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A Life Insurance Calculator is an online financial tool that helps you estimate the premium amount for your life insurance policy based on your income and savings. It enables prospective buyers to compare premium rates across various plans, making choosing the right policy that fits their financial needs easier. An online life insurance calculator lets you quickly determine your premium and explore the best life insurance plans available.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
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A Life Insurance Calculator is a free online tool designed to help you calculate the premium amount for your desired insurance coverage and plan benefits. A life insurance premium calculator considers factors like age, marital status, income, medical conditions, debts/loans, and dependents to help you select the life insurance plan that suits your needs.
Most life insurance premium calculator requires you to fill out the following information to use the life insurance calculator:
Policy Name
Age of Policyholder
Sum Assured
Premium Frequency
Tenure
Accidental Benefit Riders, if any
Term Plans
Most online life insurance calculators follow the steps below to calculate the premium of an insurance plan:
Step 1: Fill in the required information, such as the policyholder's age, gender, and smoking habits.
Step 2: Select the required life cover and cover till age.
Step 3: The lowest premium applicable for your profile will be mentioned on the screen.
*You can easily calculate the LIC premiums using the LIC term plan premium calculator and term insurance calculator.
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Below are the different types of life insurance calculators available in India:
| Type of Life Insurance Calculator | Description |
| Term Policy Calculator | Estimates the cost of a term insurance policy based on specific factors. |
| Human Life Value Calculator | Estimates the suitable life cover based on your current income and age |
| ULIP Calculator | Helps investors calculate their premium payments and expected returns. |
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Insurance companies provide a Life Insurance Premium Calculator on their websites to help you estimate the premium amount for your policy. To use it, you simply enter your name, age, premium payment option (monthly or annual), investment amount, investment period, expected rate of return, and coverage period. The calculator then generates the estimated premium instantly. Experts recommend that your life insurance coverage be at least 10–15 times your annual income to ensure sufficient financial protection. Additionally, you can use the Human Life Value (HLV) Calculator to determine the ideal coverage amount based on your income, expenses, financial obligations, and remaining working years. This helps you understand your economic value and select a plan that aligns with your financial goals.
Let's understand the working of life insurance with a simple example.
Anita is 30 years old and earns ₹12 lakhs per year. She wants to buy a life insurance policy with Rs. 1 Crore life cover to secure her family's future. However, she isn't sure how much the premium would cost.
She uses an online life insurance premium calculator to find out. She enters the following details:
Gender: Female
Age: 30
Annual Income: ₹12 lakhs
Coverage Amount: ₹1 Crore
Policy Term: 30 years
Tobacco Usage: No
The calculator shows her the estimated premium amount in just a few seconds. This quick estimate helps Anita understand the cost and decide on the right plan for her needs.
The insurance premium rate is the amount one must pay to purchase life cover. Many factors decide the premium of life insurance, these factors are:
Earnings from the Investments: As the premiums paid are used for paying the claims of life insurance, thus the earnings from these investments are necessary from the point of view of the life insurance provider.
Rate of Mortality: The policyholder's age determines that age group's mortality rate. This is one of the crucial factors in deciding the policy's premium. The younger the policyholder is, the more likely the insurance providers are to offer a lower premium. The main reason for this is the lesser chances of claims.
Sum Assured or Coverage: The greater the sum assured, the higher the premium.
Health Record and Personal Habits: An unhealthy lifestyle, like alcoholism, smoking, etc., results in higher premiums. In other words, those who have unhealthy habits like smoking and alcoholism have to pay more premiums (approximately 30 to 70% more) than those who lead a healthy lifestyle.
Smoking significantly increases the risk of severe health conditions like heart disease, stroke, and cancer. Because of this heightened risk, insurance companies categorize smokers as high-risk applicants and charge them higher premiums compared to non-smokers for the same life insurance plan. If you smoke regularly or have consumed tobacco within a year before purchasing a life insurance policy, you will be classified as a smoker by insurers. The Life Insurance Premium Calculator allows smokers to estimate their premiums quickly, reflecting this higher risk. Typically, the difference in premiums between smokers and non-smokers can be substantial, emphasizing the financial impact of smoking on life insurance costs.
Selecting the right life cover is essential to ensure your family's financial security in case of your untimely death. Experts suggest your life insurance coverage should be around 10 to 20 times your annual income. For example, if you earn ₹10 lakhs per year, your ideal life cover would be approximately ₹2 to ₹2.5 crores. This ensures your family can manage everyday expenses, pay off outstanding loans, and tackle inflation in your absence. To find the most suitable coverage amount, you can use a Human Life Value (HLV) Calculator, which considers your income, expenses, debts, and financial goals to recommend the optimal life cover for your family's future.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.
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