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Term Insurance Calculator

Wondering how much term insurance cover your family would actually need? A term insurance calculator makes it easy to find out. It is a simple, free online tool that helps you estimate the coverage amount and premium based on details such as your age, income, gender, occupation, and lifestyle habits.

You can also compare different plans, adjust the sum assured and policy tenure, and see how these changes affect your premium, all in just a few clicks. The page will help you understand how the calculator works and why it is important to use a term insurance calculator before buying a policy, making it a practical first step in choosing the right term plan, however, please note that the generated results are purely illustrative and policy issuance is subject to individual risk assessment by the Insurer.

Calculate Your Term Insurance Premium Now!

Date of Birth

Age: --

Do you consume Tobacco/Nicotine?

Education

Occupation

Gender

Annual Income

Life cover Amount should in between 50 lakhs and 10cr

Life cover till age*

Premium Payment Term*

Pincode

Premium Payment Frequency*

I agree and consent to the T&C and Privacy Policy

Please accept Terms & Conditions

Check Your Term Insurance Premium Here

Fill all details and click on “Check
Premium Amount” to view your result

Bajaj Life

eTouch II

Bajaj Life

iSecure II

Bajaj Life

Diabetic Term Plan II

Bajaj Life

Superwoman Term Plan

Calculate Your Premium Amount

Life cover Amount should in between 50 lakhs and 10cr

Life cover till age*

Premium Payment Term*

Premium Payment Frequency*

You Pay Premium of

2,684 /Month

(For 1st Year)

You Pay Premium of

2,684 /Month

(From 2nd Year Onwards)

You Get Life Cover of

₹2,00,00,000

Total Premium Amount

₹10,32,000

Life Cover Amount

₹2,00,00,000

Bajaj Life

eTouch II

Bajaj Life

iSecure II

Bajaj Life

Diabetic Term Plan II

Bajaj Life

Superwoman Term Plan

Benefits of Term Insurance Calculator

One of the biggest benefits of term insurance calculators is that it helps you get clarity to make your decision and lets you see real-time quotes based on your profile, helping you plan with confidence.

It’s free, fast, and flexible, helping you choose the best-fit cover for your family .

Saves Time
The process barely takes any time and provides a real-time estimate, allowing you to move forward with clarity and speed.
Ease of Comparing Plan Options
The calculator lets you adjust sum assured, policy tenure and payout modes on the spot. You can instantly see change in premiums and compare various options. This makes it easier to pick a term plan that fits your family’s future and your current budget.
Helps to Estimate Whether the Premium Fits Your Budget or Not
A term insurance calculator helps you estimate whether the premium fits your budget. If the premium looks too high, you can change input variables such as reduce the sum assured , change the payment frequency etc to see how the change in variables effect your premiums . It helps you plan realistically and choose a plan which is affordable.
Helps to Evaluate the Sum Assured Amount
The calculator doesn’t just show the premium, it also guides you on what sum assured might suit your income, financial needs and responsibilities. It helps you choose realistically so your family’s financial needs are met even in your absence.
Available Online for Free
You don’t need to sign up or pay to use it. The term insurance calculator is completely free and available online.

What does a term insurance calculator do?

A term insurance calculator helps you to calculate the premium of your suitable term insurance policy with a desired sum assured. It requires certain inputs such as your name and contact details, date of birth, annual income, gender, lifestyle habits, education qualification, occupation, etc., to offer term insurance policies suitable for you based on your inputs.

You can select the suitable term insurance plan and then choose a desired sum assured. Based on the term insurance policy and desired sum assured selected, the calculator provides insights into how much premium you would have to pay for the given sum assured, policy tenure, premium payment tenure, premium payment frequency, and benefit pay-out option. This free and easy-to-access tool assists policyholders in making informed decisions about selecting the right policy based on their family needs and meeting their financial goals.

Basic Details Needed for Premium Calculation

The term insurance premium calculator uses basic details to find the premium. These details include the following:

Your name and contact details (mobile number and email ID)
Date of birth or age
Gender
Smoking or tobacco consumption habits
Educational Qualification
Occupation
Annual income
PIN code
Sum assured
Policy tenure
Premium paying tenure
Premium paying frequency
Optional riders
Policy variant (if available)

Based on these details, the premium is calculated and shown. You can change the calculated premium by changing your coverage details like the sum assured, policy tenure, premium paying term and frequency, riders, etc.

Step-by-Step Guide to Use the Term Insurance Calculator

Here’s a step-by-step walkthrough of how to use a term insurance calculator.

Step 1: Visit the calculator page

Go to the term insurance calculator page.

Step 2: Fill in your details

This step is important because the calculator uses these inputs to customize your premium quote, and being honest is the key to getting a true sense of the amount. Some of the details required by the calculator are -

Date of birth: Helps calculate your age for risk profiling
Gender and occupation: Premiums differ based on the type of job and gender
Tobacco use: Whether you are a smoker or chew tobacco impacts your health risk, and your premiums
PIN code: Location can sometimes influence optional services

Step 3: Fill additional details

You’ll be asked to choose:

Sum assured: Like ₹50 lakh, ₹1 crore, or more
Policy term: Number of years you want coverage
Premium payment frequency: At once, monthly, quarterly, half-yearly or yearly
Payout option: Lump sum, monthly income, or both

p>Step 4: Get an instant quote

The calculator shows your estimated premium and a list of plans that fit your profile. You can compare, tweak inputs, or download brochures.

Step 5: Fill the proposal form

Complete the proposal form by providing correct personal, income, and health details. This helps the insurer evaluate your profile and decide on policy approval. Make sure all information is honest, as any mismatch can lead to claim rejection. Don’t forget to add nominee details and mention any existing policies.

Step 6: Reviewing details by insurer

The proposal is reviewed by underwriting. Based upon the decision whether the same is accepted/declined, you will get the acknowledgement mail.

Step 7: Proceed to payment

If the proposal is approved complete the payment securely. Your application number and quote ID will be shown for reference.

What happens if you don’t use a term plan calculator?

Skipping the term life insurance premium calculator could leave you with a plan that’s either too expensive or gives less cover than you need.

The calculator provides accurate estimates so you can plan better, avoid mistakes, and protect your loved ones wisely.

Paying a higher premium

Without comparing the plans, you might buy a plan with premiums which may not fit your budget..
Inadequate life cover

You may pick a cover that’s too low which may leave your family financially vulnerable if something happens to you. The calculator shows a recommended cover based on your income, financial needs and life stage.

Factors to consider before using a term insurance premium calculator

The different factors to consider before using a term insurance premium calculator are detailed below:

Age and Life Expectancy

Age is one of the most significant factors that affect life insurance premiums as it determines your mortality risk. With the increase in age, the body of an individual grows weak, and diseases set in. Further, their life expectancy also decreases. Hence, term insurance premiums are usually higher in older ages than in younger ages. When using the calculator, your life expectancy will help you determine the policy tenure for maximum coverage. This will also help you find the relevant premium of the policy.
Occupation

Some occupations, such as mining, construction, aviation, defence, politics, etc., are dangerous and involve high mortality risk, attracting higher premiums.
Smoking habit

Term insurance premiums are higher for individuals who smoke as smoking involves health hazards. Alternatively, non-smokers have lower premium rates since they are considered healthy.
Lifestyle habits such as drinking habits or tobacco consumption

If an individual has bad lifestyle habits like substance abuse like tobacco consumption or drinking habits, the premiums would be higher.
Health condition

Individuals having diabetic conditions or adverse health conditions such as hypertension, etc., have higher premium charges.
Sum Assured and Tenure of the Plan

The amount of coverage in the term plan directly affects the premium. The higher the sum assured, the higher would be the premium and vice versa. Similarly, tenure affects the premiums. The longer the coverage, the lower will be the annual premium and vice versa.
Benefits and features

Other features such as premium payment terms and frequency, benefit pay-out options, etc. determine the premium cost. Yearly premium payment frequency has lower premiums than monthly or any other premium payment modes.
Add-on benefits and optional riders

Add-on benefits include inbuilt riders, additional coverage options, return of premium options, optional riders, whole-life coverage options, etc. A higher premium is charged for these add-on benefits. Moreover, if you buy riders with your term insurance policy for enhanced coverage, your premiums will shoot up, and you will have to pay an extra premium for each rider chosen

How to Calculate Term Life Insurance Coverage?

You can use the online term life insurance calculator to calculate term life insurance coverage. The calculator uses your personal and financial details to assess the estimated coverage amount based on your needs. To use the calculator, you have to enter some details and based on those details the recommended sum assured is calculated and shown. You can choose the recommended sum assured or choose a sum assured based on your needs. The details may vary depending upon the insurers terms and conditions.

How do you choose the right sum assured?

Term insurance policy with adequate sum assured is important to build a financial safety net for your loved ones. Choosing the right sum assured is crucial as it determines the financial security of your family in case of an unfortunate event. While choosing the sum assured in the term plan, analyse your working years and consider your current income, future financial obligations, debts, number of dependents and lifestyle needs. A sum assured covering these aspects ensures that your family maintains their standard of living and meets financial obligations without worry.

Some of the ways in which you can find the right sum assured of a term insurance plan are as follows1 –

Multiple of the annual income

One of the most basic ways of calculating the sum assured is to choose 10-12 times the annual income as the coverage level. For instance, if you earn ₹10 lakhs annually, the sum assured should be ₹1 - ₹1.2 crores.
Financial needs analysis

This is a more holistic approach wherein the liabilities, assets and financial needs of the family are taken into consideration. The sum assured is calculated in such a manner that it would be sufficient to pay for your liabilities and provide a monthly income to your family in your absence so that they can meet their lifestyle expenses.
Human Life Value (HLV) method

Under the HLV method, the value of human life is quantified to find the sum assured. For instance, if you are able to provide ₹20,000 to your family every month for their financial needs, the sum assured should be sufficient to provide this amount in your absence when invested in a risk-free avenue. So, if the risk-free interest rate is considered to be 6% per annum, this would give us a corpus of ₹40 lakhs (₹2,40,000/6% X 100%), which will yield ₹2.4 lakhs every year to meet your family’s monthly expense of ₹20,000.

Impact of smoking & occupation on premium calculation

Smoking and occupation significantly impact premium calculations. Insurance providers consider smoking a significant risk factor due to associated health issues. Smokers typically pay higher premiums compared to non-smokers due to the increased health risks associated with smoking. Similarly, occupations involving high risk, such as those in the construction or mining industry, may attract higher premium costs due to their increased chances of accidents. Providing complete and accurate information about occupation and smoking habits ensures a realistic premium estimate.

What happens if you don't use a term plan calculator?

Not using a term plan calculator may lead to incorrect estimates of premiums, resulting in inadequate coverage or financial strain. You might end up choosing a term plan that doesn't align with your financial objectives or overpaying the premiums for coverage. A calculator offers a clear picture of your premium obligations, enabling you to make an informed financial decision and ensure your family's financial security at all times.

Claim settlement process at Bajaj Life Insurance

Bajaj Life is known for its prompt and efficient claim settlement, ensuring hassle-free and quick disbursement of payouts to the beneficiaries. The claim settlement process at Bajaj Life Insurance is simple and involves just three steps3. Have a look -

Step	Description
Step 1 – Claim Reporting	Fill and print the claim form online. Provide the policy number, name, PIN code, email ID, phone number, and download the form from the link: Claim Assistance. Attach the relevant documents depending on the type of claim you are making. The list of documents can be found online at the same link. Submit the claim form and the documents at the nearest branch of the company.
Step 2 - Claim Processing	The insurance company processes the submitted claim. Your documents will be assessed and verified, and you will be informed of your claim processing at every step. If there are any missing documents, you will be notified of the same through calls, and reminders will be sent via letters. You can call the claim helpline at 020-6712 1212 to track your claim.
Step 3 – Claim Settlement	After the claim is successfully processed, it will be settled or rejected. If the claim is rejected, you will be informed of the reason for repudiation.

...

Frequently Asked Questions

What is the formula for calculating term insurance?

There is no specified formula for calculating term insurance. You can use the term insurance calculator to find the premium payable for the policy that you choose.

What is 1 crore term insurance?

A ₹1 crore term insurance plan is one which has a sum assured of ₹1 crore

How do you decide the term insurance amount?

You can decide the term insurance amount based on your income, expenses, assets, liabilities, financial goals, etc. There are term insurance calculators that help in calculating the right sum assured.

Is it safe to use a term plan calculator?

The term plan calculator is an online tool which calculates the premium payable for the policy that you choose. The calculator is a safe tool which you can use to find the premium and even buy a suitable term plan

Is 50 lakhs term insurance enough?

The adequacy of your term insurance coverage depends on your income, expenses, assets, liabilities, financial goals and requirements. You can use the term insurance calculator to find the right sum assured.

What is the premium of ₹50 lakhs term plan?

The premium depends on your age, medical history, policy term, premium payment term and frequency, riders selected, and other factors. You can use the term insurance calculator to find the premium payable for a ₹50 lakh term plan.

What is the premium of 2 crore term plan insurance?

The premium for a ₹2 crore term plan depends on your age, medical history, policy details, riders selected, and other factors. To find the exact premium, you can use the online term insurance calculator.

What is the premium of ₹1 crore term insurance plan?

The premium of ₹1 crore term insurance plan can be found using the online term insurance calculator. The premium is not same for every individual. It varies based on age, policy details, riders selected, and other factors. The calculator, thus, calculates the exact premium based on these factors.

Can a person buy 2 term insurance?

Yes, you can buy two or more term insurance plans based on your coverage needs. However, when buying multiple plans, it is recommended to inform the insurance company of your existing plans.

What is 5-year term insurance?

A term plan having a coverage tenure of 5 years is called a 5-year term insurance plan.

What is the 3-year rule of term insurance?

The 3-year rule states that the insurer has 3 years for calling a policy in question on the ground of misrepresentation or suppression of facts, from the date of issuance of Policy or date of commencement of risk or date of revival of policy or date of rider of the policy, whichever is later. Once this period of 3 years is over, the insurer cannot call the policy in question.².

At what age term insurance is best?

Buying a term insurance plan from a younger age is recommended so that you can enjoy coverage earlier. Moreover, buying young allows you to enjoy lower premiums on the policy.

How long should I pay term insurance?

The premium payment term should depend on your affordability. Term plans might offer regular, limited and single premium payment terms. Assess your finances and choose a term that aligns with your budget.

What is the waiting period in term insurance?

There is no waiting period for natural death or accidental death under term insurance, except for death by suicide. For death by suicide, there is a waiting period of 1 year from policy commencement.³

What is a return of premium life insurance?

Term insurance plan with Return of Premium (TROP) is a term insurance plans that allows you to receive the total premiums you have paid if you survive the policy term, minus statutory deductions such as taxes.

Does a term insurance calculator show the final premium amount?

No. The amount shown by a term insurance calculator is not the final premium you need to pay. It is only an estimated number. The final premium is determined based on the insurer’s underwriting process.

Can I calculate term insurance premiums without sharing personal details?

Yes. You can calculate term insurance premiums without sharing personal details like contact information. However, you still need to provide basic details like age, gender, smoking habits, income and coverage amount to get the premium estimate.

Is term insurance premium cheaper for women compared to men?

Yes. In general, term insurance premiums are cheaper for women compared to men because, statistically, women tend to live longer than men and have lower mortality rates.

Customer Speaks

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I have invested in various products of Bajaj Life Insurance - I am happy with the services, returns and diversified product portfolio.

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

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Happy with the returns

I was introduced by my advisor to invest in Bajaj Life Insurance .I have invested in the same and am happy with the returns and services.

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I am a 7 year old customer of Bajaj Life Insurance and very happy about the services.

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Life Insurance Guide

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