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Term Insurance Calculator

Calculate your term insurance premium online with the HDFC Life Plan Premium Calculator. It’s the first step toward financially securing your family.

In a fast-paced life that is constantly evolving, there’s a higher chance of uncertainties coming your way. These can cause both human and financial loss in unimaginable ways. It’s the reason we need a safety net to protect families, in case of the demise of a loved one, especially a primary earning member. A term insurance plan is this safety net, guaranteeing payout to the nominees upon the death of the insured.

 

What is Term Insurance calculator?


Term Insurance calculator is an online tool to find your term insurance premium basis your life cover, age, gender and health conditions.

Choosing the right term insurance policy is important. To get the benefit of a term insurance plan, you need to pay a certain premium over some time. With the help of a term insurance calculator, a policyholder can calculate the estimated premium amount he/she needs to pay to avail of the benefits of the term insurance policy

Furthermore, with a term insurance calculator, an individual can compare multiple policies and choose a plan that fits well with the requirements of their family.

Instant Premium CalculatorSave tax upto 54,600/-

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How does a Term Insurance 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 1: Start by entering your basic information such as age, gender, and income.

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Step 2: 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 3: 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 4: 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 5: 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 6: After selecting the plan, you will need to undergo a medical check-up and provide the required documents. Once the medical check-up is complete and all the documents are submitted, the policy can be initiated and you can begin enjoying the benefits of life insurance coverage.  

What does a Term Plan Calculator do for you?


A term plan calculator can help you determine how much insurance you need to protect your family and the cost of the premium. As a rule of thumb, the coverage should be sufficient to cover your family's financial needs in an emergency. Additionally, the premium should fit within your budget. The calculator will provide the premium amount for the coverage selected, taking into account factors such as age, health, and lifestyle. Calculators calculate the premium for a term plan based on factors such as:

Amount of life cover: The amount of life cover provided by the insurer is the amount that will be given to your family or nominees in case of an untimely demise. It is recommended that life cover should be at least 10-15 times your annual salary.

Policy Term: The policy term is the duration for which the insurance plan provides coverage. In case of death, the nominee will receive the life cover amount.

Choose add-ons: adding riders to your term plan can provide further financial protection and other benefits. This requires paying an extra premium. Altogether, term insurance offers assurance and protection to you and your family. 

How to use Term Plan Calculator?

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A term insurance calculator asks users to key in a few details to get an estimated amount of premium that one needs to pay for the desired insurance coverage. You are asked to provide your annual income, anticipated years of working, anticipated personal expenses, and an estimated annual increase in income.

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The user’s age, gender, date of birth, kind of term insurance, duration of the policy, and the sum desired are also accounted for. Besides, a few additional factors like the user’s lifestyle and whether they are a smoker or not are also taken into consideration. 

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 with Term Plans

Multiple death benefit payout options

After the demise of the primary earner of the family, the burden of financial liabilities falls on family members. Unpaid EMIs related to home, car, or personal loans start adding up. This is where the option of multiple payouts comes in handy.

While the dependent may get a one-time amount after the demise of the policyholder, some insurance policies offer the option to receive a monthly income along with the lump sum amount in the form of a death benefit. The monthly income acts as a salary and is likely to make it easier to manage everyday expenses.

Additional riders with Term Insurance Plans

Additional riders

Term insurance plans offer you the option to add riders to your term insurance policy at a nominal fee. A critical illness rider will offer financial protection in case you suffer from certain illnesses during your life.

Similarly, you can add a rider to provide additional term insurance benefits in case of an accident leading to death or dismemberment. The sum assured is paid to the beneficiary, as per the policy terms.

 Term Insurance Plans with Tax benefits

Tax benefits

Term insurance plans provide tax benefits on the premium you pay towards your policy as well as the payouts. Under Section 80C2 of the Income Tax Act 19611, the premium you pay to buy a term insurance plan is exempt up to ₹1.5 lakhs annually. You can avail of the maximum tax benefit by opting for a plan with maximum coverage based on your age and health status. Besides, the death benefit received under term insurance plans is fully exempt as per proviso to Section 10 (10D)3 of the Income Tax Act 19611.

Term Insurance Plan with Return of Premium option

Return of Premium option

The beneficiary of the policyholder receives the life cover only in case the insured dies. There is no benefit one receives at the maturity of the policy. However, you can get a maturity benefit if you opt for a return of the premium option. You will have to pay a higher premium, but you will get all the premiums paid to you if you survive the policy term. 

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 of the family loses his life. However, not everyone is eligible to buy a term insurance plan. You have to be between the age of 18 and 65 years. Some insurers also provide term insurance policies at the age of 65 years and offer 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 benefits that a term insurance policy provides, 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?

Age to 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.

what age to opt Term Plan

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.

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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  1. The above are based on the current Income-tax law . Tax benefits are subject to changes in tax laws.
  2. Subject to conditions mentioned u/s 80C of the Income tax Act, 1961. The customer is requested to seek tax advice from his Chartered Accountant or personal tax advisor with respect to his personal tax liabilities under the Income-tax law.
  3. Section 10(10D) does not cover policy issued under Keyman insurance , LTRP and employer employee policy.

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