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Buy Term Plan Online

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Term Insurance Calculator

A term insurance calculator is an online tool for generating an estimate of the insurance premium based on the information you enter. The information may include your age, gender, occupation, and importantly, the coverage required under the term plan.

With a premium estimate from a term insurance premium calculator, you may be able to create a budget for your term insurance plan in an easier manner.

Steps to Buy a Term Plan

Buying a term plan online is a matter of a few steps


Choose an appropriate plan as per your needs

Use the term insurance calculator to calculate your term insurance premium

Submit the documents as required

Pay for the plan using secure payment portals

Undergo a medical check-up, as required by the insurer

The policy may be issued once this process is verified and complete. The issuance of the policy will depend on the underwriting guidelines of the insurance company.

How Does a Term Plan Work?

Buying a term plan online is a matter of a few steps

Akshay’s story

Vedika’s story


30 years

Akshay buys a term plan with coverage of ₹75 lakhs and a tenure of 30 years


30-55 years

Akshay pays the premium for the term plan regularly


55 years

Akshay passes away due to an unfortunate accident.


Akshay’s wife

The nominee of the plan receives the life cover amount. The policy terminates thereafter.

teamplan-work-bar teamplan-work-bar

35 years

Vedika opts for a life cover of ₹90 lakhs up to 85 years of age with a critical illness rider of ₹50 lakhs.


45 years

Vedika is diagnosed with Stage II cancer. She receives a lumpsum payment of ₹50 lakhs from her critical illness policy. Her term plan continues as it is.


60 years

Vedika passes away. As her plan is still active, her daughter, the nominee of the plan, receives the life cover amount of ₹90 lakhs.

teamplan-work-bar teamplan-work-bar

A term insurance plan is a type of life insurance providing pure protection to the life insured. It can provide a life cover amount to the nominees of the policy in the event of the insured’s unfortunate demise during the policy tenure. In return, the policyholder have to pay a premium. The premium for a term plan may be affordable and can be estimated by using a term insurance calculator.

The sooner you buy a term plan, the better it may be for you. The premium of a term plan depends upon various factors including age and could increase as you age. Since people can experience more health issues when they are older, leading to an increased mortality risk, they may have to pay higher premiums, too. You can use a term insurance calculator, to check how the premium changes with change in age. Hence, it may be preferable to buy the term plan when younger.

Ajay, Male, 29 years old
Non Smoker


₹1,386 Monthly

Sum Assured

₹1 Crore


Mr.Vijay, Male, 48 years old
Non Smoker


₹4,573 Monthly

Sum Assured

₹1 Crore


The following people may find purchasing a term plan suitable for their needs:


Buying a term plan may be essential if you want to secure the financial future of your children. In case of your absence, a term plan may ensure your children continue to live their lives with financial freedom.

Young working professionals

Your premium for a term plan may increase as you age. Hence, if you are a young earning professional, you may want to buy a term plan as soon as you can. The affordable premiums might help you avail a high life cover right from the beginning. Thus, when you have a family in the future, they will have financial security.

Individuals with debts

If you have any debt, you may want to ensure it does not affect your family’s financial future, by considering buying a term plan. The support provided by the term plan may help them pay off these liabilities in your absence.

To determine the amount of term insurance coverage you need, firstly, you may want to look at your present income and the expected future rise in income. Other factors to be considered may include your age and the number of years you have until retirement, outstanding debts, future goals, and other income streams. Ultimately, the life cover amount should help your loved ones continue living their lives with no financial worries. A term insurance calculator may help you in selecting the life cover as well.

It is a feature within some term plans where you must pay premiums for a limited period of tenure only. The coverage may continue for the rest of the tenure even if you are not paying premiums. For instance, if you have a policy tenure of 50 years and have opted for the limited pay option of 10 years, you may have to pay premiums for the first 10 years only.

Usually, you may come across the following four payout options:

Lump-sum payout:

The entire life cover is paid out at once. Suitable for families who may require immediate, large-scale financial support.

Regular pay-outs/instalments:

The life cover is paid out in the form of regular instalments over a certain period. Suitable for families requiring regular income.

Increasing regular pay-outs:

he life cover can be paid out via pay-outs that increase gradually in value over a fixed period. Suitable for families whose needs may increase over time.

Lump-sum pay-out + Regular instalments :

The life cover may be split into two parts – one part is paid as a lump-sum pay-out and the other is paid out as regular instalments over a period. Suitable for families whose financial needs require large-scale as well as short-term support.

A policyholder may have the option to buy an accidental death benefit rider along with their base term plan. By doing so, if the policyholder/life assured loses their life due to an accident, their nominee will also receive the coverage amount of the rider along with the sum assured of their base term plan. For example, consider a policyholder protected by a term insurance plan of Rs 1 crore and an accidental death benefit rider of Rs 50 lakhs. In case of their demise due to an accident, the nominee may receive Rs 1.5 crore as a death benefit. However, if the policyholder/life assured has not lost their life due to an accident, they may only receive the base death benefit of Rs 1 crore.

A critical illness rider offers coverage for the diagnosis and treatment of any of the illnesses mentioned in the rider plan. You may have to submit the required documents of your diagnosis and treatment to get your claim amount processed. A critical illness rider along with your base term insurance plan may ensure that you are financially secure in case of any health emergencies. You may choose Bajaj Allianz Life Smart Protection Goal, A Non Linked, Non Participating, Individual Life Insurance Term Plan that offers in-built coverage against 55 critical illnesses as mentioned in the policy.[1]

This rider waives off future premiums in case of a diagnosis of a terminal illness listed under the plan.[2] This rider may be offered by the insurers as a part of certain life insurance policies or may be provided as an add-on on certain policies.

If an individual who opts for a plan with permanent disability rider, suffers from permanent disability due to an accident, they may not be required to pay future premiums as the future premiums will be waived off under this benefit. Also, the life cover for the rest of the plan duration will continue as it is.

When you buy a term insurance plan, you may be able to get the pre-decided life coverage, for which you may have to pay premiums in exchange. The premium of your plan is calculated based on the sum assured, age,the tenure you choose, etc.. It is important to choose the right amount of tenure and sum assured along with premium that is easy on your pockets. A term insurance calculator may help you in making an informed decision. A term insurance calculator is simply an online tool you can access to calculate the premium of the term insurance policy you are planning to buy. It is a simple tool that gives you an estimate of the premium you may be required to pay for your desired sum assured and tenure. It is easy to use a term insurance calculator in which you simply have to enter a few required details to get a premium estimate. Name, age, annual income, gender, contact details, etc. are the common details you may be required to enter

When you use a term insurance calculator, you may be required to mention specific details about yourself. Taking your details such as your age, gender, term plan duration, sum assured, and lifestyle habits into account, the calculator provides you with an estimated premium amount for the plan you desire. Based on your financial convenience, you can choose to pay the premium for the plan either monthly, quarterly, half-yearly, or even annually.

When you use a term insurance calculator, various factors may be considered for calculating your premium. As mentioned above, these factors often include your personal and professional details ranging from your age to your income. Below are the steps usually involved in using a term insurance premium calculator:
1.Entering your name, age, and date of birth
2.Entering your contact details by providing your email address and phone number
3.Entering the income earned annually
4.Informing the insurance provider of your smoking, tobacco, or drinking habits, if any
5.Entering your desired sum assured and policy tenure
6.Selecting any additional riders, you may want to opt for
7.Choosing a frequency of premium payment convenient to you
Once you have provided the above information, the term insurance calculator will provide you with an estimated premium amount. It is important to note that the premium amount is an estimated value and not the exact premium that you have to pay. You may increase or decrease your sum assured and tenure based on the term plan premium you can conveniently pay.

Claim Settlement Process

You may know how to use the term insurance calculator and buy a term plan. But do you know how to raise a claim upon death of the life assured? Take a look at the simple process shown below.

1.Fill and submit the claim form to the insurer along with the required claim-related documents

2.The insurer will assess and verify the claim and supporting documents

3.Upon successful verification, the decision of claim payout will be taken by the insurer

Why Bajaj Allianz Life?

Frequently Asked Questions on Term Insurance

1.Is it safe to buy a term plan online?

Yes, you may buy a term plan online without any worries. The payment portals on our website are safe and secure. Furthermore, you can go through the different payment modes and select from them as per your preferences. All the information you enter, including the data on the term insurance calculator, is also stored safely.

2.How is a term insurance plan different from other life insurance plans?

Term plans can be considered pure-risk plans. They may be considered to be designed in a way to solely protect the insured person against life risks. As compared to other plans, such as endowment plans or market-linked insurance plans, they may not offer any maturity benefits or market-linked returns respectively. This makes term plans an affordable option for those looking for life insurance coverage only.

3.Why should I buy a term plan?

An unfortunate event may strike at any time. If you are responsible for taking care of your family, such an event could bring havoc in their lives and future as well. While life may be unpredictable, one may try to make sure their family’s financial future is taken care of by buying a term plan. Moreover, term plans are usually affordable, and you can estimate the premium using the term insurance calculator easily. This may help you stay within budget, too.

4.Do I need to buy term insurance even if I'm covered under my company's group policy?

Yes, you may consider buying a term insurance plan for yourself regardless of whether you are covered under a group policy. There may be several advantages of buying a term plan  such as:

· Additional coverage, customisable as per life goals

·Customisable policy tenure to meet your financial obligations

·Option to choose add-on riders

5.How do I buy a term plan online?

To buy a term plan online, you may visit the Bajaj Allianz Life Insurance Company’s website. On the home page, you may click on ‘Plans’ and then proceed to the term insurance category. You can view brochures of different term products and then select one to go ahead with buying it.

You can use the term insurance calculator to generate a premium estimate. You may then fill out the proposal form, submit the documents, make the payment, and complete other formalities as required.

Once these processes have been completed, you may receive your term insurance policy, subject to verification of the documents submitted by you and meeting the underwriting guidelines of the company.


6.Are there any age limits for buying a term plan?

The age limit to buy a term plan may differ from insurer to insurer and even from plan to plan. Usually, insurers permit age of entry between 18 to 60 years, whereas some insurers may also allow entry age of up to 65 years[3]. While a term plan may be beneficial at every age, buying it during one’s senior years may mean having to pay relatively high premiums. The term insurance calculator may give you a clearer idea of how the premium may increase with a rise in age.

7.How to select the suitable term plan for myself?

Keeping the following factors in mind may help you select the suitable plan for yourself:

· Balance of coverage and premium - While comprehensive coverage is important, it should not come at the cost of compromising on other aspects of life. You can ensure that you use the term insurance calculator wisely and select a plan fitting your needs while being within your budget.

·Insurer’s reliability - You may want to carry out a background check on the insurer, in terms of their claim settlement process, claim settlement ratio, customer service, market reputation, and so on. Bajaj Allianz Life is a trusted brand in the insurance market with a claim settlement ratio of 99.04%~ and over 511 branches# across the country. When in need, you can take help from our claim assistance service.

· Additional riders - Add-ons, such as the critical illness rider, accidental death benefit rider, etc. may increase the protection provided under the policy, on payment of additional nominal premium. Hence, you may want to check the availability and pricing of such riders before finalising the plan.


8.What are the benefits of buying a term insurance policy online?

You may get to enjoy the following benefits if you buy your term insurance policy online:

·Easy access to tools and resources, such as the term insurance calculator

·Informed decision making, since you may easily access any policy you want

·Convenience, as the buying process may not take more than a few minutes

9.What kind of deaths are covered in this term insurance plan?

Natural death, accidental death, and death due to illnesses, medical reasons, natural disasters, etc. are usually covered under the plan. Death due to suicide within 12 months of buying the policy may mean payment of 80% of the total premiums paid or the surrender benefit at the time of the death, whichever is higher depending on the terms and conditions of the policy[4].  For more details on the inclusions and exclusions, please reach out to an agent or a company representative

10.How much term insurance coverage do I need?

Your term insurance coverage should be sufficient enough to ensure your family lives a life free from financial worries even in your absence. It should be enough to take care of their daily expenses, outstanding debts and liabilities, and any future goals they might have. A term insurance calculator may help you select a life cover amount within your budget. If the premium is on the higher side, you may want to opt for monthly premium payment options. 

11.What policy term should I select?

The policy term should be as long as your family may depend on you for financial support. Hence, many people consider their retirement age as the upper limit for their term insurance tenure. However, financial responsibilities may go on even after retirement. Hence, you may want to select a term plan tenure according to your financial needs. Bajaj Allianz Life also offers the Whole of Life option, where the tenure is valid up to 99 years of age.

A term insurance calculator may also be useful in helping you understand the relationship between tenure and premium. The higher the tenure, the more the premium may be.

12.What are the optional benefits offered under Bajaj Allianz Life term insurance plans?

With a term insurance plan from Bajaj Allianz Life, you may enjoy the following optional benefits subject to policy terms and conditions:

·Return of premium option- With this option, you may receive the sum of all the premiums paid if you outlive the policy term, minus any applicable deductions.

·Whole of life cover - If you opt for this feature, your insurance coverage may stay valid for up to 99 years of age.

.Critical illness protection - You may receive financial support for a wide variety of critical illnesses with this optional benefit[6].

13.Why should I buy the term insurance plan from Bajaj Allianz Life Insurance?

Bajaj Allianz Life Insurance is one of the trusted and valuable Indian brands. With a remarkable death claim settlement ratio of 99.04%~ and a solvency ratio of 516%**, it can ensure that they not only meet but even exceed customer expectations[7].

14.Is a critical illness benefit included in the basic benefit or an add-on?

A critical illness benefit has to be availed as an add-on rider along with your chosen plan, by paying an additional nominal premium.


15.What are the various benefits of using a term insurance calculator?

When you use a term insurance premium calculator, you get your estimated premium within minutes, saving you time and effort. It is also free of cost and can keep all the details you provide secure.

16.How is term insurance premium calculated?

When you use a term insurance premium calculator online, your premium may be calculated based on the details you provide in it like your age, gender, coverage needs, income, etc.

17.How much term insurance coverage do you need?

There is no one fixed amount of coverage for all individuals. Your coverage needs can vary depending on your income, family needs, and any liabilities you may have.

18.Does the term insurance premium amount change if additional riders are selected?

Yes, if you are opting for additional riders along with your base term plan, you may have to pay an additional nominal premium, over and above the base premium, for the additional coverage you are opting for.

19.How can I buy a term plan at affordable cost?

Buying a term insurance plan at a young age ensures your premium is low. For example, a term plan in your 40s can turn out to be expensive than buying the same plan in your 20s.


20.Is it safe to use a term insurance premium calculator?[8]

Using a term insurance calculator is completely safe since the information you provide is secure and not provided to any third-party recipients.

21.How do I pay my term insurance premium?[8]

You can pay your term insurance premium through various online or offline payment channels based on your convenience. Offline channels may often include cash, cheque, ECS payments, etc. Online modes often include net banking, credit cards, debit cards, and several other payment gateway applications. You can also set up an auto-pay to ensure you never miss any payments.

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IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.


Risk Factors and Warning Statements: Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz Life Smart Protection Goal  are the names of the company and the product respectively and do not in any way indicate the quality of the product and its future prospects or returns. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on carefully before concluding a sale.  Regd. Office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune – 411006. IRDAI Reg. No.: 116.| CIN : U66010PN2001PLC015959 | Mail us : | Call on : Toll free no. 1800 209 7272, 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. All charges/ taxes, as applicable, will be borne by the Policyholder.

Bajaj Allianz Life Smart Protection Goal - A Non Linked, Non Participating, Individual Life Insurance Term Plan (UIN: 116N174V02)

~ Individual Death Claim Settlement Ratio FY- 2022-2023

^Solvency ratio 516% as at 31 March 2023 against IRDAI mandated 150%

#All figures as on 31 March, 2023.

% Survey conducted by Brand Equity – Nielsen in March 2020

$ For details refer to press release published by CARE