About the Term Insurance Premium Calculator
Term insurance is pure life cover — a large payout to your family if you pass away during the policy term, with no maturity benefit if you outlive it, which is why it's usually the cheapest way to buy a large sum assured. This tool gives a very rough, indicative ballpark of what an annual or monthly premium might look like, based on your age, desired cover, term length and smoker status, so you have a starting point before getting real quotes.
How it works
- Enter your current age, desired sum assured (life cover amount), policy term, and whether you use tobacco.
- The calculator applies a simple age-banded rate-per-lakh heuristic (higher rate as age increases) to your sum assured, then applies a smoker loading if applicable, to estimate an annual and monthly premium.
Assumptions and behaviour
- Uses a simplified age-banded rate table (₹ per ₹1 lakh of cover per year) that is only a rough approximation of typical term plan pricing in India — real insurer pricing is far more granular.
- Applies a flat smoker/tobacco-user loading of roughly 1.6x, reflecting that insurers charge meaningfully more for tobacco use.
- Does not account for gender, medical history, occupation, family history, BMI, or insurer-specific underwriting — all of which materially affect real premiums.
Limitations
This is a rough ballpark estimate only — not a real insurance quote. Actual term insurance premiums are set by each insurer's own actuarial underwriting and depend heavily on your medical history, occupation, lifestyle, family history, the specific insurer, and any riders you add. Real premiums can differ substantially — sometimes by a large margin — from this estimate in either direction. Always get actual quotes from an insurer or a licensed insurance aggregator before making any decision.
Privacy
The calculation runs entirely in your browser. Nothing is uploaded or stored.
Get FreeMyTask as an app