calculate premiums. You can use this online calculator to compare different term life insurance plans and select the one that best suits your needs. Therefore, the term plan premium calculator allows you to analyze the various term plans offered by the best term insurance companies in India. It considers numerous factors like age, pre-existing conditions, annual income, lifestyle habits, and other factors to calculate the estimated premium that you may have to pay against your term plan. Moreover, it is a free tool that anyone can use online to compare different term insurance plans.
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Term Insurance Premium Calculator
Date of Birth
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Choose required coverage to secure your family’s future
Best Term Life Insurance Plans In India 2023
- Click 2 Protect LifeCover ₹ 1 CrStarting at ₹ 787/month*
- E-Term PlanCover ₹ 1 CrStarting at ₹ 831/month*
- Smart ProtectCover ₹ 1 CrStarting at ₹ 739/month*
- Mera Term Plan PlusCover ₹ 1 CrStarting at ₹ 721/month*
- Smart Secure PlusCover ₹ 1 CrStarting at ₹ 695/month*
- Click 2 Protect Super Life PlusCover ₹ 1 CrStarting at ₹ 1,398/month*
- Click 2 Protect Super Life GoalCover ₹ 1 CrStarting at ₹ 1,317/month*
- Click 2 Protect Super LifeCover ₹ 1 CrStarting at ₹ 771/month*
- I Term ComfortCover ₹ 25 LStarting at ₹ 372/month*
Benefits of Term Insurance Premium Calculator
Here are the benefits of using the term plan premium calculator:
- Better Decision-Making: With an online term insurance premium calculator, you can simply compare and examine numerous term plans. You can make a detailed comparison on the basis of features, benefits, terms and conditions of the policy. Additionally, term plan premium calculators offer the flexibility to make decisions without the influence of an agent.
- Customize Term Plans Easily: Term insurance policyholders can enhance the coverage of their plan by purchasing riders with their base policy. Riders are additional benefits that you can purchase by paying an extra premium to the insurance company. You can select from different term insurance riders including critical illness benefits, accidental death benefit riders, and many others. A term insurance premium calculator will help you determine a premium that you may have to pay against your policy after including riders.
- Time-Saving Process: It is quick and easy to compare insurance plans using an online term insurance premium calculator. All you need to do is to open the official website of InsuranceDekho, provide some personal information, and calculate the premium for your term insurance plan.
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How to Calculate Premium Using the Term Insurance Premium Calculator?
The process of calculating a premium using the term plan premium calculator is quick and hassle-free. Within a few seconds, you can calculate a premium for your term insurance plan. Here’s a process that you need to follow to use the online term insurance premium calculator:
- Visit the official website of InsuranceDekho.
- Click on the “term insurance” tab under the “life insurance” section.
- On the displayed form, enter your personal details such as gender, age, sum assured, and more.
- Select “Yes” if you consume tobacco/alcohol.
- Term insurance plans will be displayed on your screen. You can change the premium by changing the information that you provide in the form.
Factors the Term Insurance Premium Calculator Uses to Calculate Premium
Term insurance premium depends on numerous factors. Therefore, a term plan premium calculator uses these factors to calculate the estimated premium that you may have to pay against your policy. Some of these factors are highlighted in the section below:
- Age: A premium for a term insurance plan increases with age. This is because elderly people are more prone to illness and require healthcare services. However, the premium for young individuals is less because they are more active and less prone to illnesses.
- Gender: Premium rates may vary for men and women. Many insurance companies provide special discounts for women, making a term insurance plan affordable.
- Body Mass Index: It is an indicator to determine the body fatness. High BMI can cause many health problems like heart disease, diabetes, obesity, and others. If a person has a high BMI they may have to pay a high premium against their term life insurance.
- Pre-Existing Diseases: Pre-existing condition refers to a situation in which the policyholder has any critical illness like diabetes or cancer at the time of purchasing term insurance. The policyholders may have to pay a higher premium if they are suffering from any pre-existing disease.
- Lifestyle Habits: Personal habits like consuming tobacco or alcohol also impacts the calculation of a premium amount. This is because individuals with such habits are more vulnerable to health problems.
- Insurance Coverage: At the time of purchasing a term insurance plan, you must understand your coverage needs. Compare different riders and select only those that best suit your needs. This is because including riders will increase the premium of your base term plan.
- Profession: One of the most important factors that impact the calculation of a premium is the nature of the work or profession. For instance, if you are a school teacher, a premium will be affordable. However, if you work at a construction site or in any other risky profession, the premium charged will be higher.
- Policy Tenure: The policy tenure plays an important role in the calculation of a term insurance premium. The longer the policy tenure, the higher will be the sum assured and the premium. In simple terms, long-term term insurance plans are much more expensive than short-term plans.
- Premium Payment Mode: Premium payment mode refers to the frequency of paying premiums against a term insurance plan. You can choose to pay premiums annually, semi-annually, quarterly, or monthly. Often, insurance companies charge high premiums for monthly or quarterly premium payment modes.
Why Online Term Insurance Premium Calculators Are Reliable?
A term insurance premium calculator can be used online to determine the premium for different term plans. Listed below are some of the advantages of using online term plan premium calculators:
- Quick Process: Calculating a premium using an online term insurance premium calculator is quick and easy. You can determine a premium for your term plan within a few seconds of providing your personal information.
- Convenient: You can use a term plan premium calculator from anywhere in the world. All you need is access to the internet and a smartphone to determine a premium for your term insurance plan.
- User-Friendly: The term plan premium calculator is easy to use. You can simply calculate the premium for your term plan by entering some basic information. The online premium calculator will display a list of plans that will be best suited for you on the basis of the information you submit.
- Free of Cost: Anyone can use a term insurance premium calculator for free. You can visit the official website of InsuranceDekho and enter some basic details to determine a premium for your term insurance plan.
Term Insurance Premium Calculator
- ICICI Prudential Term Insurance
- Max Life Term Insurance
- HDFC Life Term Insurance
- Aditya Birla Sun Life Term Insurance
- Aegon Term Insurance
- PNB MetLife Term Insurance
- Kotak Life Term Insurance
- SBI Life Term Insurance
- Bharti AXA Term Insurance
- LIC Term Insurance
- Edelweiss Tokio Term Insurance
- Bajaj Allianz Term Insurance
- Exide Life Term Insurance
- Canara HSBC OBC Term Insurance
- IndiaFirst Life Term Insurance
- Tata AIA Life Term Insurance
- Pramerica Life Term Insurance
- Future Generali Life Term Insurance
- Aviva Term Insurance
- Reliance Nippon Term Life Insurance
- Star Union Dai-ichi
- Shriram Life Term Insurance
- Ageas Federal Life Term Insurance
Disclaimer: InsuranceDekho does not endorse, rate or recommend any particular insurance company or insurance plan.
Types of Term Insurance Plans
Popularly Opted Term Insurance Sum Assured
FAQ About Term Insurance Premium Calculator
What is a term insurance premium calculator?
A term insurance premium calculator is a digital instrument that enables you to check, compute and compare the term insurance policy premium quotes. It helps you to choose an ideal term insurance plan based on your budget and needs.
What type of details will I have to enter on the premium calculator?
To calculate the premium on the term insurance premium calculator, you will have to enter details such as gender, age, coverage, tobacco or alcohol consumption, pre-existing diseases, and so on.
What are the benefits of using the term insurance premium calculator?
The term insurance premium calculator offers you several benefits which are as follow:
- It helps you in making better decisions for term insurance plans
- It provides you assistance in selecting an additional coverage
- It is a time-efficient and hassle-free approach to get a policy quote.
Will I have to pay any charges to avail the premium calculator?
No, you do not have to pay anything to use the term insurance premium calculator. All you need to enter the required and relevant details.
Where can I find the best term insurance premium calculator?
You can get the best term insurance premium calculator at InsuranceDekho.
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