Term Insurance Plan Calculator Online 2024

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Free Health Management Services Upto ₹ 31,000/ Year^{^}

₹ 1 Cr Term Plan @₹ 15 per day^{^2}

₹ 2 Cr Term Plan @₹ 21 per day^{^3}

TERM INSURANCE CALCULATOR^*

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I agree and consent to the *Terms & Conditions and the Privacy Policy

Free Health Management Services Upto ₹ 31,000/ Year^{^}

Key Benefits

Accidental Death Benefit²

Accidental Death Benefit will be Extra payout in case of death due to accident

Exit Early Option^%

Get back your paid premiums as Early Exit Value (after your need for cover is over)

Premium Holiday

This option helps you to skip your premiums for 1, 2 or 3 years during the premium payment term

Waiver of Premium Benefit on Accidental Total Permanent Disability/Terminal Illness^&

If Accidental Total Permanent Disability / Terminal Illness is diagnosed, premiums are waived off during the policy term

Avail Tax benefits⁶

Tax Benefits available on what you pay & what you or your family receive, as per Income Tax Act

99.29%

Claim Settlement Ratio^~

1 Day

Get 1 Day Claim Approval^%

AAA

Stable Rating by CARE^$$

₹1,30,733 Cr

Assets Under Management (AUM)^***

3.52 Cr

Number of Lives Covered^##

343%

Solvency Ratio of 343%^{^^^}

Disclaimer:^~Individual Death Claim Settlement Ratio for FY 2024-2025 | ^%99.29% of non-investigative individual claims approved in one working day for FY 2024-25. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Life Insurance offices. 96% of non - investigative claims notified were processed within one day in FY’25 | ^$$For details refer to press release published by CARE | ^***All figures as on 31st August 2025 | ^{^^^}Solvency ratio 343% as at 30st June 2025 against IRDAI mandated 150% | ^##Individual and group, as on 31st August, 2025.

How does the Plan work?

Choose your Sum Assured:

Decide on the level of protection by choosing the sum assured you need to safeguard your family's future.

Choose your Death Benefit Payment option:

Select how your family will receive the Death Benefit in your absence. A one-time lump sum or Partly as Lump sum & partly as monthly income for 5 / 10 / 20 / 30 / 40 years and monthly income for 5 / 10 / 20 / 30 / 40 years.

Choose your Policy Term and the Premium Payment Term (as applicable)

Select the period for which you want to get life insurance protection and the period for which you want to pay the premium.

Choose your Premium Payment Frequency:

Depending on your convenience you can decide the interval at which you would prefer to pay the premium during the premium payment term.

Customer Speaks

Helpful, Best Policy

The reason to choose Bajaj Life Insurance is because of the claim settlement ratio and the easy after sales support which Bajaj Life Insurance provides. The process is speedy and the customer support provides 360 information on term insurance policy. All the term insurance variants were well explained by the Bajaj team with or without accidental death benefit and critical illness benefit.

Ankurjit Singh

Seamless experience

I am a happy customer who is satisfied with the after sales service. I have full trust in Bajaj Life Insurance Company.

Rahul Kumar

4.5

Great experience

Bajaj Life Insurance provides a seamless experience when it comes to buying term plan. The customer representative explained the term plan product to me in my native language and the doubts regarding Claim Settlement Ratio, Term Premium calculator, Term Plan Premium Payment terms and Exit value. I was completely unaware about the checklist to have while buying term plan but Bajaj Life Insurance made it very easy , fast & trustworthy process

Aneri Dudhia

4.5

Helpful, Best Policy

Bajaj Life Insurance Policy purchase journey is quite smooth and fast for buying term plan. Health Check-up and medicals happened quickly and timely. The support team also guides me at each and every step for buying the term plan. All the term plan variants were explained by the sales team and what is recommended as per my income level.

Nandkumar Permumal

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Keep these documents handy

Recent Photograph

Coloured Photograph

Photo ID Proof (Any One)

Aadhar Card
Passport
Driving License
Voters ID

Age proof (Any One)

Aadhar Card
Passport
Driving License
Birth Certificate
Baptism Certificate or PAN card

Address proof (Any One)

Aadhar Card
Passport
Driving License
Voters ID

Income Proof (Any One)

Last 3 month of salary slip and 6 months of bank statement showing salary credit (For Salaried)
Last 2 Years ITR and computation of Income (For Self-Employed), etc.

Frequently Asked Questions

1. Which term insurance policy should I buy?

It's important to carefully evaluate your financial obligations and the needs of your dependents in the event of your death to determine the appropriate policy, amount of coverage and term length for your policy. You may want to consider consulting with a licensed insurance agent or financial advisor to assist you in selecting the most suitable term insurance policy for your individual situation.

2. What kind of deaths are covered in term plan?

The type of deaths covered in a term insurance plan will depend on the specific policy and its terms and conditions. However, term insurance plans usually cover death due to natural causes, such as illness or disease, as well as accidental death.

3. What is the minimum & maximum age for a term insurance policy?

The minimum and maximum age for a term insurance policy will depend on the specific policy and insurance company. However, in general, the minimum age for purchasing a term insurance policy is typically 18 to 60 years, whereas some insurers may also offer a policy till age at entry of 65 years.

4. Who pays the term insurance premium in a term plan?

The policyholder is required to pay the premium for a term insurance plan. A policyholder is an individual who gets life cover or buys life cover for self or another person in return of the premium

5. Who should opt for a Rs 1 crore term insurance plan?

You may want to choose a Rs 1 crore term insurance plan if you think your family’s needs and liabilities requires the amount.

6. Is it worth to buy a critical illness benefit rider along with term insurance plans?

Yes, a critical illness benefit rider may be worth your money. The treatment of critical illness may be expensive, and the diagnosis may affect your earning capacity as well. A term plan may ensure that in case of any diagnosis of covered critical illness, you have financial cover to rely on.

7. Are there any tax savings offered by term insurance plans?

Yes, term insurance plans can help you save tax every year, thanks to the provisions of section 80C of the Income Tax Act, 1961. The annual premiums you pay for your term plan are deductible from your total taxable income up to Rs. 1.5 lakhs each year under old tax regime, subject to the conditions specified therein.^[1] Also, the pay-out your nominee may receive in your absence is tax exempt as per the provision of Section 10(10D) of the Income Tax Act, 1961^[1].

8. How much does a term life policy cost?

The exact cost of your term insurance depends on several factors, such as your age, occupation, coverage amount, and policy tenure. You can use a term insurance calculator to get an estimate of the premium you have to pay for your desired plan.

9. Do I have to pay an additional premium for a Term Insurance Return of Premium (TROP) plan?

A Term Insurance with Return of Premium (TROP) plan offers maturity benefits to the policyholder, unlike regular term plans. Hence, their premium may be comparatively higher than a term life insurance policy without maturity benefits.

10. Is Term Insurance with Return of Premium (TROP) worth buying?

A Term Insurance with Return of Premium (TROP) is a type of term insurance plan offering benefits when the plan matures. The maturity benefit is applicable if you outlive the policy term. Your insurance provider will give you back all the premiums you paid. It may be worthy for individuals looking for a term plan with maturity benefits.

11. Do I get my money back if I surrender my term insurance with Return of Premium (TROP)?

While you would not receive any benefit on maturity if policy is surrendered (since it gets terminated immediately), on surrender of the policy, a surrender benefit will be paid to you.

If the customer does not surrender and continues the policy till maturity, and if the policy has acquired surrender value, reduced paid-up maturity benefit shall be payable to the customer on survival till maturity.

12. Can I opt for the return of premium for an existing term plan?

No. When you buy term insurance, you choose the type you want to purchase. If you have bought a regular term plan, you cannot convert it into a return of premium. These are both different types of products and may have different premiums, structures, and terms and conditions.

13. What affects your term insurance premium?

Your life insurance premium may be affected by your:

● Age

● Gender

● Occupation

● Current health conditions

● Individual medical history

● Family’s medical history

● Desired amount of coverage

● Choice of additional features or riders, etc.

14. How long should my term life insurance coverage last?

The ideal tenure varies from person to person, but simply put, the longer the tenure, the better. You may want sufficient coverage until you retire, and with no dependents or liabilities to worry about. Buying a term plan with less tenure will have lower premiums. But, after a few years, you may have to buy a new policy again and the premium may be higher based on your increased age along with other factors.

15. Which types of death are not covered by life insurance?

The exact list of exclusions may vary from one insurance provider to another. The following types of death are generally excluded by most life insurance plans-

● Death by suicide within one year of purchasing the policy

● Death because of the life assured committing any breach of law with criminal intent

● Death because of self-inflicted injuries

Other than the exclusions mentioned above, you may want to read your term policy papers for further clarity.

16. What is the time limit for an insurer to settle claim for a term plan policy?

The claim process begins as soon as the insurance company is notified, and the required documents are submitted. Life insurance companies must pay out the claims within 30 days of receipt of the claims. It’s a mandate set by the Insurance Regulatory and Development Authority of India (IRDAI) (except for cases where further investigation is required)^[6]. In case of further investigation, the insurer has to complete the investigation in 90 days from the date of receipt of claim intimation and the claim needs to be settled within 30 days thereafter^[6].

17. Who is eligible to claim a tax benefit on term insurance premium?

It is the policyholder who is eligible for the term insurance tax benefits since they have paid the premium. As per section 80C of the Income Tax Act, 1961, term insurance premiums are deductible from your total taxable income up to Rs.1.5 lakhs per annum under old tax regime, subject to provisions stated therein.^[1]

18. Can I cancel my term insurance policy during its tenure?

Term insurance plans offer a free-look period of 15 days or 30 days depending on mode of policy purchase. During this period, you can cancel your term life insurance without any penalty or fines. If you cancel your plan during the free-look period, the premium you paid will be refunded to you. The refund amount is calculated after deducting the premium for the period covered before cancellation and any other charges that may be applicable. After the free-look period, your term insurance policy lapses if you stop paying the premiums

19.How Much Term Insurance Cover Do You Need?

Here are few of the methods you can use to estimate your coverage needs-

Income Replacement Method

The basis of the Income Replacement Method is that the sum assured of your term insurance plan needs to be sufficient to replace your income. With this method, your coverage needs are calculated based on your current annual income and remaining working years. For example, consider an individual who earns Rs 10 lakhs yearly and is likely to continue to work for another 20 years. Here, the term insurance coverage they need might be a minimum of Rs 2 crores.

Expenses-Oriented Method

According to the expenses-oriented method, your expenses are considered for estimating your coverage needs. A total of your daily expenses, different types of loans, costs incurred in taking care of your dependents, and life goals like your retirement, child’s education, or buying a house are added to get an estimate of your coverage.

Human Life Value (HLV) Method

The HLV method considers several factors like your income, borrowings, expenses, and any future goals you may have to determine your term insurance plan coverage. It also takes inflation into consideration to get a more accurate estimate of the life cover needed.

Why You May also Consider Buying Term Insurance Online?

Here are a few ways you may benefit when you buy a term insurance plan online:

Comparison of Policies at your convenience

When you buy term insurance plans online, you may find it easier to compare policies. The policy documents and brochures for different products provided by Bajaj Life Insurance can be availed on our website. This may help you make a better choice as you have important information about the various products at your fingertips. Reach out to us or your insurance agent if you have any queries about any product.

Convenience and Timesaving

Many may find it more convenient to buy term insurance online. It may be time-saving. What's more, you do not have to step out of your house to buy a term life insurance plan online. Soft copies of the required documents can be uploaded to take the process forward.

21.Can I take 3 Term Insurance policies?

You can take three or more term insurance plans depending on your financial needs. There’s no restriction on the number of policies that you can buy. However, when buying multiple policies, inform the insurance company of all the previous policies that you have.

22.Which rider is best with a Term Life Insurance Plan?

The choice of rider depends on your coverage needs. Here’s how –

To cover against the risk of accidental death and disablement, you can choose the accidental death and disability rider
If you are worried about the financial implications of a critical illness, a critical illness rider would be a good choice
For additional protection against premature demise, choose a term rider
If you want to create a monthly source of income for your family in your absence, the family income benefit rider is suitable

So, assess your needs to find the best rider for your term insurance plan. You can also choose more than one rider for a comprehensive scope of protection.

23.What are the benefits of adding a Term Life Insurance Rider?

Term life insurance riders provide additional protection against unforeseen financial emergencies. They enhance the scope of coverage at very low premiums and provide complete peace of mind. That is why it is recommended to opt for riders with your term insurance policy for all-inclusive protection against emergencies.

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Disclaimers:

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS
IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

Risk Factors and Warning Statement : Bajaj Life Insurance Limited and Bajaj Life eTouch II are the names of the company and the product respectively and do not in any way indicate the quality of the product and its future prospects or returns. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajlifeinsurance.com ) carefully before concluding a sale. Bajaj Life eTouch II- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N198V01). Regd. Office Address: Bajaj Insurance House, Airport Road, Yerawada, Pune - 411006. IRDAI Reg. No.: 116. CIN : U66010PN2001PLC015959 | Mail us : customercare@bajajlife.com | Call on : Customer Care Number 020-6712 1212 | Bajaj Life eTouch II (UIN: 116N198V01), The Logo of Bajaj Life Insurance Limited is provided on the basis of license given by Bajaj Finserv Ltd. to use its “Bajaj” Logo. All charges/ taxes, as applicable, will be borne by the Policyholder.

³5% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. 5% Discount for salaried customers, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

^~ Individual Death Claim Settlement Ratio for FY 2023-2024

^**All figures as on 31 January, 2024

^#Individual & Group as on 31st March 2024

²Accidental Death Benefit is available with Life Shield Plus variant

^&Waiver of Premium Benefit On Accidental Total Permanent Disability/Terminal Illnessis available for all variant

⁶Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

^%Early Exit Value is available with Life Shield & Life Shield Plus variants

^{^2} Above illustration is for Bajaj Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V01) considering Male aged 25years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 5,092. 2nd Year onwards premium Rs. 5,520. Total Premium Rs. 1,65,172 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

^{^3}Above illustration is for Bajaj Life eTouch II- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N198V01) considering Male aged 23 years | Non-Smoker Preferred | Annual Income =>Rs. 15,00,000 per annum | Indian Resident | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 2,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 7,159. 2nd Year onwards premium is Rs. 7,760. Total Premium is Rs. 2,32,199 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage : 40, Income Payout Percentage : 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

¹Source: Bajaj Life Insurance Public Disclosure

^$For details refer to press release published by CARE

^Get Free Health Management Services upto Rs. 31,000 per year

Health Management Services	Frequency	Cost (₹)
Doctor Insta-Consultations	3 consultations per month = 36 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 36 = ₹ 18,000
Health Coach (Diet & nutrition consultations)	1 consultation per month = 12 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 12 = ₹ 6,000
Emotional Wellness (Psychologists consultations)	1 consultation per month = 12 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 12 = ₹ 6,000
Network discounts: Medicines (M) - 10% Lab-test booking (L) - 10%	Throughout the year	Assumption – Total expense on these services throughout the year	Total discounts that can be availed throughout the year
		M - ₹ 5,000	₹ 500
		L - ₹ 5,000	₹ 500
Total per year as per assumption		₹ 31,000

Note: The above mentioned costs are based on estimated average market price for respective services. T&C apply.

Doctor Insta-Consultations and Health Coach Services are unlimited and the above numbers are assumed only for the purpose of calculation of the yearly benefit.

BJAZ-OT-EC-10259/24

CIN: U66010PN2001PLC015959 | Registered Office Address: Bajaj Insurance House, Airport Road, Yerawada, Pune - 411006, Maharashtra

Email: customercare@bajajlife.com | Customer Care Number: 020-6712 1212

Disclaimer: Images used on this website and the models photographed in them are for representative purposes only and are not indicative of anyone's personal thoughts or ideas.

The Logo of Bajaj Life Insurance Limited is provided on the basis of license given by Bajaj Finserv Ltd. to use its “Bajaj” Logo.

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Claim Settlement Ratio of 99.29%^~