Term Insurance Calculator : Calculate Life Policy Premium

What is Term Insurance Premium Calculator?

A term insurance calculator is a tool that helps you determine the premium amount and coverage amount for a term insurance plan. It considers factors such as age, gender, smoking habits, and the desired policy term. Using a term insurance calculator can help you make an informed decision when buying a term insurance policy. Term insurance is a type of life insurance that provides coverage for a specific period of time, or "term." Term Insurance Plan helps you to provide financial security to your family, i.e., a predetermined amount known as 'death benefit', in case of their untimely demise during the policy term.

Explore Term Insurance Plans

IndiaFirst Life Guaranteed Protection Plus Plan

Product Image
Product Name: IndiaFirst Life Guaranteed Protection Plus Plan
Dropdown Field: Tax Saving
Product Description: Need a protection plan that is tailored especially for your needs? Look no further! This plan aims to give you and your family financial security in an easy and convenient way.
Product Benefits: Option to Get Your Money Back (ROP)
Tailormade plans
Flexibility to pay premiums at your convenience.
Insure your spouse in the same policy
Cover till 99 years of age
Porduct Detail Page URL: Get Quote
Product Buy Now URL and CTA Text: Learn More

IndiaFirst Life Radiance Smart Invest Plan

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Product Name: IndiaFirst Life Radiance Smart Invest Plan
Dropdown Field: Investment
Product Description: Have you heard of a plan that not only gives you a life cover but also helps in wealth creation? Enjoy 2 benefits in 1 plan with IndiaFirst Life Radiance Smart Invest Plan.
Product Benefits: Zero Fund allocation charges
10 different funds to choose from
3 plan options to achieve your investment goals
100% money invested for higher returns
Life cover charges returned at the end of policy year
Porduct Detail Page URL: Get Quote
Product Buy Now URL and CTA Text: Learn More

Indiafirst Life Guaranteed Single Premium Plan

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Product Name: Indiafirst Life Guaranteed Single Premium Plan
Dropdown Field: Guaranteed Returns
Product Description: Wondering if there is a way to get 7x return on your investments? Your search ends here! With this single payment plan, you can achieve your financial goals.
Product Benefits: Guaranteed 7x returns on investment
One-time payment (Single Pay)
Tax saving benefits
Life Cover that is 1.25 times higher
Porduct Detail Page URL: Get Quote
Product Buy Now URL and CTA Text: Learn More

IndiaFirst Life Guarantee of Life Dreams Plan

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Product Name: IndiaFirst Life Guarantee of Life Dreams Plan
Dropdown Field: Guaranteed Returns
Product Description: Wouldn't it be wonderful if we had a second source of income to support our dreams? Here is a way to make your dreams come true where you can start earning an income from the end of the 1st month itself.
Product Benefits: Choice of 3 income Options
Guaranteed Long-Term Income
Life Insurance Cover
Benefits of long-term Savings.
Protection even if you miss one premium.
Tax benefits
Porduct Detail Page URL: Get Quote
Product Buy Now URL and CTA Text: Learn More

How to use the online Term Insurance Premium Calculator?

Want to know how to calculate term insurance?

Use the online term insurance calculator to calculate your term insurance premium.

Simply enter your age, gender, occupation, annual income, smoking habits, health conditions, the required sum assured, and the policy tenure.
The online term insurance calculator will estimate the premium amount you have to pay to avail the term insurance.

The term plan calculator is a helpful tool as it lets you understand the policy cost. The term plan premium calculator also lets you compare policy options to find the most suitable one.

How Term Insurance Calculator Works

Vikas Rai

Swati Mishra

40 Years

Vikas, married with 2 kids, buys a term plan of ₹ 2 Crore cover for 20 years

40 - 58 Years

Vikas pays annual premium of ₹ 41,740 for 18 years

At 59 Years

-Vikas passes away during the policy term

Vikas’s Wife

Gets ₹ 2 Crore as Lumpsum payout

40 Years

Swati, a single mother, buys a term plan of ₹ 1 Crore for 30 years

40 - 60 Years

Swati pays annual premium of ₹ 13,090 for 20 years

At 60 Years

Swati passes away during the policy term

Swati’s Daughter

Gets ₹ 1 Crore as Lumpsum payout

“*Premiums calculated above are for IndiaFirst Life Elite Term Plan (UIN: 143N070V01), which are inclusive of online discount of 10% for first year”

Why choose IndiaFirst Life Term Insurance Calculator

IndiaFirst Life Insurance gives you peace of mind, knowing that your family will be financially secure in your absence. We offer affordable options that suit your needs and preferences – Online Term Plan: IndiaFirst Life ELITE Term Plan, IndiaFirst Life Plan, and IndiaFirst Life Guaranteed Protection Plan.

IndiaFirst Life Insurance provides flexibility in premium paying terms, riders, and pay-out options.

Our 'Customer First' principle prioritizes your needs and preferences.

We guarantee a 98.04% claim settlement ratio for individual claims, ensuring genuine claim settlement.

Benefits of using a Term Life Insurance Premium Calculator

An online term plan premium calculator shows you how to calculate term plan premium and provides an estimate of the cover you need.

The online term insurance calculator is also a handy tool to compare different policies from different insurers, to help you find the best deal.

Thinking About a Term Plan? Here's What You Need to Know First

Why choosing the right sum assured is important for the best Term Insurance

The sum assured is one of the most important components of any life insurance plan, including term life insurance. Calculators for term life plans will usually give you a premium estimate after the sum assured is specified along with the submission of your personal details such as age, gender, and more. In simpler words, sum assured translates to death benefit, making it the primary reason for many policyholders choosing the term plan. It is the amount your nominee will receive after the life assured has passed.

When you use a term insurance premium calculator, you cannot proceed beyond a certain point without inputting a desired sum assured, which is one of the factors determining the premium amount. Choosing the right sum assured is crucial. Making this choice is easy. You can either start with a Human Life Value calculator or make the calculations for your ideal sum assured yourself. It is recommended to have at least 10x the annual income of the life assured plus any liabilities as the sum assured amount. You can reach out to a financial advisor or an insurance expert to get a better understanding of what is the right sum assured for you.

Once you know your ideal sum assured, move on to using a term life insurance calculator. Get a better idea of the premiums you may have to pay for the plan you choose.

What is a Term Insurance Plan?

A term life insurance policy is a way for you to ensure that your family or loved ones have financial support after you are gone. It is a type of life insurance providing coverage for a specific period. If the policyholder passes away during this term, the beneficiary can claim a death benefit. If the claim is accepted, they can expect to receive the sum assured. Level term insurance does not offer any maturity benefits if the insured survives the policy term. It is therefore one of the most cost-effective life insurance plans available.

One of the primary advantages of a term insurance plan is its low cost when compared to other forms of life insurance. You can use an online life insurance premium calculator for other plans to compare the premium amounts for the same policyholder at the same sum assured

To determine the cost of a term plan premium, use a term insurance premium calculator. They are designed to help you estimate the premium based on factors such as age, health, policy term, and coverage amount. Use a term life insurance premium calculator to easily compare different plans and choose the one best fitting your needs and budget.

Who can buy a Term Plan?

A term insurance plan is accessible to a broad range of individuals, making it a versatile option for those seeking financial protection for their loved ones. Anyone who has financial dependents or wants to ensure that their family is financially secure in the event of their untimely demise should consider purchasing a term plan. Check the cost of the plan with a term life insurance premium calculator and ensure that it does not burn a hole into your pockets.

Young professionals, especially those just starting their careers can secure a high sum assured at a relatively low premium, ensuring their family’s financial stability.

Married individuals, particularly those with children, should also consider a term plan to help their family cover future expenses such as education, mortgages, and daily living costs.

The right term plan can also help self-employed individuals in covering business liabilities or ensuring that the business continues smoothly even in their absence

In essence, a term plan is suitable for anyone who wants to secure the financial well-being of their dependents.

At what age should I opt for a Term Plan?

It is recommended to buy a term plan as early in life as possible to avoid a higher premium. If you check a term life insurance premium calculator, it will ask you to input certain details, one of which is your age. This will help the calculator provide a closer estimate for the premium amount.

As one’s age increases, the premium amount also increases. Thus, it is recommended that you buy term insurance plans earlier in life rather than later. Although you may believe that there is no need for life insurance coverage at a point in life where you don’t have too many responsibilities, putting money into such a plan can help you save in the coming years when your financial resources could easily find more use.

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FAQs on Term Insurance Calculator

Does term insurance depend on salary?

Answer: Term insurance depends on income, whether you are salaried or self-employed.

How do I choose term insurance duration?

Answer: Before you choose your tenure, assess your current financial situation and liabilities, the financial status of dependents, and premium affordability. A long-term plan may be an unnecessary expense. Similarly, a short-term plan may have financial implications in case of your untimely demise.

How does your age affect your premium calculation?

Answer: Your health is an indicator of the premium you pay. The younger you are, the less chances of any complications and therefore, less risk. Hence, you can get a higher coverage at a low premium. If you buy term insurance when you’re older, you may have to pay a higher premium amount or opt for a lower coverage, depending on your health.

How is term insurance sum assured calculated?

Answer: Term insurance cover should ideally be equivalent to 10-15 times your annual income to cover inflation and provide for long term financial security.

How many years term plan should I take?

Answer: While term plan tenures range from 5 to 40 years, you should opt for the maximum term that covers your financial requirements.

How to calculate sum assured for term plan?

Answer: Term insurance sum assured should ideally be equivalent to 10-15 times your annual income to cover inflation and provide for long term financial security. An online term insurance plan calculator can help you estimate the amount.

How to calculate term insurance?

Answer: To calculate your term insurance requirement, determine the coverage you need keeping your current and future earning capacity, inflation, number of dependants, and long term financial commitments in mind. You can also use the online term plan calculator to determine your premium amount.

How to calculate term plan premium?

Answer: The online term insurance calculator can calculate your term plan premium, once you enter your age, gender, occupation, annual income, smoking habits, health conditions, the required sum assured, and the policy tenure.

Is term plan a good option?

Answer: Yes, term plan is a good option as it financially secures your family in the unfortunate event of your death, especially if you have debts or long term goals.

What are 3 benefits of term insurance?

Answer: The top 3 benefits of term insurance are:

Financial security for your family
Additional riders that further cover you for critical illnesses and accidental death or disability
Tax savings

What factors determine your term plan premium?

Answer: Your age, gender, occupation, annual income, smoking habits, and health conditions determine your term plan premium. You can use online term plan calculator to check this.

What is the best age to cover term insurance?

Answer: Term insurance is best bought when you are young as it gives you the benefit of low premiums and a higher coverage amount.

What is the impact of premium calculation on smokers?

Answer: Smokers may be charged a higher premium due to the health risks associated with the habit. If you smoke and want to know how to calculate term plan premium, use the online term insurance premium calculator.

What is the limit of term insurance?

Answer: Term insurance has no specific limit for the coverage amount. However, you will only be eligible for an amount basis your income and other factors.

What kind of death benefits are covered in this plan?

Answer: Term plans cover all health-related and natural deaths. The sum assured is paid as a lumpsum amount to the nominees in case of the policyholder’s demise during the policy term.

Why does occupation impact term insurance premium calculation?

Answer: People who work in high risk occupations, as defined by the insurer, can be charged a higher premium due to the risks associated with those jobs. If you want to know how to calculate term plan premium, use the online term insurance premium calculator.