Close Button Close Button
X
NRI Services Helpline

Calling FromPhone Number
Calling us from INDIA18002097272 (Toll Free)
Rest of the World+912067871700
(Call charges apply)

  • Home >
  • Life Insurance Calculator

Life Insurance Calculators

Close Button

Financial Calculator for every Life Goal

Underinsurance Calculator

With the Underinsurance Calculator, check if your Life Cover is atleast 10x of your Annual Income.

CALCULATE NOW

Annuity Calculator

Find out how much to invest now to enjoy a guaranteed income stream for life.

CALCULATE NOW

Retirement Preparedness Calculator

Answer a few simple questions to know how prepared you are for your retirement.

CALCULATE NOW

SIP Calculator

Plan your investments effortlessly and achieve your financial goals with our easy-to-use SIP Calculator.

CALCULATE NOW

NPS Calculator

Calculate your NPS returns effortlessly with our simple to use NPS Calculator.

CALCULATE NOW

Fixed Deposit Calculator

Answer a few easy questions to calculate your Fixed Deposit Returns.

CALCULATE NOW

Power of Compounding Calculator

Get an estimate of how much your investment will grow over a period of time.

CALCULATE NOW

Term Insurance Calculator

Easy-to-use Term Insurance calculator to find the right coverage for your needs.

CALCULATE NOW

ULIP Calculator

Know how much to invest today with this simple ULIP calculator to reach your future goal amount.

CALCULATE NOW

Child Education Planning Tool

Here's a comprehensive tool to plan your child's future in 3 simple steps

CALCULATE NOW

Retirement Calculator

Plan a worry-free retirement with this easy tool based on your income and years left to retire.

CALCULATE NOW

Investment Calculator

This calculator checks your age, monthly investment, period & expected returns to estimate savings.

CALCULATE NOW

Life Goal Calculator

Calculate your Goal Today Invest today to accumulate the wealth for your future Life Goals.

CALCULATE NOW

Child Plan Calculator

Plan your child’s future needs based on age, savings, and inflation—all in one simple calculator.

CALCULATE NOW

Income Tax Calculator

Calculate your tax liability and explore smart tax-saving options with this calculator.

CALCULATE NOW

Savings to Life Goals Convertor

Check how savings from daily expenses like travel or dining can help you achieve your Life Goals.

CALCULATE NOW

BMI Calculator

Body Mass Index (BMI) is a measure to understand whether your body weight is healthy as per your height.

CALCULATE NOW

Covid 19 Optimism Score Tool

Check your Optimism Score in COVID-19 times

CALCULATE NOW

Immunity Score Calculator

Use our immunity calculator to find out your immunity score in just a few clicks!

CALCULATE NOW

Life Goals Preparedness Calculator

Are you ready, India? Find out and improve your Life Goal Preparedness Score.

CALCULATE NOW
Investment Age Calculator

Plan your investments smartly and achieve your financial goals using this easy-to-use calculator

CALCULATE NOW
Writer Palak
Written ByPalak Bagadia
AboutPalak Bagadia
LinkedIn Icon
Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.
Reviewer Rituraj
Reviewed ByRituraj Singh
AboutRituraj Singh
LinkedIn Icon
Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.
Written on: 15th June 2025
Modified on: 18th June 2025
Reading Time: 8 Mins
Share
left arrow icon right arrow icon

A life premium calculator is an online tool that shows how much you may need to pay for a life insurance plan. It uses basic details like your age, income, number of family members who depend on you, the amount of money you want your family to get, and how long you want the plan to last. This tool also looks at your health, lifestyle, and how often you want to pay.


Different types of calculators are available. A pension calculator shows how much money you might get in your later years. A ULIP calculator shows how the value of your plan might change because of market ups and downs. It helps people see how changes in return rates can affect the plan amount.


These tools save time and give a simple view of life insurance costs. You can also use them to look at different plans and pick one that fits your needs.

What is a Life Insurance Premium Calculator?

A life insurance premium calculator is a free tool online that helps a person estimate how much premium they may have to pay for a life insurance policy in the future. The calculator only asks for a few pieces of info: the person's age, salary, family, health, and what the person would like his family to get from a policy.


The calculator allows a person to see the estimated premium policyholder’s has to pay very quickly and easily.


There are also calculators specifically for certain plan types. For example, a pension calculator can estimate the cash amount a retiree might receive over a specific period in the coming years. A ULIP calculator shows how changes in the market might affect the plan’s value over time.


Each calculator is made to give clear answers using simple inputs. It makes it easier to look at different options and understand how life insurance may fit into someone’s plan for their future.


How Does the Term Insurance Premium Calculator Work?

A term insurance premium calculator is a simple online tool that shows how much money someone may need as a premium for a term life insurance plan.It works quickly and gives answers in seconds.


To begin, the calculator asks for basic details. This includes factors like age, gender, lifestyle habits, how long they want the policy, how much coverage they desire, etc. Some calculators might include factors like income, occupation type, and payment frequency like monthly, quarterly, half-yearly or yearly.


The calculator will consider these factors to determine the premium. The amount of the premium is on factors like age, health etc. Younger individuals typically receive lower premium amounts than older people, as younger people are considered less risky.


The tool is also flexible, allowing the user to change a few factors to see how it may change the premium. For example, if someone increases their coverage or picks a higher policy length, the premium should go up. If they only want to pay once a year instead of monthly, the premium might differ a little.


This tool is an effective way to demonstrate different plan options and make comparisons. People can compare many plans and understand how much they may have to pay.


The goal is to give a quick, easy, and clear idea of how a term life plan might work for someone, based on their own details.


Benefits of Life Insurance Calculator

A life insurance calculator is simple to use, calculate fast, and help compare different plans.


Free and Easy to Use


The calculator is free and works on any device. Simply enter a couple of details, such as name, age, gender, income, date of birth, occupation, etc. It is fast, easy, and can be used multiple times with no additional assistance.


Accurate Coverage Estimation


The tool is a good indication of how much life cover may be required. The calculator uses your details to calculate a definitive number. This way, it illustrates a figure that could support your family if you were no longer around.


Personalized Results


It looks at your age, financial needs, and family size. Then, it gives a result that fits your own situation. This makes the plan more suitable and easier to understand.


Saves Time


Instead of talking doing long math, this tool gives answers in seconds. There is no need to wait. Simply fill in your details and get an idea of the price you may need to pay for a plan.


Improves Financial Planning


Knowing your price and estimate of what you may receive from your plan helps with managing your money. It illustrates how various plans help you budget. You can try a number of options and see what makes sense for you and your family.


Informed Decision Making


The tool lays out all the details simply and clearly. You can also compare plans and understand exactly what each one offers. This creates the ability to choose what feels comfortable based on your age, needs, and financial plans.


How Term Insurance Calculator Can Help You?

A term insurance calculator is an online tool that gives an estimate of the premium a person may need to pay for a term plan. You just type in a details like age, income, how long you want the plan etc. It quickly displays the estimated cost as well as how changes to coverage amount or policy term and other factors can change the premium. It saves time, it shows different options, and it shows the customer what fits their needs based on a few simple inputs.


Amount of Life Cover


The amount of life cover means how much money (sum assured) a person’s family may get from the plan. A term insurance calculator shows this clearly by using basic details like age, income, gender, income, and number of dependents. The amount shown can change based on the information you enter. It assists people with understanding the difference in cover amounts and how they would impact the price. You can work through various numbers until you settle on one that feels comfortable. The tool does not require any documents and runs in seconds, so it is simple to use and easy to follow.


Policy Term


The policy term is the duration a term insurance plan is active. A term insurance calculator allows you to input how many years you want your plan for and see the premium price differences. When you change the years, the cost also changes.. This makes it easier to understand how the period and payment are connected. You can try many combinations until you see what fits your situation.


Additional Riders


Additional riders—also known as add-ons—are optional enhancements you can include with your term insurance policy to broaden your coverage. Common riders include:


  • Accidental Death Benefit Rider: Provides an additional payout if death occurs due to an accident.
  • Critical Illness Rider: Offers a lump sum benefit if you are diagnosed with a specified critical illness.
  • Waiver of Premium Rider: Waives your premium payments if you become disabled and are unable to work.
  • Terminal Illness Rider: Allows for an early payout if you are diagnosed with a terminal illness.

When using a term insurance premium calculator, you can easily select or deselect these riders. The calculator instantly updates your premium to reflect your choices, allowing you to see the impact on your policy cost.


How to Use an Insurance Calculator: A Simple Step-by-Step Guide

A life insurance calculator works online. Just enter details like age, income, coverage and any other details required by the calculator. It quickly shows an estimate of the amount you may need and how much the plan could cost.


  1. Term Insurance Calculator


    A term insurance calculator helps you estimate the amount of premium for a term plan. You fill in details like your age, income, your life style habit related information etc. You also add how long you want the plan to be (policy term) and the sum assured that can financially support your family in case of your untimely demise. Once you enter this, the tool shows a number. This is your estimated cost. You can alter the variables such as the policy term , sum assured required etc. and see the change in the value of the estimated premium.


  2. ULIP Calculator


    A ULIP calculator helps you estimate how much your investment might grow over time. You can enter details like the premium amount, policy term, and the type of fund (equity, debt, or balanced) you want to invest in. It also lets you adjust these inputs to see different return scenarios based on your preferences.


  3. Pension Calculator


    A pension calculator demonstrates how much money you may need every month after you stop working. You enter details like your age, how much you earn, when you are planning on retiring, and how much you have saved to this point etc. The tool then shows how much you need to save regularly. It also shows how long your money might last. You can change the numbers to see different results.


  4. Savings Calculator


    A savings calculator gives an estimate of how much you need to save over a period of time to reach a specific life goal. You enter how much money you want to save, what you already have, and how much you can save every month etc. The tool shows how long it will take or how much more you need to save to meet your goal. You can try different numbers to see what works. It’s quick, clear, and simple to use.


Types of Life Insurance Calculator?

Calculator Type

What It Does

Term Insurance Calculator

Shows how much you may need to pay for a term life plan based on parameters like age, gender, income, coverage needed etc.

ULIP Calculator

Gives an idea of how your plan amount may grow or change over time based on market changes.

Pension Calculator

Tells how much money you might need to save every month for life after work.

Savings Calculator

Helps you see how long it might take to reach a money goal or how much to save each month.

Retirement Calculator

Shows how much money you may need when you stop working and how much you should save now.

Human Life Value Calculator

Gives an estimate of how much money your family may need in case of your untimely demise.

Power of Compounding Calculator

Shows how small savings can grow bigger over time when you keep saving regularly.

What is Life Insurance Premium?

A life insurance premium is the money paid to keep a life insurance plan active. This amount can be paid every month, half yearly, quarterly once a year, or just one time, based on the plan. As long as the premium is paid on time, the plan stays active. If the insured person (the life assured) dies during the policy term, the nominee—the person named to receive the benefit—will receive the sum assured (the life cover amount) from the insurance company, provided all policy terms and conditions have been met. The amount of premium depends on many factors, like age, health, lifestyle habits, coverage amount, and how long the plan lasts amongst other factors. Premiums may be lower depending on age or good health condition. If a person smokes, has family medical history, then premiums may be higher. If the premium is not paid by the due date, the policy enters a grace period, typically 30 days. During this grace period, your coverage remains active, and you can still pay your premium without penalty. If the premium remains unpaid after the grace period, the policy may lapse, and benefits may not be paid.

Impact of Smoking on Term Insurance Premium Calculation

People who smoke typically have to pay higher premiums. This is because smoking can lead to health problems, and insurance companies see that as a higher risk. Even if someone smokes only once in a while or uses tobacco in any form, it can still affect the cost. The premium amount may change based on this habit.

How Occupation Impacts Term Insurance Premium Calculation

The kind of job a person does can change how much they pay for term insurance. Jobs that are seen as risky, like working at heights or handling heavy machinery, may cost more. People with office jobs may pay less because their work is seen as safer. The insurer assesses the nature of your occupation and uses this information to determine your premium. Self-employed individuals may receive different rates compared to those with a fixed salary, as each profession is evaluated based on its unique risks. 

Can the Term Insurance Premium Calculator Be Used Without Personal Information?

Yes, there are many calculators out there for term insurance that you can utilize without having to provide any personal information. You are not required to submit an email address, name, or phone number. The calculators simply ask for a few basic things like your age, gender, occupation type, and amount of coverage you would like to apply for etc, and then show an estimated premium. This way, people can compare what the potential premiums may be for the amount of coverage they need without giving any of their personal information.

Frequently Asked Questions

1. How to calculate the life insurance (sum assured) amount?

Plus Symbol

To find the life insurance amount, think about how much money your family might need every year. Then, multiply that by the number of years you want them to stay protected. Also, include any loans or big costs like school fees. The total amount should help your family live comfortably if you're not around. This is how people figure out how much life cover they may need from a life insurance plan.

2. How to calculate a premium using a life insurance calculator?

Plus Symbol

A life insurance premium calculator is an online tool. You type in your age, gender, date of birth, annual income, how much coverage you want, and how long you want it, life style habits ,at what frequency you prefer paying premiums etc. It then calculates the estimated premium. It does all the math for you. You can try different numbers to see different results.

3. What is the life insurance premium for a 45-year-old?

Plus Symbol

The cost of life insurance for a 45-year-old depends on a few things. It can change based on health, job type, lifestyle habits, how long the plan lasts, and how much coverage is needed etc. The estimated premium cost can vary from individual to individual based on these factors.

4. What is the formula for calculating life insurance premiums?

Plus Symbol

There is no one fixed formula for everyone. The premium is based on your age, health, job, life style habits, how much coverage you want, and how long you want it for etc. The younger and healthier you are, the lower the premium may be. If the coverage is big or the risk is high, the premium may be higher.

5. What are the benefits of using a life insurance calculator?

Plus Symbol

A life insurance calculator is easy to use and gives fast answers. It shows an estimate of the premium that you may need to pay. You can try different numbers and see what works. It helps people understand different options without needing help from anyone. It saves time and shows clear results. You don’t need to give personal info, and it works on a phone or computer.

6. How does the life insurance premium calculator work?

Plus Symbol

The calculator takes simple inputs like age, income, coverage amount, lifestyle habits. It then shows how much premium you may have to pay. It works quickly. You can try different choices and see how the cost changes. The tool is made to be easy for anyone to use. You don’t need to know math. It works in a few steps and gives a rough idea of the insurance cost.

Read All Right arrow
Disclaimers:
Plus Symbol
Minus Symbol

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.

BJAZ-WP-ECNF-15573/25

Call to Buy Symbol

Call to Buy

1800-209-4040

X
Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business.

Please refer to BALIC privacy policy

X
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. 6,051. 2nd Year onwards premium Rs. 6,460. Total Premium Paid is Rs. 1,93,391 | Medical Rates | Yearly 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.

##Tax 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.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium amount is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws
Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

© Copyright 2023. Bajaj Allianz Life Insurance Co. Ltd. All Rights Reserved.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS
IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
IRDAI Public Notice on Spurious calls
Fraud Prevention Tips
Fraud Awareness Booklet
Bajaj Allianz Life Insurance Co. Ltd. All Rights Reserved. | IRDAI Reg. No. 116 | An ISO 9001:2015 and ISO 27001:2013 Certified IT Department
Contact Us

Sales: 1800-209-4040 (Toll Free) | Service: 1800-209-7272 (Toll free)

Email: customercare@bajajallianz.co.in

Registered Office Address

Bajaj Allianz House, Airport Road, 

Yerwada, Pune, Maharashtra - 411006

Download Mobile App
Follow Us On
Life Insurance Plans
Tools & Calculators
Insurance Coverage Plans
Insurance for All
Affordable Term Plans
Policy Term Plans
Insurance Guide for Women
Know More
Customer Service
Life Insurance Guide
Customer Support
Announcements
Distribution Channels List
Tools & Support

© Bajaj Allianz Life Insurance Co. Ltd. All Rights Reserved. | IRDAI Reg. No. 116 | An ISO 9001:2015 and ISO 27001:2013 Certified IT Department

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

Email: customercare@bajajallianz.co.in | Tollfree: 1800 209 7272

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 Allianz Life Insurance Co. Ltd. is provided on the basis of license given by Bajaj Finserv Ltd. to use its “Bajaj” Logo and Allianz SE to use its “Allianz” logo.

Website Compatible Browsers: IE11, Firefox, Safari, Opera, Chrome

Disclaimer

For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.

This calculation and results displayed are based on information provided and certain assumptions about the rates of return. It is for assistance only and does not constitute an offer or solicitation. It is not intended to be and must not alone be taken as the basis for an investment decision. Kindly note that the returns are only illustrative and they are not guaranteed. The returns do not indicate the upper or lower limits of the return that you may get with your policy and the value is dependent on a number of factors including future performance. Bajaj Allianz Life Insurance Company Limited shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the calculator.

1©2021 Morningstar. All Rights Reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and its content providers; (2) may not be copied or redistributed except as specifically authorized; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates and procured from various sources. Morningstar, its affiliates, and its officers, directors and employees shall not be liable for any trading decision, damage or any other loss arising from using the Information. Please verify all of the Information before using it and do not make any investment decision, except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up

Disclaimer
close
Ask for an Agent
Sign up for personal visit and tailored advice from our expert agents

Claim Settlement Ratio of 99.29%~