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Know The 5 Factors That Impact Your Term Insurance Premium


October 21, 2020

By : Bajaj Allianz Life

A term insurance plan is the most popular and common insurance option that people initially opt to purchase. Right from the time you begin work, you should invest in a term plan as it offers the highest amount of protection. Term insurance ensures that everybody who is dependent on you will be looked after even if you are no longer around.


What Is Term Insurance?


A term insurance plan is a blanket coverage for your life, and term insurance benefits are helpful in many different ways. By buying a term insurance plan, you can ensure that your dependents will be able to maintain their standard of living and take care of themselves financially even when you are no longer around. While a term insurance plan caters to offering overall protection in case of death, it can also be customized to offer coverage especially against critical illnesses or even disability.


What Is A Term Insurance Quote?


Term insurance quotes refer to the premiums you are expected to pay in order to avail term insurance benefits. A term insurance calculator is available online on websites of most insurers, which you can use to assess how much you will be expected to pay as premium for the coverage you seek.


5 Factors that Affect Term Insurance Quotes


Term insurance quotes are dependent on a range of factors. Most of these factors are situations or conditions that are within your control that may help you ensure your term insurance premiums remain low. Read on to learn more about the factors that affect your term insurance quotes.


1. Gender

Gender is one of the biggest factors upon which your term insurance quotes rest. It has been historically reported that women have a greater life expectancy as compared to men. Thus, when a woman approaches the insurer for a term insurance policy, her term insurance quotes are likely to be cheaper as compared to a man of similar age.

2. Age

Age is another huge determinant of your term insurance quotes that all term insurance premium calculators will ask of you. This is because your age signifies your health and life expectancy. Younger people are expected to be healthier and live longer, which is why their term insurance quotes are significantly lower as compared to older people whose health conditions may not be as good. This is why the older you are, the higher your term insurance premiums are going to be.

3. Term of Policy

The duration during which the term insurance plan is expected to be in effect is also a significant factor upon which your term insurance quotes depend. For instance, if you have recently joined the workforce and have only begun paying for your term insurance, it is expected that you will continue paying premiums until at least your retirement, which is several years away. Thus, the term insurance quotes offered to you will be significantly lesser as compared to the quotes received by anybody older than you who wishes to avail the same term insurance benefits.

4. Lifestyle and Behavior

The lifestyle choices you make play a significant impact on the quotes offered to you by a term insurance calculator. Lifestyle habits such as smoking and drinking will push up your term insurance quotes by a significant amount as regular smoking and drinking has been found to reduce people’s life expectancy through diseases, which may result in early death. If you are somebody who enjoys adventurous sports, which pose a high risk to life, then your term insurance quotes will be significantly higher as compared to anybody who does not indulge in such activities.

5. Occupation

People working in hazardous occupation and occupations, which have traditionally been the source of high levels of stress, will usually receive higher term insurance quotes as compared to people who work at jobs with lower levels of stress.


Steps To Get Term Insurance Quotes Through Term Insurance Calculator


A term insurance calculator is exceedingly helpful before you purchase your term insurance policy. The online term calculator allows you to estimate how much your term insurance plan would cost for the required cover, and judge, which is most suitable for your needs, and take an informed decision.

The online term insurance calculator calculates the amount you will be required to pay as premium. Once you input details such as your age, gender, the sum assured you are looking for, along with details of the policy you are looking for along with the policy period and your premium payment mode; you will be able to understand your term insurance quotes.

This online tool is also useful when you want to assess the merits and demerits of two different term policies, and choose the one, which is most suited to your requirements.




Term insurance provides various benefits; however, it is important for you to recognize the factors that make your term insurance premiums higher so that you can make an informed decision of securing you and your family’s life goals.

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2Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | medical rates | Annual Premium Payment Mode | Premium shown above is 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.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.