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How to use Term Insurance Calculator?
When using our term insurance calculator, we'll ask for a few key details to help estimate your premium based on your desired coverage and to determine how much term insurance do I need. You'll need to provide your:
Annual income
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Anticipated years of working
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Personal expenses
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Estimated annual increase in income
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Additionally, we'll consider factors such as your age, gender, date of birth, the type of term insurance you prefer, the duration of the policy, and the amount of coverage you want. We also take into account lifestyle factors, such as whether you smoke, and other personal habits that may impact your premium.
By filling in these details, you'll receive an accurate estimated tailored term insurance plan to your needs and circumstances.
Step-by-Step Guide to Using the Term Insurance Calculator
1. Enter Your Name
Type your full name as it appears on official ID proofs, such as Aadhar card or PAN card.
2. Are You an NRI?
Select "Yes" if you are a Non-Resident Indian (NRI); otherwise, select "No."
3. Select Your Gender
Choose your gender from the provided options.
4. Are You a Smoker?
Select "Yes" if you are a smoker; otherwise, choose "No."
5. Date of Birth
Select your date of birth from the date picker.
6. Annual Income
Choose the range that best matches your annual income.
7. Mobile Number
Enter your mobile phone number in the provided field.
8. Enter Your Email
Provide your email address in the given field.
9. Get Free Quote and Calculated Premium
After filling out all the details, click the "Get Free Quote" button. This will display the calculated premium along with suitable plan options.
How does a Term Plan Calculator help you?
A term plan calculator is a helpful tool that determines the necessary insurance coverage to protect your family in emergencies and to estimate the cost. It calculates the premium you'll need to pay based on critical factors such as your age, health, and lifestyle. This ensures that the coverage meets your family's financial needs while fitting your budget. Calculators calculate the premium for a term plan based on factors such as:
Amount of Life Cover: The life cover from your insurer is the amount paid to your family or nominees if you pass away unexpectedly. It is advised that this cover be at least 10-15 times your yearly salary.
Policy Term: The policy term is the period during which the insurance plan covers you. If you die during this time, the nominee will receive the life cover amount.
Choose Add-ons: Adding riders to your term plan enhances financial protection and benefits, but requires an extra premium. Overall, term plan offer assurance and protection for you and your family.
How does a Term Plan Calculator Work?
A term plan calculator is a tool that helps you calculate the amount of life insurance coverage you need. It works by taking into account your age, income, liabilities, and other factors.
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![Step 01]( "Step 01")
Step 01
Start by entering your basic information such as age, gender, and income.
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![Step 02]( "Step 02")
Step 02
The calculator will then ask you to enter details about your existing liabilities such as outstanding loans, mortgages, and other debt obligations.
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![Step 03]( "Step 03")
Step 03
Once you have entered all your details, the calculator will analyse your data and generate a recommended term plan coverage amount.
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![Step 04]( "Step 04")
Step 04
The calculator will also give you an estimate of the premium you will need to pay for the term plan.
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![Step 05]( "Step 05")
Step 05
You can then compare the premiums and coverage amounts of different term plans and choose the one that best meets your needs.
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![Step 06]( "Step 06")
Step 06
After selecting a plan, complete a medical check-up and submit required documents to activate your life insurance policy and enjoy its benefits.
What are the Benefits of using a Term Insurance Calculator?
Besides ensuring life insurance at an affordable price and offering flexibility, there are several other benefits of term insurance plans:
Multiple death benefit payout options
When the primary earner passes away, their financial responsibilities, like unpaid home loan, car loan, or personal loans, can fall on their family. To ease this burden, some insurance policies offer multiple payout options. Instead of just a one-time lump sum, these policies can provide a monthly income along with the death benefit. This steady monthly income can help cover daily expenses and manage finances more smoothly during a difficult time.
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Additional riders
Term insurance plans allow you to add extra riders to your term life insurance plan for a small additional fee. For instance, a critical illness rider provides financial support if you're diagnosed with certain serious health conditions.
You can also add a rider for extra coverage in case of an accident that results in death or dismemberment. This way, the sum assured is paid to your beneficiary according to the policy terms, offering extra protection when it's needed most.
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Tax benefits
Term insurance plans offer tax benefits on both the premiums paid and the payouts received. Under Section 80C of the Income Tax Act, 19611 , premiums paid for a term insurance plan are eligible for tax exemption up to ₹1.5 lakhs annually. Choosing a plan with the right coverage based on age and health status can help maximize these benefits. Additionally, the death benefit paid out under term insurance is fully tax-exempt as per Section 10(10D) of the Income Tax Act, providing further financial protection to the beneficiaries.
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Return of Premium option
In a term insurance plan, the life cover is provided to the beneficiary only if the policyholder passes away during the policy term. There is no payout at the end of the term unless the return of premium option is selected. With this option, the policyholder pays a higher premium, but if they outlive the policy term, all the premiums paid are refunded. This option provides both life protection and the opportunity to get back the amount invested if no claim is made. For those seeking comprehensive coverage, considering the best term insurance plan for 1 crore can be a beneficial choice to secure their family’s financial future.
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Why Choosing the Right Sum Assured is Important for the Best Term Insurance?
The sum assured in a term insurance plan is an important factor in the financial security of your family. It safeguards against unforeseen events, so that you get peace of mind. A significant sum assured guarantees a stable future for your loved ones, encompassing debts, education, and income replacement. Selecting the appropriate sum assured is crucial for securing their well-being. Gain more insights and explore the optimal sum assured for your term life insurance by clicking the tabs below.
What is a Term Insurance Plan?
All of us want our families to be secure, even in our absence. A term insurance plan ensures protection to your family at affordable costs. It essentially provides an adequate life cover at relatively low premiums. The beneficiary of the policy is given the payout, in case of the death of the policyholder.
The objective of buying term insurance is to take care of the financial needs of your family, in case of your demise. It also helps to pay off any liabilities like education loans, home loans, and so on. Some term insurance plans also cover critical illnesses.
Who can buy a Term Plan?
It is important to have adequate financial protection for your family in case the primary earner passes away. However, not everyone is eligible to buy a term insurance plan, as there are specific term insurance eligibility criteria that must be met. You must be between 18 and 65 years of age. Some insurers also provide term insurance policies starting at age 65, with coverage up to 99 years of age. All in all, it is important to understand at what age you want to buy a term insurance plan.
Your financial goals may change as you age, plus your family might grow and that will require certain changes to the policy. It is often recommended that one must buy a term insurance plan at an early age. There are multiple types of term insurance, so how about securing a part of your income to help your family stay secure even in your absence?
At what age should I opt for Term Plan?
While you can buy a term insurance plan at any age between 18 and 65 years, there are several advantages of purchasing one early on in life. During your 20s, you’re leading a healthy lifestyle, and have a minimum chance of falling prey to critical illnesses. That’s why the premium charges are low, as the insurer understands you as a low-risk candidate.
In addition to this, term insurance plans offer flexibility and secure dependents of the policyholder at an early stage. They also offer multiple tax benefits under section 80C2 of the Income Tax Act, 19611.
FAQs on Term Insurance Calculator
1 What is term insurance?
Term insurance is a form of life insurance that protects your family at affordable costs. The policy offers an adequate life cover at a relatively low premium. The beneficiary of the policy is provided with the payout in case of the death of the policyholder.
2 How does the term insurance calculator work?
A term insurance calculator asks users to provide certain details to arrive at an estimated amount of premium that one needs to pay for the desired insurance coverage. Your annual income, anticipated years of working, anticipated personal expenses, and an estimated annual increase in income are taken into account.
The user’s age, gender, date of birth, kind of term insurance, duration of the policy, and the sum desired are also considered. Besides, a few additional factors like lifestyle and whether you smoke or not impact the premium.
3 How to use the term insurance premium calculator?
A term insurance calculator is an easy-to-use tool that will give you premium quotes in less than 10 minutes. You need to enter your personal details such as date of birth, gender, marital status, annual income, and so on. It is important to specify the sum assured you want over a period of time and how you want the beneficiary to be paid: one-time lump sum, monthly payments, or both.
After these steps, you need to fill the estimated annual increase in the income. That’s it! The calculator will give you options for term insurance plans based on the information you have provided. This will help you compare and choose the policy that suits you best. You can change the recommended sum assured and choose as per your financial requirement, for example you can opt for 2 crore term insurance if the recommended sum assured of 1 crore isn’t adequate for you.
4 When should I buy a term plan?
While you can buy a term insurance plan at any age between 18 and 65 years, there are several advantages of purchasing one early on in life. Get one in your 20s when you are fitter and have no or fewer health-related complications. Your premium charges will be affordable as you fall in the low-risk category.
In addition to this, term insurance plans offer flexibility and secure dependents of the policyholder at an early stage as well as multiple tax benefits.
5 How does your age affect your premium calculation?
The term insurance premium increases with the age of the policyholder. This is because a young individual has a lower risk of falling ill. Hence, it is recommended that young individuals buy term insurance plans to reap maximum benefits.
6 Why does occupation impacts term insurance premium calculation?
While your occupation is not a major factor while calculating the premium, it can still have an impact on how much you pay. The reason is simple: A few professions involve high risks. For instance, a construction worker is at a higher risk of loss of life as compared to someone who has a desk job. Keeping this in mind the premium charged could be higher.
7 What factors determine your term plan premium?
Age, health condition, gender, smoking habits, occupation, lifestyle, chosen sum assured, and premium payment tenure are the top factors that influence how much premium you may need to pay.
8 What is the impact of premium calculation on smokers?
Smokers are more susceptible to diseases like cancer and heart ailments as compared to non-smokers. The chances of developing diseases are higher in the case of men than women. Hence, the term insurance premium for smokers is higher. It is recommended that you ask the insurer if your current lifestyle will lead to an increase in term insurance premiums.
9 What kind of death benefits are covered in this plan?
While different companies have different clauses under death benefits, some of them include death due to a medical condition, natural death, or accidental death. Accidental death might be due to motor vehicles, accident in a factory, accident from falling from a roof, drowning, death from electric shock, or earthquake.
10 What is the premium amount of 1 Crore term insurance?
The premium amount of 1 Crore term insurance in India varies based on the age and health condition of the person seeking the policy. Generally, the premium for a 1 Crore term insurance policy ranges from Rs 5,000 to Rs 20,000 per year, depending on the insurer and the other terms and conditions of the policy. Factors such as smoking habits, pre-existing medical conditions, and the inclusion of riders for additional coverage can also influence the premium amount.
The premium amount also varies based on the type of policy; single premium policies tend to be more expensive than regular premium policies. Factors such as the term length, additional riders, and other benefits also affect the premium amount.
Consulting with a financial advisor or using online insurance premium calculators can help individuals determine the approximate premium for a Rs 1 crore term insurance policy based on their personal circumstances. It is also important to compare the different policies offered by different insurers to ensure that you get the best coverage at the right premium.
11 How much term insurance should we take?
The amount of term insurance you should take depends on your particular financial needs. Generally, it is recommended that Indians purchase a term life insurance policy that is 10-12 times their annual income. This will provide adequate financial protection for your family in the event of your death. It is important to consider factors such as your current lifestyle, your debts, any dependents you may have, and your financial goals when deciding how much term insurance to take. For example, if you are a working couple with young children, you may need to purchase more term insurance to ensure your family's financial security. Additionally, it is important to review your term insurance policy periodically to make sure that the coverage is still sufficient to meet your needs.
12 Can we pay the premium of term insurance on a monthly basis?
Yes, you can pay the premium of a term insurance policy on a monthly basis. In India, the monthly payment of term insurance premiums is also known as the 'Monthly Income Plan'. It allows you to pay the premium in monthly instalments and provides the same death benefit as a regular term insurance policy. This option is beneficial for those who do not have the lump sum funds required for paying the annual premium of a term insurance policy. Monthly premium payment also helps you to manage your finances easily, as you need to pay only a small amount each month.
13 What is the best age to buy term insurance?
The best age to buy term insurance in India is typically between 18 and 65 years. This is because term insurance premiums are determined according to the age of the policyholder, and the younger the policyholder, the lower the premiums. Moreover, the earlier you buy term insurance, the longer you will be able to benefit from the coverage. By buying term insurance at an early age, you can ensure that you are covered in case of death or disability and that your family will be taken care of financially. Additionally, if you buy term insurance at an early age, you can benefit from the tax deductions that are available on premiums paid.
However, it's never too late to get term insurance, and the need for coverage can vary based on individual circumstances.
14 Do we get full amount in case of term insurance?
Yes, in case of term insurance, the full amount is payable to the beneficiary in case the insured individual dies during the policy term. In India, term insurance is a form of life insurance wherein the policyholder pays a fixed premium for a predetermined period of time and the insurer pays the full sum as assured in case of the policyholder's death during the policy term. The policyholder can also choose to add riders to the policy for additional benefits. Riders such as accidental death benefits, critical illness benefits, waiver of premium, etc. can help provide additional protection to the policyholder. Term insurance is a cost-effective way of providing financial security to the policyholder's family. It is also an important part of financial planning and helps ensure that the policyholder's family is provided for in case of any unforeseen circumstances.
It's important for individuals to carefully review the terms and conditions of their specific policy to understand the coverage details, including any exclusions or conditions that may apply.
15 What is 100% return of premium life insurance?
100% return of premium life insurance is a type of life insurance policy that offers a full refund of the premiums paid if the policyholder survives the policy's term. In India, these policies are among the most popular life insurance policies available. They are usually sold on a term basis, meaning that the policyholder will receive the full premium back if they survive the policy's term, but the policy will not provide any other benefit if the policyholder dies within the term. These policies can be a great option for those looking for a way to protect their family and provide financial security in the event of their death while also ensuring that they will receive a return of their premiums if they outlive the policy's term.
16 How much term insurance premium is tax-free?
In India, the premium paid for term insurance policies is tax-free under Section 80C of the Income Tax Act. This means that any amount up to a maximum of Rs 1.5 lakh that is paid towards term insurance is eligible for deduction under Section 80C. This deduction can be claimed by the policyholder, whether they are a salaried individual or a self-employed individual. Additionally, the entire sum assured is paid out to the nominee of the policyholder in case of the death of the policyholder during the term of the policy. Hence, term insurance offers a tax-efficient way to provide financial security to the policyholder's family.
17 What is 20-year term insurance?
20-year term insurance is a type of life insurance policy that covers an individual for a period of 20 years, with the option to renew the policy at the end of the term. The policyholder will receive a lump sum payment from the insurer should they pass away during the 20-year period.
The 20-year term insurance is becoming increasingly popular in India, as it provides financial security to the family of the policyholder in the event of their death. This type of policy is also more cost-effective than traditional life insurance policies. The policyholder can select the amount of coverage they require, and premiums can be paid on a monthly, quarterly, or annual basis. It is important to remember that the policy will terminate at the end of the 20-year period and will not have any benefit beyond that.
18 Is 50 lakh term insurance enough?
It depends on your individual needs and circumstances. Rs 50 lakh is a considerable sum of money, and whether it is enough for you will depend on the lifestyle you lead and the kind of financial goals you have. If you are a single person with no dependents and no major financial goals, a Rs 50 lakh term insurance policy might be enough for you. However, if you have a family to support or any major financial goals like outstanding debts, mortgage payments, children's education expenses, and other living expenses, you might need a higher coverage amount. Ultimately, it is up to you to decide how much coverage you need for your individual and family needs. It is also important to note that term insurance policies in India are relatively inexpensive, so even if you do need more coverage, you can easily get a policy that meets your needs without breaking the bank.
19 What is the premium of 50 lakh term insurance?
The premium of a Rs 50 lakh term insurance plan depends on a variety of factors such as the customer's age, health, occupation, and lifestyle. Generally speaking, the younger and healthier the customer, the lower the premium. For example, a 30-year-old male non-smoker in good health would pay a significantly lower premium than a 50-year-old male smoker with existing health issues. As a general rule of thumb, customers should expect to pay around 10-15% of the sum assured as their annual premium for a Rs 50 lakh term insurance plan. Additionally, the premium amount may vary from insurer to insurer, so it's important to compare different policies and find the one that best suits your needs.
20 Who is eligible for term insurance?
In India, term insurance is available to individuals who are aged between 18 and 65 years old. The insurance policy can be taken for a minimum of 10 years and a maximum of 40 years. The amount of coverage available depends on the insurer but typically ranges from Rs 25 lakh to Rs 50 crore. The premiums for term insurance plans vary based on the age and health of the individual. Generally, younger individuals and those with good health pay lower premiums. The term insurance plan can be taken as an individual or joint policy. The policyholder can avail of tax benefits on the premiums paid for the policy. The policyholder can choose to pay the premium annually, half-yearly, or quarterly. The policyholder can also opt for additional riders such as accidental death rider, critical illness rider, waiver of premium rider, etc. for added protection. Term insurance plans are an affordable and effective way to provide financial security to the policyholder and his/her family in the event of an untimely death.
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**7% online discount available on 1st year premium only!
##Individual death claim settlement ratio by number of policies as per audited annual statistics for FY 2023-24.
#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved
^ Available under Life & Life Plus plan options
***Online Premium for Life Option, Male Life Assured, Non-Smoker, 20 years of age, Policy term of 25 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Annualized Premium of 622/30=20.7).
~Tax benefits of ₹ 54,600 (₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 30% on life insurance premium u/s 80C of ₹ 1,50,000 and health premium (Critical illness rider) u/s 80D of ₹ 25,000. Tax benefits are subject to conditions under section 80C, 80D, 10(10D) as per Income Tax Act, 1961. Please consult your tax advisor for more information.
*Online Premium for Life Option, Male Life Assured, Non-Smoker, 20 years of age, Policy term of 40 years, Regular pay, Monthly frequency, exclusive of taxes and levies as applicable.
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