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Life Insurance Premium Calculator

You can avail the Premium Calculator available on various insurance company’s website to calculate the premium that you will have to pay according to the policy, cover amount chosen by your, and other aspects of your insurance policy.
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In a nutshell, life insurance policies offer monetary benefits to the policyholders’ dependents in case of their untimely demise. This is however only a facet of life insurance policies, as these policies also double as endowment funds, investment and savings instruments, pension funds etc. And to top it all off, you also receive tax benefits on premiums paid toward a life insurance policy. Life insurance policies are designed to effectively provide financial protection for your and your dependents’ futures.

Life Insurance Premium

Life insurance premium is the recurring or one-time payment you make towards your life insurance policy. A life insurance policy is valid only if your pay the premiums on time and according to the insurer’s guidelines. In general, you have the option to choose the frequency of premium payments such as monthly, quarterly, half-yearly, yearly, or single premium. A factor of this premium is paid out as sum assured when the benefits of the policy get activated.

The premium for life insurance policies varies according to chosen plans as well as the credentials of the applicant. Usually, a younger, healthier individual will likely be quoted lower premium than a person touching his/her 50s. Similarly, a non-smoker will get preferential premium rates whereas a smoker is likely to be quoted a higher amount. There are various variables that play a part in determining your premium amount, and making your own calculations can only take you so far. This is where life insurance premium calculators come into play.

Life Insurance Premium Calculator

A life insurance premium calculator is a tool that gives you an estimated amount of premium according to your chosen policy and technicalities such as tenure, age, sum assured, premium frequency etc. These calculators are available from the official insurance providers for their exclusive list of products. For instance, the Life Insurance Corporation of India (LIC) has its own premium calculator for life insurance policies. Typically, a life insurance premium calculator includes the following fields where information has to be provided by you:

  • Plan name
  • Age of applicant
  • Sum assured
  • Premium frequency
  • Tenure
  • Riders, if any

The whole form takes less than a minute to fill up, and once you have input all the required data and preferences, an estimated figure of premium will be displayed as result. The result is an estimate as the insurer may go for further details about your background that can affect the premium calculations.

Sample Life Insurance Premium Calculation

Life insurance premium calculations are complicated and can’t be done by prospective customers on their own due to the numerous underlying variables. A premium calculator is your best bet in this scenario. Let’s take the example of LIC premium calculator to illustrate premium calculations.

The calculator has 4-5 fields depending on the selected plan. For this illustration, we will select the New Endowment Plan that has the highest number of fields including:

  • Plan type: New Endowment Plan
  • Age: 38 years
  • Term: 20 years
  • Sum assured: Rs.10 lacs
  • Accident Benefit (Rider): Yes/selected*

*The Accident Benefit rider provides additional cover for accidental death on top of the base insurance plan, by adding a small amount of premium on the base premium. Other insurers may or may not provide the option for adding riders.

The results of this calculation are as follows:

  • Yearly premium: Rs.49,940
  • Half yearly premium: Rs.25,235
  • Quarterly premium: Rs.12,750
  • Monthly premium: Rs.4,250

The premium figures are shown in four different varieties. Typically, yearly premiums will cost you less in the long run than opting for the more frequent half-yearly, quarterly, and monthly options.

Life Insurance Premium Calculator Reviews

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  • ICICI Prudential Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my term insurance with ICICI bank,the agent had clearly explain me about the policy and benefit coverage, and i use to pay premium amount on monthly basis.they have charged me premium nominal,they have charged me up to 712 on monthly.and my premium amount use to get auto debited from my account.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been taken my Life insurance with Life insurance corporation of India, the agent had clearly explain me about the policy coverage and benefits,i have been holding two policy one is on monthly basis and one is for yearly basis,there premium amount they have charged me was nominal.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    Purchased my life insurance policy in the year of 2001. Since my brother in law working as a agent, i have selected the Life Insurance Corporation of India for my insurance policy. I paid the premium amount of Rs. 2500 for half yearly. I make the premium through online.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Not recommendable policy"
    0.5 4.0/5 "Great!"
    I have taken the life insurance policy from Life insurance corporation of India. I'm making the premium through online. Most of the policy got matured and I'm not satisfied with the returns. I have purchased policy in 1995. I have selected the quarterly payment mode.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Very Good Service"
    0.5 5.0/5 "Blown Away!"
    I had taken this Jeevan Anand insurance policy almost seven years back and i am paying the premium half yearly. The premium amount was around 8944 which was not too high. The payment method has been simple and has been done easily. It is a good policy and suggestible to others.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    My Life insurance with Life insurance corporation of India had got completed, for 15 years, i was been paying this premium amount, the premium amount was on half yearly basis, and now i am waiting for the money to get, there service was good, they have charged me nominal premium amount.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have applied my life insurance with HDFC LIFE, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • Tata AIA Life Insurance
    "Go for term insurance for the family future safety"
    0.5 4.0/5 "Great!"
    I have taken my term insurance policy from TATA AIG. This a a terms with returns policy. TATA AIG is providing a less premium with the sum assured amount of Rs. 1 Crore. I used to make the premium amount of Rs. 18000 per annum. I took the policy 1 month before. I have done the documentation process by online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good to have"
    0.5 4.0/5 "Great!"
    My endowment policy was taken from LIC because of the trust and secure. In 2000, i have purchased this policy. I used to make the payment through online. One of my friend has recommended me about this policy. I have visited the branch many times and they are providing average service to the customer.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good to have"
    0.5 4.0/5 "Great!"
    I have purchased a endowment plan from LIC. Bought my endowment plan in 2003. I have been paying the premium amount of Rs. 4000 per annum. I will get a sum assured amount of Rs. 1 lakhs. Total tenure period of the policy is 15 years. This is a tax benefit policy.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good to have"
    0.5 3.0/5 "Satisfactory"
    I have invested a money back policy from Life insurance Corporation of India. I took this policy in the year of 2003. Total tenure period of the policy is 20 years. I have been paying the premium amount of Rs. 100000 per annum. Three times i have received a money back in my account. I have not faced any issue in this policy.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • ICICI Prudential Life Insurance
    "Best Policy"
    0.5 3.0/5 "Satisfactory"
    My life insurance policy was bought from ICICI Prudential. The plan name is money growth. I have been paying the premium amount of Rs. 250000 per annum. I have selected the annual mode. I used to make the premium through online. I will get a sum assured amount of Rs. 25 lakhs. Total tenure period the policy is 10 years.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    My life insurance i have dealing with Life insurance corporation of India,the agent clearly explain about the policy , coverage ,they have send me hard copy, i pay premium on quarterly basis,they have charged me up to 2500-2400 approx, which was nominal, i pay off line via cheque.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 20, 2019
  • Tata AIA Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have purchased a term insurance policy from TATA AIA. I opened this policy before 4 months. The claim ratio was 97% hence i have selected them. The premium amount is very less. I've chosen the coverage value of Rs. 50 lakhs. I make the premium by cheque.
    Was this review helpful? 0
    , vapi
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Bad return value in this policy"
    0.5 1.0/5 "Really Bad"
    I hold a investment policy from HDFC LIFE. Friend has told me about this policy. They are not providing a good service to the customer. I took this policy in 2016. I have been paying the premium amount of Rs. 25000 per annum and the sum assured amount is Rs. 2.40 lakhs. This is a tax benefitable policy.
    Was this review helpful? 0
    , vapi
    Reviewed on Jan 19, 2019
  • Kotak Life Life Insurance
    "Good benefits"
    0.5 4.0/5 "Great!"
    I took my life insurance policy from Kotak Mahindra before 6years. It is a long term policy. I pay the premium through online, approx 20K per annum. I am happy with the benefits and their service. I got insurance paper. I need to pay for 15 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 19, 2019
  • LIC Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    I am having a personal life insurance policy for the myself and my wife. All services are good and am fine mostly doing online payment. The tenure period is 15 years. I got an agent, he helps me out. It has good benefits. The premium was paid yearly through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 19, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using life insurance with Life insurance corporation of India,the agent had clearly explain the policy and the benefit coverage ,and the premium i pay is according to my convenient,like it is flexible option available,like whenever i want i can pay ,but i pay in monthly basis every time,the premium amount i use to pay up to 2000 in an monthly basis,it is nominal.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Good for investment"
    0.5 5.0/5 "Blown Away!"
    HDFC Life is best as per my experience, their claim ratio is good. They are providing terminal premium for the critical illness, disability cover. I took the policy cover for Rs. 10 lakhs, I make the premium of Rs. 30,000 on quarterly basis it has term of 10 years. They do have life cover for certain demise.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 19, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using life insurance with Life insurance corporation of India, i have been holding three policy , the agent had clearly explain me account the policy benefit,and there coverage,the premium amount i use to pay on yearly basis,which they have charged me was nominal,and i use to get deducted from my account.
    Was this review helpful? 0
    , thane
    Reviewed on Jan 19, 2019
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