Get ₹ 1 Crore Term Plan @ ₹ 15*/ day
Get upto 16% Discount on 1st Year Premium**
Term Insurance Calculator
What is a Term Insurance Calculator?
A term insurance calculator is an online tool that helps you estimate the premium you might pay for a term plan. It takes basic information like your age, gender, income, lifestyle habits etc, and instantly shows you an estimated premium based on the coverage you want. It’s designed to give you a quick and clear picture of how much life cover you can get and at what cost.
You can also adjust the inputs, such as increasing the sum assured or changing the policy tenure, to see the change in premium . It’s a simple way to plan and find a policy that fits both your financial needs and budget. Whether you're new to life insurance or just checking available options, a term insurance calculator gives you a starting point without any guesswork.
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.
Why Bajaj Allianz Life Insurance ?
Bajaj Allianz Life, one of India's leading Private Life Insurers, is committed to offering value-packed and innovative products to help you achieve your Life Goals.
99.29%
Claim Settlement Ratio~
1 Day
Get 1 Day Claim Approval%
AAA
Stable Rating by CARE$$
₹1,23,734 Cr
Assets Under Management (AUM)***
3.85 Cr
Number of Lives Covered##
359%
Solvency Ratio of 359%^^^
Disclaimer:~Individual Death Claim Settlement Ratio for FY 2024-2025 | %99.29% of non-investigative individual claims approved in one working day for FY 2024-25. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices. 96% of non - investigative claims notified were processed within one day in FY’25 | $$For details refer to press release published by CARE | ***All figures as on 31 March, 2025 | ^^^Solvency ratio 359% as at 31 March 2025 against IRDAI mandated 150% | ##Individual and group, as on 31 March, 2025.
Customer Speaks
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I have invested in various products of Bajaj Allianz Life Insurance - I am happy with the services, returns and diversified product portfolio.
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Satisfied, Trust
I am a happy customer who is satisfied with the after sales service. I have full trust in Bajaj Allianz Life Insurance Company.
Shrikant A Karande
Happy with the returns
I was introduced by my advisor to invest in Bajaj Allianz 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 Allianz Life Insurance and very happy about the services.
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All About Term Insurance Premium Calculator
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.
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
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
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.
Frequently Asked Questions
1. 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.
2. What is 1 crore term insurance?
A ₹1 crore term insurance plan is one which has a sum assured of ₹1 crore
3. 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.
4. 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
5. 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.
6. 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.
7. 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.
8. 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.
9. 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.
10. What is 5-year term insurance?
A term plan having a coverage tenure of 5 years is called a 5-year term insurance plan.
11. 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 .
12. 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.
13. 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.
14. 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
15. 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.
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Disclaimer
% Above illustration is for Bajaj Allianz Life eTouch- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N172V04) considering Male aged 24 years | 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. 6,348. 2nd Year onwards premium Rs. 6,780. Total Premium Paid is Rs. 2,02,968 | Medical Rates | Monthly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 45, Income Payout Percentage:55) | Premium shown above is inclusive of Online Discount only 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.
*Above illustration is for Bajaj Allianz Life eTouch- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N172V04) considering Male aged 40 years | 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. 21,120. 2nd Year onwards premium Rs. 20,110. Total Premium Paid is Rs. 6,32,256 | Medical Rates | Monthly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 45, Income Payout Percentage:55) | Premium shown above is inclusive of Online Discount only 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.
@Individual Death Claim Settlement Ratio for FY 2024-2025
$96.70% of non-investigative individual claims approved in one working day for FY 2023-24. 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 Allianz Life offices
**Solvency ratio 359% as at 31 March 2025 against IRDAI mandated 150%
# Survey conducted by Brand Equity – Nielsen in March 2020
&For details refer to press release published by CARE
BJAZ-WP-ECNF-08927/24