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

Claim Settlement Ratio of 99.23%^~

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Term Insurance Calculator

A term insurance calculator is an effective online tool designed to help you calculate the premium cost for your desired term insurance coverage based on age, income, gender, health, smoking history, number of dependents, etc.Read More

It offers insights on how much a desired insurance coverage will cost you to enable you to choose a term insurance policy which aligns with your financial goals and budget. Term insurance calculator is free to use and calculates the premiums instantly.Read Less

₹ 1 Crore Term Plan@ ₹ 15^*/Day

Bajaj Allianz Life FamilyProtect Rider^{^}

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Written ByPalak Bagadia

AboutPalak Bagadia

Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.

Reviewed ByRituraj Singh

AboutRituraj Singh

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.

What is Term Insurance Premium Calculator?
What does a term insurance calculator do?
How to use a term insurance calculator?
Benefits of Term Insurance Calculator
How to Calculate Term Life Insurance Coverage?
How do you choose the right sum assured?
Why is it Important to Choose
Who should buy a term plan?
When should I buy a term plan?
Factors to consider before using a term insurance premium calculator
Impact of smoking & occupation on premium calculation
What happens if you don't use a term plan calculator?
Claim settlement process at Bajaj Allianz Life Insurance
Conclusion
Why Bajaj
FAQs

What is Term Insurance Premium Calculator

A term insurance premium calculator is an online tool that helps you calculate the premium of your term insurance policy. The calculator is free to use and calculates the premiums instantly. Moreover, it also allows you to buy the term insurance policy directly online saving time and effort.

The term insurance premium calculator uses basic details to find the premium. These details include the following⁴

Your name and contact details (mobile number and email ID). These details are used for generating a personalised quote and also to send you the quote on your phone or email
Date of birth or age
Gender
Smoking or tobacco consumption habits
Educational Qualification
Occupation
Annual income
PIN code
Sum assured
Policy tenure
Premium paying tenure
Premium paying frequency
Optional riders
Policy variant (if available)

Based on these details, the premium is calculated and shown. You can change the calculated premium by changing your coverage details like the sum assured, policy tenure, premium paying term and frequency, riders, etc.

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 such as mobile number and email ID, date of birth and age, annual income, gender, lifestyle habits such as tobacco/nicotine consumption or smoking 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.

How to use a term insurance calculator?

Here are the steps to use Bajaj Allianz Life Term Insurance Calculator:

Go to the official website of Bajaj Allianz Life and click on “Financial Calculator” to select “Term Insurance Calculator” or simply click on https://www.bajajallianzlife.com/term-insurance-plans/term-insurance-calculator.html .
Bajaj Allianz Life Term Insurance Calculator Page will open.
In the Term Insurance Calculator, fill in the following details:
- Your Full Name
- Your Mobile Number
- Your Email ID
- Date of Birth
- Gender
- If you consume Tobacco/Nicotine
- Your Education Qualification
- Your Occupation
- PIN Code
- Annual Income Range
After filling in all the details, tick on the “I agree and consent to the Terms & Conditions, Privacy Policy” and then click on “Submit.”
Once you click on submit, the term insurance calculator will show you the available term insurance plan that best suits your insurance needs based on the inputs you provided. You can also view the plan brochure. It will also show the list of documents required to buy the suggested term insurance plan so that you can keep these documents handy.
Once you select the desired plan option and click on “Next,” you will be redirected to a page where you will need to provide the insurance details such as:
- The amount of life cover
- The number of years for which you want the coverage (i.e., the tenure of the plan)
- The premium payment tenure
- The premium payment frequency
- The benefit pay-out option
Once you fill in the required details, the term insurance calculator will calculate and show the premium on the right-hand side of the window. Any changes made in the inputs will update the premiums on the right-hand side, and you can use different inputs to check the effect on the premium cost.
After finalizing the insurance policy details and premium, click on “Next” to proceed.
Then, you will be required to provide additional information such as:
- Opting to autopay
- First-time insurance buyer
- If you want to opt to get maturity amount in instalments
- Premium holiday option
- If you are an existing customer
For autopay and first-time buyers, Bajaj Allianz Life offers specified policy discounts.
After filling in the additional details, click on “Next.” Then, you will be redirected towards making the payment.
On the next page, the window will show all your details, including:
- Application number
- Quote ID
- The amount of premium you need to pay
Check the details properly and agree to the terms and conditions to proceed.
After checking your details and the term plan details, click on “Pay Now.”
You will be redirected to the page showing your payment details and application number. Tick on the disclaimer checkbox and proceed with the payment through the offered secured payment gateways.
Once the premium is paid, fill out the proposal form and submit it with the relevant documents for issuance of the term insurance policy.

Benefits of Term Insurance Calculator

A term insurance plan premium calculator is a helpful tool with various benefits. Some of these benefits are as follows⁴-

The calculator shows the payable premium and gives you complete transparency about the estimated cost of the term insurance policy. You know how much approximately you are paying and what you are getting against the premium paid
The calculator shows personalised quotes and helps you tailor your cover according to your needs
You can use the term plan premium calculator to compare the premium across different plans and find the best term plan
By showing the premium payable, the calculator helps you with budgeting and planning for premium payments in advance. You can assess if the premiums are affordable and even adjust the coverage to change the premium The calculator is completely free of cost and helps you calculate the premium for the policy before you actually buy the plan.

Benefits Of Term Insurance

How to Calculate Term Life Insurance Coverage?

You can use the online term life insurance calculator to calculate term life insurance coverage. The calculator uses your personal and financial details to assess the estimated coverage amount based on your needs. To use the calculator, you have to enter some details and based on those details the recommended sum assured is calculated and shown. You can choose the recommended sum assured or choose a sum assured based on your needs. The details may vary depending upon the insurers terms and conditions.

How do you choose the right sum assured?

Term insurance policy with adequate sum assured is important to build a financial safety net for your loved ones. Choosing the right sum assured is crucial as it determines the financial security of your family in case of an unfortunate event. While choosing the sum assured in the term plan, analyse your working years and consider your current income, future financial obligations, debts, number of dependents and lifestyle needs. A sum assured covering these aspects ensures that your family maintains their standard of living and meets financial obligations without worry.
Some of the ways in which you can find the right sum assured of a term insurance plan are as follows¹ –

Multiple of the annual income

One of the most basic ways of calculating the sum assured is to choose 10-12 times the annual income as the coverage level. For instance, if you earn ₹10 lakhs annually, the sum assured should be ₹1 - ₹1.2 crores.

Read Less

Financial needs analysis

This is a more holistic approach wherein the liabilities, assets and financial needs of the family are taken into consideration. The sum assured is calculated in such a manner that it would be sufficient to pay for your liabilities and provide a monthly income to your family in your absence so that they can meet their lifestyle expenses.

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Human Life Value (HLV) method

Under the HLV method, the value of human life is quantified to find the sum assured. For instance, if you are able to provide ₹20,000 to your family every month for their financial needs, the sum assured should be sufficient to provide this amount in your absence when invested in a risk-free avenue. So, if the risk-free interest rate is considered to be 6% per annum, this would give us a corpus of ₹40 lakhs (₹2,40,000/6% X 100%), which will yield ₹2.4 lakhs every year to meet your family’s monthly expense of ₹20,000.

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Why is it Important to Choose the Right Sum Assured for Term Insurance?

Choosing the right sum assured is vital as it directly impacts the level of financial security your family gets in your absence. An insufficient sum assured may make your family vulnerable to financial distress, while an excessively high amount can involve unnecessary premium costs and financial burdens. Striking the balance ensures comprehensive and cost-effective insurance coverage without straining your budget.

Who should buy a term plan?

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

1. Parents

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.

2. 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.

3. 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.

When should I buy a term plan?

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.

^%Mr. Ajay
Male, 24 years old
Non Smoker

Premium
₹529 monthly for 1st year
₹565 monthly from 2nd year onwards

Sum Assured
₹1 Crore

^*Mr. Vijay
Male, 40 years old
Non Smoker

Premium
₹1,648 monthly for 1st year
₹1,760 monthly from 2nd year onwards

Sum Assured
₹1 Crore

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.

Read Less

Occupation

Some occupations, such as mining, construction, aviation, defence, politics, etc., are dangerous and involve high mortality risk, attracting higher premiums.

Read Less

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.

Read Less

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.

Read Less

Health condition

Individuals having diabetic conditions or adverse health conditions such as hypertension, etc., have higher premium charges.

Read Less

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.

Read Less

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.

Read Less

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

Read Less

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.

Claim settlement process at Bajaj Allianz Life Insurance

Bajaj Allianz is known for its prompt and efficient claim settlement, ensuring hassle-free and quick disbursement of payouts to the beneficiaries. The claim settlement process at Bajaj Allianz Life Insurance is simple and involves just three steps³. Have a look -

Step	Description
Step 1 – Claim Reporting	Fill and print the claim form online. Provide the policy number, name, PIN code, email ID, phone number, and download the form from the link: Claim Assistance. Attach the relevant documents depending on the type of claim you are making. The list of documents can be found online at the same link. Submit the claim form and the documents at the nearest branch of the company.
Step 2 - Claim Processing	The insurance company processes the submitted claim. Your documents will be assessed and verified, and you will be informed of your claim processing at every step. If there are any missing documents, you will be notified of the same through calls, and reminders will be sent via letters. You can call the claim helpline at 1800 209 7272 to track your claim.
Step 3 – Claim Settlement	After the claim is successfully processed, it will be settled or rejected. If the claim is rejected, you will be informed of the reason for repudiation.

Conclusion:

A term insurance calculator is an invaluable tool for estimating premiums and selecting the right term insurance policy. The calculator aids in decision-making, ensures adequate coverage, and provides financial security to your family. You can use a term insurance calculator to compare different term plans, adjust coverage parameters, and find the suitable term policy which fits your insurance needs and budget constraints.

99.23%

Claim Settlement Ratio^~

1 Day

Get 1 Day Claim Approval^%

AAA

Stable Rating by CARE^$$

₹1,20,994 Cr

Assets Under Management (AUM)^**

3.97 Cr

Number of Lives Covered^#

432%

Solvency Ratio of 432%^{^^^}

Disclaimer:^~Individual Death Claim Settlement Ratio for FY 2023-2024 | ^%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 | ^$$For details refer to press release published by CARE | ^**All figures as on 31 January, 2025 | ^{^^^}Solvency ratio 432% as at 31 March 2024 against IRDAI mandated 150% | ^#Individual & Group.

Frequently Asked Questions

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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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Reference:

https://economictimes.indiatimes.com/wealth/insure/how-much-life-insurance-do-you-really-need/articleshow/22065416.cms?from=mdr
https://irdai.gov.in/document-detail?documentId=379913
https://www.livemint.com/money/personal-finance/do-term-insurance-plans-have-a-waiting-period-after-purchase-11668101940216.html
https://www.caclubindia.com/articles/the-unsung-benefits-of-using-a-term-insurance-premium-calculator-51024.asp

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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.

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.

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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

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Term Insurance Calculator

What is Term Insurance Premium Calculator

What does a term insurance calculator do?

How to use a term insurance calculator?

Benefits of Term Insurance Calculator

How to Calculate Term Life Insurance Coverage?

How do you choose the right sum assured?

Multiple of the annual income

Financial needs analysis

Human Life Value (HLV) method

Why is it Important to Choose the Right Sum Assured for Term Insurance?

Who should buy a term plan?

When should I buy a term plan?

Factors to consider before using a term insurance premium calculator

Age and Life Expectancy

Occupation

Smoking habit

Lifestyle habits such as drinking habits or tobacco consumption

Health condition

Sum Assured and Tenure of the Plan

Benefits and features

Add-on benefits and optional riders

Impact of smoking & occupation on premium calculation:

What happens if you don't use a term plan calculator?

Claim settlement process at Bajaj Allianz Life Insurance

Conclusion:

Why Bajaj Allianz Life Insurance ?

Claim Settlement Ratio~

Get 1 Day Claim Approval%

Stable Rating by CARE$$

Assets Under Management (AUM)**

Number of Lives Covered#

Solvency Ratio of 432%^^^

Frequently Asked Questions

Customer Speaks

Life Insurance Guide

Articles

Calculators

Podcasts

Videos

Final Hours! Price Increasing Today*

Final Hours! Price Increasing Today*

Claim Settlement Ratio^~

Get 1 Day Claim Approval^%

Stable Rating by CARE^$$

Assets Under Management (AUM)^**

Number of Lives Covered^#

Solvency Ratio of 432%^{^^^}