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.

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.

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.