HDFC Term Insurance Calculator

The HDFC Term Insurance calculator is a specifically designed tool, which helps to evaluate the approximate amount of premium one need to pay while purchasing the policy. With the help of HDFC term insurance calculator the policy buyers can make an informed choice and select the plan which offers maximum coverage at lower premium rates. Read further to know in detail about HDFC Term Insurance Calculator.

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What is HDFC Term Insurance Premium Calculator?

The HDFC Term Insurance Premium Calculator is an online tool, which helps to estimate the  approximate premium rate of policy for the chosen sum assured amount. The usage of premium calculator is very simple and easy. An individual can use it multiple time to understand how different factors like policy tenure, sum assured amount will affect the premium rate of the policy.

Details Needed While Using the HDFC Term Insurance Premium Calculator

The following are some of the basic details an individual need to mention while calculating the premium amount of the policy with the help of HDFC term plan calculator.

Plan Details

Personal Details

Life Cover Required

Name

Date of Birth

Mobile Number

Premium Payment Term

Smoking Habit

Gender

E-mail ID

Policy Tenure

State and City

Process to Use HDFC Term Insurance Calculator

To use the premium calculator, one just need to follow the below mentioned simple steps.

  • Visit the official website of HDFC Life Insurance.
  • Choose the plan you wish to calculate the premium for.
  • Under the plan introduction, one can find a red tab saying ‘Calculate Premium’ click on that.
  • You will be redirected to the new page, where a form will be open.
  • Enter the required details such as date of birth, name, pin code, gender, etc.
  • You will also need to authorize HDFC Life to contact you regarding the plan by ticking the checkbox at the end.
  • Click on the proceed button.
  • Approximate premium amount will be show.

Benefits of Using HDFC Term Insurance Calculator

There are several benefits of using HDFC term plan calculator. Let’s take a look at it.

Easy to Use

HDFC term plan calculator is a user friendly online tool with the helps to evaluate the approximate premium amount by simply entering few details.

Comparative Analysis

With the help of premium calculator, one can compare the quotes of various policies and choose the best suitable plan as per one’s own requirement and suitability.

Customized Premium

The estimated premium rates are based on the details entered by the individual and not the suggested standard rates. Based on the coverage amount, policy term and sum assured amount chosen the premium amount of the policy varies from customer to customer. He premium rate of the policy also varies depending on the lifestyle choices and the age of the policy buyers. The premium calculator helps to calculate the closet amount to be paid.

Better Knowledge of Product-wise Coverage

By comparing various products based on the coverage and premium helps to have a proper understanding of the product and the coverage offered by it. By having a better knowledge of the product, the buyers can make an informed choice as per their requirement and suitability.

Best term Insurance Plans in India

Term Insurance Premium Rates

Term insurance premium rates are the cost that you pay for buying an insurance policy. It is calculated by specialists known as actuaries. These term insurance premium rates should be adequate and equitable to payout the policy benefits and depend on the degree of risk covered by the company. Term  insurance premium rates are governed by the following factors:

  • Mortality Rate: is an insurer‘s anticipation of deaths among a particular group of insured lives at
    certain ages.
  • Expenses: A term insurance policy’s gross premium is calculated as net premium + loading. The net premium depends on mortality rate, investment earnings, and the lapse rate and loading are the company‘s operating costs.

FAQs

  • What is a premium calculator?

    Ans: A term insurance plan premium calculator is a specifically designed and customized tool that calculates the approximate annual/monthly premium amount that life assured needs to pay towards the policy.
  • How is Term Insurance value calculated?

    Ans: The term value is calculated based on the individual’s age, yearly income, and outstanding loans. For a person aged between 35 to 45 years, it is recommended to calculate the term coverage by adding up their outstanding loans to 15 to 20 times the present annual income.
  • How much term plan coverage do I need?

    Ans: Generally, it depends on a number of factors such as financial conditions, your life objectives, your family’s expenses, and financial commitments. However, if you are planning to buy HDFC term insurance plans, industry advisors suggest that your term cover should be at least 15 to 20 X your annual income.
  • Do Term Insurance premium rates increase over time?

    Ans: The premium amount charged for the term plan remains the same throughout the plan tenure. Unchanging rates of premium are one of the key benefits of a term plan.
  • What are the different factors that affect the HDFC Term insurance premium rates?

    Ans: HDFC Life Term Insurance premium calculation depends on various factors such as age, gender, pre-existing ailment, occupation, and retirement age.
  • How does my age affect the premium rate of HDFC Life Term Insurance?

    Ans: Age is the main factor in determining the premium amount of your HDFC Life Term Insurance plan. The premium rates rise with the increase in age.
  • What is the effect of tobacco users on HDFC Life Term Premium calculation?

    Ans: Smoking or tobacco is harmful to your health as it upsurges the chances of developing illness/diseases such as lung or throat cancer. If you smoke or use tobacco regularly, you are at high risk of developing a life-threatening disease. So in such cases, you are required to pay higher premium rates as compared to the person paying premium who does not use tobacco.
  • Will my premium change if I add Riders to my HDFC Life Term Insurance Plan?

    Ans: If you add riders to your HDFC Term life plan, the premium amount calculated would rise. Riders provide additional benefits and enhance the coverage of the base term plan. They can be opted by paying an extra cost for the additional benefit it will offer. So, the amount of premium will increase if you add riders to your base plan.
  • How is the Insurance maturity amount calculated?

    Ans: The maturity value can only be estimated; it cannot be exactly calculated. The basic formula to estimate the maturity amount is Sum assured + Bonuses + Final Additional Bonus.
  • Is HDFC Term insurance maturity amount taxable?

    Ans: Any maturity amount of term policy or bonus sum received by the policy’s beneficiary in case of death of the life assured is fully exempted from any tax deductions.
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HDFC Term Insurance Calculator Reviews & Ratings

4.4 / 5 (Based on 36 Reviews)
(Showing Newest 10 reviews)
Om
, September 02, 2021
Remarkable educative experience
It was my first time buying a term insurance plan. Policy bazaar provided me with a remarkable educational experience as I learned about the quotes generating factors, type of claims, rider facilities and so on. Ultimately I purchased HDFC Life Saral Jeevan Bima for my family.
Arun
Atarsumba, February 16, 2021
Quick and subtle
My life has become hassle free when I bought the term insurance plan from the policybazaar. The customer care team of policybazaar is really good. Thank you so much team.
Amrish
Aul, February 16, 2021
Rider benefits
I availed the rider benefits when I bought the HDFC life term insurance plans. I got it very easily and it has enhanced my term insurance plan. I am happy.
Lekhak
Auraiya, February 16, 2021
Safety shield
My term insurance plan is like a safety shield for me and my family. I bought the hdfc life insurance plan from policybazaar. It has more advantages and my life has become so settle and best. Thanks.
Prabhjot
Anjar, September 06, 2016
Worthy Insurance
My friend suggested me a insurance policy which is very nice and has some new features. I buy hdfc term insurance policy in very convenient price. The terms and conditions of the policy is nice and flexible. Policy coverage is high and claims are simple to sanctioned. Service is fantastic with good behaviour.
Bhupesh
Haridwar, July 20, 2016
Quality Investment Plan
HDFC standard life insurance is the insurer provides me the term insurance plan in very low investments. Policy cover maximum expenditure and the claims are high which can be sanctioned easily. Updates regarding policy is mailed to me regularly.
Gaurav
Fatehgarh, July 20, 2016
HDFC Term Policy
The hdfc life insurance is one of the best insurance plan, it has maximum coverage and it facilitate the service which is on time. Claiming procedure is very easy due to fast service facilitate by the executives and staff of the company.
Hitesh
Kiratpur, July 20, 2016
Best Term Policy
HDFC term plan is the best insurance policy among all other because it provides much more benefits in low premiums. The online service is very nice and online renewals and updates are easily visit. The executives respond very well and claiming is so simple because of this.
Abhishek
Latur, July 20, 2016
Good Policy Coverage
The insurance i have is hdfc term insurance, it have high policy coverage ~89% and the claims are even better. Service facilitate is awesome and the renewals can be done by online portal service which is very simple to use and anybody can access it.
Sandeep
Dava, July 20, 2016
Term plan
My hdfc life term plan is fantastic with some good benefits like low premiums and high coverage. The service facilitate by the staff members of the company is fast and on time. Claiming get easy due to fast service.
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