Term insurance calculator is a tool that helps you determine the actual premium
that you need to pay to the insurance company. You can use the term policy calculator to compare the
premiums offered by various insurers and calculate the premium that allows you to choose the right
plan that suits your requirements. A term insurance premium calculator makes this purchase decision
simpler. Term insurance plan calculator is a user-friendly tool. Customise the term insurance
calculator as per your needs and calculate the right premium amount for your ideal term insurance
How to Use an Online Term Insurance Calculator?
Using the term insurance premium calculator is so convenient! You can calculate the
term insurance premium online in just a few clicks! Here’s how:
Step 1: Enter your personal details like gender, age, mobile number,
lifestyle (smoker or non-smoker) on the term life insurance calculator
Step 2: Choose the sum assured you wish to opt for along with the
number of years you need it for on the term insurance calculator
Step 3:The term life insurance online calculator recommends ideal term
insurance plans for you. Choose the term insurance plan
term insurance plan that best fits your needs and you are done!
Securing your life goals with a term plan is that easy!
Benefits of a Term Insurance Premium Calculator
A term insurance coverage calculator comes with multiple benefits. It is simple and
easy to use, besides being quick and accurate. Using it will help you compare
different term insurance plans and zero in on the one that suits you the best.
The important advantages of a term insurance plan calculator are as follows:
Saves time and efforts
With the term life insurance calculator, you are just required to
spare a few minutes from your busy schedule. As compared to the cumbersome process
of getting quotes by physically visiting a branch or office, this online tool can
help you find the right plan within minutes. You are also not required to upload any
documents. Once you finalize the right plan, you can directly purchase it online,
without the mediation of any agents or intermediaries.
Compare different plans
The term life insurance premium calculator provides you with the
option of comparing different plans and selecting the best.
If you are worried about the cost of premium payments, then use the
online term insurance premium calculator to compare and find the most cost-efficient
and economical plan.
Aids financial planning
The term insurance plan calculator also helps you know the premium
to be paid, instantly. Once you know the amount that you have to regularly pay as
premiums, you can then plan your budget accordingly. Having a financial plan ready
for your term insurance will help you avoid scenarios, such as missed premium
Know all about your coverage
The term insurance coverage calculator can help you assess whether
the plan provides adequate financial cover to your family members, in the case of an
eventuality. If you think the coverage is insufficient, then you have a choice to
adjust the premium payments and enhance the coverage.
Is an Online Term Insurance Calculator Reliable?
The online term life insurance calculator provides seamless solutions for your term
policy requirements. As compared to lengthy and complicated manual calculations, the term insurance
premium calculator provides accurate results instantly. It is quick, dependable, smooth, and
precise. However, you must ensure that you have entered the required variables, including your
personal details, sum assured and policy term correctly.
How is Your Term Insurance Premium Calculated?
Life insurance plans are important for each of us as they provide financial security
to your family in the event of your death.
Customers get an option to make premium payment monthly, quarterly, half-yearly, and yearly.
The term insurance premium calculator lets you determine the premium amount as per the option
Term insurance premium is calculated using the information entered by the customer. Premium
rates tend to be lesser if the customer is younger as the customer is considered healthy and
tends to pose less risk to the insurer compared to an elderly customer.
Apart from this, there are a number of other factors that determine the term insurance
premium amount. Some crucial information that the customer is expected to provide includes the
customer's age, the plan variant, premium paying frequency, gender, policy term, sum assured,
lifestyle (smoker or non-smoker) date of birth, and add-on covers.
Factors Affecting Your Term Insurance Premium
The following factors play a crucial role in determining your term insurance
Tenure of the Plan
Tenure of the term plan selected by you determines the premium amount payable
Premium Paying Period
You can choose to pay your premiums monthly, quarterly, half yearly, or yearly.
Life cover amount chosen by you affects the amount of premium.
Age & Lifestyle
Your age at the time of policy issuance determines the premium amount. Along with
your age, your lifestyle, whether you are a smoker, or a non-smoker will also be
considered while determining premium.
Payment Option Chosen
You can choose the premium paying option from the following:
Regular pay option: Allows you to pay for entire policy term on regular basis
Limited Pay option: Lets you pay for shorter term
Single Pay option: Gives you the option of making a one-time payment
How to Make Premium Payments for Your Term Insurance Plan?
Once you know the premium amount, using the term insurance premium calculator, you
can consider the payment alternatives at your disposal. To pay the premium amount online, you can
use the accepted digital payment modes directly at the insurer’s official web portal or through its
mobile-based app. Alternatively, you can make premium payments via net banking.
How to Choose the Right Term Insurance Plan?
Choosing the best term plan among the available options could be challenging. Most
customers opt for term plans that offer them a good sum assured for an affordable price.
However, price is not the only factor that needs to be considered while purchasing a term life
insurance policy. To ensure that your family's future is secured, it is important to keep a few
things in mind.
Claim Settlement Ratio
The insurer's claim settlement ratio
showcases the percentage of claims paid out of the total claims filed in a year. The
higher the ratio, the higher the possibility of claims being settled, thereby ensuring
that your family can claim the policy in your absence.
Apart from the basic life cover, an ideal term plan is the one that offers a
complete financial security for your family and their financial goals. It comes with
additional covers and term
insurance benefits such as accidental death benefit or waiver of premium
benefit to give better financial protection for tomorrow. It may also come with a
permanent or partial disability cover.
Critical Illness Cover
Apart from the bread earner's death, his/her diagnosis of a critical illness could
also result in the family's financial burden. Critical illnesses can cost a lot and
affect the family’s finances.Term plans with critical illness
covers pay the cover amount on diagnosis that takes care of treatment cost &
ensures that your family is financially backed-up.
The insurer's solvency ratio is another factor that needs to be considered while
buying the policy. It tells you whether the insurance company will be financially
capable of settling your claim, when filed.
After evaluating the available term plans on the said factors, you can then look at
the premium rates and make your purchase decision. However, ensure you don’t compromise
on the vital factors while considering the plan's affordable premium rates.
What is the Right Age to Buy a Term Insurance Plan?
To have complete peace of mind, you must not delay your decision to purchase a term
insurance plan. The Right time to buy term insurance is now. Market experts suggest buying a term
plan early as it ensures affordable premium payments. Remember, once the premium, based on your age,
is calculated, it will remain fixed throughout your life. As you grow older, the premium rates can
increase by up to 8%. Also, if you develop a lifestyle disease, such as diabetes, hypertension, and
so on, the premium rates can increase by up to 50%, or more. In a worst-case scenario, if you
develop multiple ailments, your policy application can even be rejected. So, ensure that you get a
term plan early, use the term insurance premium calculator to find the right plan today!
Why Choose Bajaj Allianz Life Smart Protect Goal Term Insurance?
Term insurance plans are usually expensive, disturbing your monthly budget. Bajaj
Allianz Life Smart Protect Goal being the most affordable term plan, you can rest assured.
You get extensive coverage against critical illnesses
Bajaj Allianz Life Smart Protect Goal Term Plan offers extensive pay out in case you are
diagnosed with the specified 36 major critical illnesses.
It offers you a cover for your entire life
With the Bajaj Allianz Life Smart Protect Goal Term Plan, you are covered till the age
of 85. Moreover, the plan gives you an option to stay covered for your whole life till the
*The above premium rate is calculated considering a Male aged 18 years |
Non-Smoker | Life Cover Variant | Policy Term (PT)– 37 years | Premium Payment Term (PPT) – 37
years | Sum Assured opted is Rs. 1 Crore | Online Channel | Non-medical rates | Monthly Premium
Payment Mode | Premium shown above is subject to change in tax laws and is for illustrative
How to Apply for Term Life Insurance?
Design Your Plan
Frequently Asked Questions
Q1 - Will the term insurance coverage calculator help me understand the premiums I’d have
to pay for my ₹50 Lakh term insurance?
Ans - Yes, our ₹50 Lakh term insurance plan premium calculator can easily help you understand
what premium you have to pay so you can plan your expenses correctly.
Q2 - Will the Rs. 1 Crore term insurance premium calculator help me check my premium for
different plan variants?
Ans - Yes. You can use our Rs. 1 Crore term
insurance premium calculator and check the premium amount
applicable for any of the chosen plan variants
Q3 - Do I have to pay additional premiums for add-ons? If yes, will the term insurance
calculator help me check the additional premium amount?
Ans - Yes, you can use the term insurance calculator to check the premiums you will have
to pay on adding riders to your plan.