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    • Things You Should Know About Term Insurance Plans Premium Calculators

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    What are Term Insurance Plans?

    Term insurance plans are life insurance policies which provide cover for a specific period of time, or ‘term’. Typically, a regular term insurance plan will offer a death benefit to the family of the deceased policyholder if the latter dies during the policy term and the policy is active.

    What are Premium Calculators?

    Premium calculators are useful interactive tools which help users, analyze, compare and plan their insurance coverage by zeroing in on the plan most suitable for their financial requirements. Premium calculators, therefore, help users get an accurate picture of their insurance requirements. Users have to submit specific data to make use of premium calculators. Some of the information required is listed below:

    1. Proposer’s Name

    2. Age

    3. Gender

    4. Date of Birth

    5. Plan Type

    6. Sum Assured

    7. Policy Term

    8. Premium Paying Term

    9. Tax

    10. Total premium payable

    11. Year of purchase of plan

    12. Riders

    13. Any other data depending upon the sub-plans

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    Features of Premium Calculators

    The following are the salient features of premium calculators

    Features

    Description

    Coverage

    Premium calculators will help customers determine the exact amount of coverage required to protect their families in case of the unfortunate death of the policyholder

    User-friendly

    Calculators are simple, easy-to-use financial tools. Users have to fill in the required details to get the information they seek

    Analysis

    By providing details such as date of birth, and other details related to a term insurance plan, customers can analysis the cost of the plan versus the benefits it offers

    Comparison

    Customers can enter details related to various term insurance plans and thereby make a comparative analysis in terms of premium and levels of cover

    Simplifies complex data

    Most consumers may find the financial data related to insurance products and tax computation baffling. A calculator provides the data in a jiffy without hassles

    Better product knowledge

    Due to the aforementioned factors, customers get a better understanding of products offered by insurance providers

    Customisation

    A customers entered specific details related to his plan, date of birth, premium paying term and other details related to him or her

    Quick handy tool

    Customers can make use of premium calculator to make a quick assessment of the plan and how it works

    Premium Calculator - How it Works

    Aditya Sharma, a 27-year-old non-smoker male working in an IT company takes a HDFC Life Click 2 Protect Plus termlifeinsuranceplan on November 9th, 2015. HDFC Life Click 2 Protect Plus is a traditional non-participating term life insurance plan. Details of Aditya Sharma are as listed below:

    Customer details

    Description

    Name

    Aditya Sharma

    Age

    27

    Gender

    Male

    Date of Birth

    January 1st 1988

    Smoker/Non-Smoker

    Non-Smoker

    The aforementioned details have to be entered into a premium calculator to get the following exact values

    Sum Assured

    Rs.1 crore

    Policy Term

    30 years

    Premium Paying Term

    30 years

    Premium Frequency

    Annual

    Plan Option

    Life option (family of the life assured receives the sum assured as a lumpsum amount in the event of the demise of the policyholder)

    The aforementioned details have to be entered into a premium calculator to get the following exact values

    Annual premium excluding taxes

    Rs.7,981

    Taxes

    Rs.1117

    Total premium including taxes

    Rs.9,098

    Premium due date

    November 9th 2016
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    Extra Life Option

    In case Sharma chooses the ‘extra life option’ available for this term insurance plan for the aforementioned sum assured, policy and premium paying term, his premium will be calculated as follows:

    Annual premium excluding taxes

    Rs.12,974

    Taxes

    Rs.1,816

    Total premium including taxes

    Rs.14,790

    Premium due date

    November 9th 2016

    Note: The family of Sharma in the ‘extra life option’ will get the double of sum assured, i.e, Rs.2 crores in the event of the accidental death of Sharma.

    Income Option

    In case Sharma chooses the ‘Income Option’ available for this term insurance plan for the aforementioned sum assured, policy and premium paying term, his premium will be calculated as follows:

    Annual premium excluding taxes

    Rs.6,703

    Taxes

    Rs.938

    Total premium including taxes

    Rs.7,641

    Premium due date

    November 9th 2016

    Note: The family of Sharma will receive Rs.10 lakhs as lumpsum and Rs.90 lakhs as monthly payout (Rs.50,000) over a period of 15 years in the event of death of Sharma.

    Income Plus Option (Level)

    In case Sharma chooses the ‘Income Plus Option’ available for this term insurance plan for the aforementioned sum assured, policy and premium paying term, his premium will be calculated as follows:

    Annual premium excluding taxes

    Rs.10,774

    Taxes

    Rs.1,508

    Total premium including taxes

    Rs.12,282

    Premium due date

    November 9th 2016

    Note: The family of Sharma will receive Rs.1 crore as lumpsum and Rs.50,000 as a monthly payout for a period of 10 years in the event of death of Sharma.

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    Types of Life Insurance
    Term Life Insurance by Top Insurers
    Term Life Insurance by Insurers
    Popular Term Insurance Reads

    Term Insurance Plans Premium Calculators Reviews

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    • Page 1 of 50 1 2 3 4 5
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken one life insurance policy with LIC. I am using this service for long time. My relative is agent of lic so he explain me all procedure and i have applied for life insurance from him only and i use to give premium in quarterly bases , i use to pay through on line around 3190 as premium amount they use to charge me.
      Was this review helpful? 0

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      , new delhi
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      My experience with the MAX LIFE INSURANCE is very good and i am using it from past ten years the maturity period is for 15 years where the premium i pay on monthly basis through the offline. This gives the coverage is for self and i am satisfied with this policy.
      Was this review helpful? 0

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      , new delhi
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have take my life insurance policy from Life insurance corporation of India. The policy cover with all benefits like illness coverage, i use to pay my premium through credit card or debit card, i am happy with the benefit they have provide me i use to pay premium in every 4 quarterly month , i have been holding various different pocily in LIC.
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      , new delhi
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my Term insurance with Max life insurance, there service they are given me is good, i use to pay premium on yearly bases, and they have charged me up to 21,000 which was nominal for me and the agent had clearly explain about the policy coverage in this insurance, i use to pay premium through off line mode.
      Was this review helpful? 0

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      , new delhi
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I have purchased the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA where the name of the policy is JEEVAN LAKHSYA and JEEVAN SARAL and i am holding it from past 10 years. The maturity period is for 20 years. The premium i pay on a monthly once where the Coverage is for family.
      Was this review helpful? 0

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      , new delhi
      Reviewed on Nov 16, 2018
    • HDFC Life Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using the HDFC Life Insurance policy for a while. they charge nominal premium for this policy it also offers accidental benefits and I make payment at the branches. so in terms of features and their service it has been a good experience with them. HDFC Life is a recommendable insurance provider.
      Was this review helpful? 0

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      , new delhi
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Good pension plan"
      0.5 4.0/5 "Great!"
      6 months before, i have purchased the pension plan. I pay the premium of Rs. 6000 per annum. Depends on the age eligibility criteria they have given the plan. I pay the premium through the agent for the first time and after that i pay through the online portal. I chosen LIC because of my mother has taken LIC policy. They have given good returns.
      Was this review helpful? 0

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      , vellore
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Okay to have a policy with LIC"
      0.5 4.0/5 "Great!"
      For my family, i have taken the life insurance policy with LIC. Because of the available agents, i never interacted with customer care. The agent is providing very good information about the policy details. I have choosen the coverage value of Rs. 2 lakhs. 2 months back i have got this policy which is pension plan with a tenure period of 25 years. I have to pay the premium for 15 years. I have chosen the annual payment mode with the premium of Rs. 11000.
      Was this review helpful? 0

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      , vellore
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I am holding my life insurance with Life insurance corporation of India, their service is too good, actually my father had applied the life insurance on my behalf the agent had explain him about the policy and the premium amount my father use to manage so it is nominal and my father use to pay premium through agent itself.
      Was this review helpful? 0

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      , bangalore
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I have purchased the JEEVAN ANAND policy from the LIFE INSURANCE CORPORATION OF INDIA where i am holding it from past ten years the tenuity period is for 12 years. The policy is for self and the premium i pay through credit card for 3 months once.
      Was this review helpful? 0

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      , hyderabad
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I have taken the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA where i am using it from past ten years. The name of the policy is JEEVAN SARAL policy the maturity period is for 15 years and the premium i pay for 6 months once.
      Was this review helpful? 0

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      , hyderabad
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "Necessary policy for any human being"
      0.5 4.0/5 "Great!"
      I have taken my term insurance with Max Life Insurance. I have opened this life insurance policy 2 months before and chosen the monthly payment mode. I pay the premium of 1190. They are providing the coverage value of Rs. 75 lakhs. They are covering the accidental benefits of 10 lakhs and partial disability benefits. I can able to utilize the policy upto 75 years.
      Was this review helpful? 0

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      , faridabad
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      The name of the policy from the LIFE INSURANCE CORPORATION OF INDIA is JEEVAN ANAND policy that i am using it from past ten years. The premium i pay on a monthly basis as a auto debit option from my account also the process is good. The maturity period is for 20 years where the coverage is for self.
      Was this review helpful? 0

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      , bangalore
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance with LIC. It is a long term policy. The policy name is JEEVAN JOTHI and the tenure period is 20 years. The policy coverage is 45L and will get benefits as 40% of the premium. I am paying quarterly around Rs.12,500 through cash. The agent is very good and helpful.
      Was this review helpful? 0

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      , coimbatore
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "BAD EXPERINCE"
      0.5 1.0/5 "Really Bad"
      I am not happy by holding the JEEVAN SARAL Policy with the LIFE INSURANCE CORPORATION OF INDIA because the service is not good where the documentation changes are not on time. The premium i pay for one thousand rupees where i have taken it on 2001 also the tenuity is for 15 years.
      Was this review helpful? 0

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      , pune
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "BAD EXPERINCE"
      0.5 1.0/5 "Really Bad"
      I haev purchased my life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA since from 2001 where the process is not good the customer service is not responsive from the LIC. I am holding the JEEVAN SARAL policy the maturity period is for 25 years the premium also i pay 2k.
      Was this review helpful? 0

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      , pune
      Reviewed on Nov 16, 2018
    • Tata AIA Life Insurance
      "Bad service"
      0.5 1.0/5 "Really Bad"
      I have been using life insurance with TATA AIG GENERAL INSURANCE there service is not up to the mark this policy while i have applied they said it will cover up to 10,00,000, i have been taken this insurance for my wife they said 10,00,000 rupee they will cover it but i did not get they said that you will get interest on that which premium you had paid yet not 10,00,000 a hole.so they did not kept their words.
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      , noida
      Reviewed on Nov 16, 2018
    • Future Generali Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have a life insurance with Future Generali. It was taken by my Father and not sure about the policy benefits. It is a long term policy. I am paying between 12K to 13K yearly. I pay the premium by cheque. It was taken in 2016. I do get sms and emails for due date.
      Was this review helpful? 1

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      , mumbai
      Reviewed on Nov 16, 2018
    • HDFC Life Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been my using my life insurance with HDFC ltd, the policy is covered up to 10 lakh rupees , and they premium which they have charge is nominal and i use to pay through on line only and there agent had explain me about policy and term and condition clearly.
      Was this review helpful? 0

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      , noida
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my life insured with LIC from last 10 years and it is a long term policy. I am happy with the returns and benefits of this policy. Net banking is easy to make premium payments i pay it every year. The maturity period for this life insurance policy is 20 years.
      Was this review helpful? 0

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      , hyderabad
      Reviewed on Nov 16, 2018
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