What is a Term Insurance Premium Calculator?

Term insurance premium calculator is an online tool using which a potential term insurance policy buyer can get an estimate of the premium that he/she will be required to pay for that particular plan. It helps the potential buyer to not only calculate the term insurance premium but also to compare and analyze various term insurance plans offered by popular insurance companies online.

An applicant can compare different term insurance plans on the basis of certain factors that include age, gender, medical records, profession, etc. They can see the premium of the term insurance plan change on changing the variables. Term insurance premium calculator keeps you informed thereby helping you make better buying decisions.

How to Calculate Term Insurance Premium Online?

There are many insurance companies competing with each other and each one of them has a different procedure of calculating the term insurance premium. Using InsuranceDekho’s term insurance premium calculator, you can calculate the term insurance premium in a few seconds.

At InsuranceDekho, you need to follow these simple steps to calculate the premium for the term insurance plan instantly:

Step 1: To use this online tool you need to visit InsuranceDekho and click on the ‘Life Insurance’ option.

Step 2: Click on the ‘Term Insurance’ option in the life insurance section of the website.

Step 3: Fill in your personal details as required in the displayed form which includes Gender, Age, Cover-up, and Life cover.

Step 4: Select ‘Yes’ if you consume tobacco/alcohol.

The best term insurance plans that will satisfy your insurance requirement and fit your budget according to details filled by you will be displayed on the website with an estimated premium amount.

The premium can be changed when you change the information filled by you.

Benefits of Term Insurance Premium Calculator

Following are the benefits of using the term insurance premium calculator:

1. Better Decision Making: With the help of the InsuranceDekho term insurance premium calculator, you can easily compare, analyze, choose and go through all the benefits, terms, and conditions of term several insurance policies. Term insurance premium calculators offer the flexibility to make decisions without the influence of an agent that generally affects your choice. This helps you make the best purchasing decision.

2. Helps You Choose Additional Coverage: Additional coverage refers to riders that enhance the life cover offered under a term insurance plan. While calculating premium you choose to add the additional riders available to increase the coverage. With the help of a premium calculator, you can opt for the highest possible life cover amount that suits your budget and you can also opt for Additional Benefits at the best possible rate of premium offered by the insurance companies.

3. Time-Saving and Hassle-Free: When you compare the term insurance plans displayed by using a premium calculator, you don’t need to submit any documents. You get a quote within a short time and then you can make a decision whether to buy or not.

Factors Which Determine the Term Insurance Premium

Here are some of the factors which help in determining the premium for term insurance:

1. Age: As the age increases the premiums of the term insurance plan are bound to increase as elderly people are more prone to illness and require health care services. On the other hand, young people are active and are less prone to illness. It is advised to purchase term insurance as early as possible to avoid high rates of premium.

2. Gender: Generally many insurance companies offer different premiums for men and women. A scientific fact states that women visit doctors more often than men which leads the insurance company to offer a high premium amount for women because they require extra coverage.

3. Body Mass Index (BMI): Body mass index is considered to be an indicator of body fatness. High BMI can cause many health problems. People with high BMI are prone to heart disease, diabetes, obesity, etc. If a person has a high BMI they are offered a rather high amount of premium.

4. Pre-Existing Diseases: People who already have a pre-existing medical condition require extra coverage. The premium for term insurance plans increases for people who have a pre-existing illness.

5. Personal Habits: Personal habits like consuming tobacco or alcohol also affect the calculation of premiums. People with habits like consumption of tobacco or alcohol are considered as people with high risk because consumption of tobacco/alcohol is very harmful and causes many health problems.

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FAQ About What is a 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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