Name: Calculate Term Insurance Premium Online in India 2026
Brand: Policybazaar
Rating: 4.8 (74203 reviews)

How Does Term Insurance Premium Calculator Work?

A Term insurance calculator is a digital tool that estimates the premiums for the desired life cover (sum assured) based on your financial and personal needs. It provides the approximate premiums of your term insurance and ensures that it is aligned with an individual's income potential, liabilities, and dependent responsibilities.

Let's understand how term insurance calculator works with Dhruv's example:

Step 01

Dhruv is 25, a non-smoker, and earns ₹10 lakh a year. He wants a term plan that protects his family till he turns 60.

Step 02

He wants ₹1 crore cover but isn’t sure how much it will cost him every month.

Step 03

He opens the Policybazaar term insurance calculator, enters his age, gender, tobacco habit, cover amount and cover-till age, and sees his premium instantly.

Step 04

The calculator shows plans starting at ₹470.

Then if he also wants to compare premiums from different insurers. He can fill the form by adding details like name, date of birth, and phone number. And then, click on ‘View Plans and Get Quotes’.

Calculate Now

Written By: Varun Agarwal Last modified 30th June 2026Term Insurance Expert

Varun AgarwalTerm Insurance Head

Varun Agarwal is the head of the term insurance vertical and brings strategic vision and deep industry insight. With a strong track record of driving growth and customer-centric innovation, Varun is pivotal in shaping the future of term insurance at Policybazaar. His leadership is marked by a clear focus on simplifying protection solutions and making them more accessible and relevant for today’s consumers. Under his guidance, term insurance is reaching more families as a reliable way to ensure their financial safety.

Reviewed By: Vivek Jain Published on 6th June 2014Chief Business Officer

Vivek JainChief Business Officer

Mr. Vivek Jain, Chief Business Officer (CBO), Life Insurance at Policybazaar.com, has over a decade of experience in the life insurance field. As an IIM alumnus, he has been instrumental in transforming Policybazaar’s life insurance products to be more customer-focused and accessible. His leadership has enabled the company to offer a diverse range of insurance solutions, helping individuals confidently safeguard their family's financial future. His vision is to ensure every household is financially secure.

Term Life Insurance Premium Calculator: Premium by Age

The term life insurance calculator shows clearly how much waiting costs. This table is for ₹1 Cr; cover till 60; non-smoker; salaried male.

Buying age	Year 1 (monthly)	From year 2 (monthly)	Years of cover
25	₹586	₹666	35
30	₹691	₹874	30
35	₹911	₹1,035	25
40	₹1,195	₹1,513	20

Lowest premiums available on Policybazaar for a healthy, non-smoking male with ₹8–10 lakh annual income, as of 09-10-2026, include the online discount. Final premium depends on health, occupation and underwriting. Individual term premiums are GST-exempt since 22 September 2025.

What this means: Buying at 25 instead of 40 means paying about ₹80,000 less in total, with 15 more years of protection. Waiting doesn’t just raise your premium; it also shortens your cover.

Why Use a Term Insurance Calculator? What the Data Shows

Most Indian families are underinsured, and most people misjudge how much cover they need. Here’s what national data and Policybazaar’s own consumer research show.

India’s Term Insurance Gap at a Glance

Fact	Figure	Source
People aware of term insurance	52.4%	Policybazaar, How India Buys Insurance 2.0
People who own a term plan	9.6%	How India Buys Insurance 2.0
Term insurance non-buyers who underestimate their family’s needs	87%	How India Buys Insurance 2.0
Life insurance penetration (premium as % of GDP)	2.7% in India (FY2024-25) vs 3.0% world average	IRDAI Annual Report 2024-25
Life insurance spending per person	USD 72 in India vs USD 388 globally	IRDAI Annual Report 2024-25

Sources: Policybazaar, How India Buys Insurance 2.0 (3,955 respondents across 27 cities); IRDAI Annual Report 2024-25.

What are the Benefits of Using a Term Insurance Calculator?

A Term Insurance Calculator helps individuals make informed decisions about the suitable life cover. Instead of guessing how much term insurance you need or manually calculating, this term plan calculator uses your financial details to give a personalised estimate of the premium for the right sum assured. Below mentioned are the benefits of using Term Insurance Calculator

Helps Choose the Right Cover Amount

Allows you to customise the life cover and instantly check premiums for different options, ensuring your family's future is completely secured without being underinsured. This matters because most people guess wrong. According to Policybazaar's How India Buys Insurance 2.0 report, 87% of non-buyers underestimate how much money their family would need.

Saves Time and Reduces Errors

No more sitting with a pen, paper, and a calculator trying to work out premiums by hand. Just enter your details, and a term insurance calculator gives you an instant estimate, which means you can run through several plans in the time it'd normally take to figure out just one.

Enables Better Financial Planning

Once you have selected a coverage amount, the calculator will give you an estimate of the premium so you can immediately see if it will fit within your monthly or yearly budget. If it is not right, you can change the sum assured or the term of the policy to arrive at a figure that fits in your budget.

Gives Premium Estimates

Get transparent, real-time premium projections tailored to your age, lifestyle habits, and coverage goals to choose a plan comfortable for your budget.

Makes Comparison Easier

With your accurate cover target resolved, comparison becomes seamless. Evaluate multiple term plans side-by-side with clear parameter breakdowns before purchasing.

Shows If You Can Afford a Higher Cover

Switch between ₹1 crore and ₹2 crore on the calculator and you’ll see that doubling your cover doesn’t double your premium. For a 30-year-old, ₹2 crore costs ₹1,405/month against ₹874/month for ₹1 crore from the second year. That’s an extra ₹1 crore of protection for about ₹17 a day.

Note: Understand what term insurance is first to make an informed decision. You can also read टर्म इंश्योरेंस क्या होता है? in Hindi.

Term Life Coverage Calculator: How Much Cover Do You Need?

Choosing the right life cover is important as it is the amount your family will receive in the event of your unfortunate demise. Thus, the sum assured amount should be enough to cover your family's financial needs in your absence. You can use our Human Life Value Calculator to estimate the appropriate life cover. The How India Buys Insurance 2.0 report cites expert guidance of 15 to 20 times annual income, so that dependents can sustain themselves for at least 10 years.

A simple way to estimate your cover:

Family’s future expenses + Outstanding loans + Future goals − Savings and existing life cover

Example: Rahul, 30, earns ₹10 lakh a year.
Family expenses (₹6 lakh × 20 years): ₹1.2 crore

Home loan: ₹30 lakh
Child’s education: ₹20 lakh
− Savings: ₹20 lakh
= ₹1.5 crore cover needed (15× his income)

How Much Cover Can You Afford? Check with Term a Term Plan Calculator

A term plan is only useful if the payout is enough for your family. It should cover their daily expenses, your children's education and any loans left behind, such as a home or car loan. If the cover is too low, your family may struggle. If it's too high, you end up paying more premium than you need to.

A term insurance calculator helps you find the right balance. Say you're 30 and earn ₹10 lakh a year. You can check what ₹1 crore of cover costs, then see how the premium changes if you raise it to ₹1.5 crore or ₹2 crore, or extend your cover from age 60 to 70. Within a minute, you know which cover your family needs and which premium fits your budget.

That's why more people now check and compare online before buying. According to the 'How India Buys Insurance 2.0' report, 62% of buyers searched online for information and 52% used comparison websites, slightly more than the share who consulted an agent.

What are the Steps to Use the Term Insurance Calculator?

Calculate your ideal premiums using our secure term insurance calculator in 4 simple steps:

Visit Policybazaar's term insurance calculator page to begin your personalized estimation.

Enter Basic Details like your age, gender, smoking habits, required life cover, and cover duration.

Your premium gets instantly displayed based on your details

Then, enter your name, date of borth, and mobile number. Click on ‘ View Plans & Get Quotes’. List of plans will be displayed with their premiums. Choose what suit your needs.

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Term insurance calculator vs HLV calculator

Parameters	Term insurance calculator	HLV (term life coverage) calculator
Answers the question	“What will my cover cost?”	“How much cover do I need?”
You enter	Age, gender, tobacco use, cover amount, cover-till age	Income, expenses, loans, goals, savings
You get	Premium estimate and plan quotes	Recommended sum assured
Use it	Second	First

Who can Buy a Term Insurance Plan?

A Term insurance plan is a necessity for any person who is looking to secure their loved ones/dependents, such as their child, parents, spouse.Anyone with dependents or loans should consider a term plan to offer financial security to their family members in case of any crisis. The following individuals should consider buying a term insurance plan:

Young and working professionals

Newly married couples

Individuals having dependents such as children, parents

Individuals with outstanding liabilities such as car loan, home loan, personal loan

Senior citizens looking to create a tax-free legacy for their children

Apart from these, term life insurance plan can also be bought by housewives, self-employed individuals, NRIs.

How Much More Do Smokers Pay?

For ₹1 crore of cover till 60, bought at age 30:

	Non-smoker	Smoker
Year 1 (monthly)	₹691	₹1,201
From year 2 (monthly)	₹874	₹1,413
Total over 30 years	₹3.12 lakh	₹5.06 lakh

From the second year, a smoker pays ₹539 more every month. Over 30 years, that adds up to about ₹1.94 lakh extra.

Lowest premiums available on Policybazaar as of 9 October 2026.

How Occupation Impacts Term Insurance Premium Calculation

Your profession can also influence your premium. Occupations involving greater physical risk may attract higher premiums than desk-based jobs because of the increased likelihood of accidents or injuries. Insurers group occupations into risk tiers, and where you land affects both your premium and, in some cases, whether certain riders are available to you at all. The term policy calculator may show higher premiums for term insurance for self-employed individuals than for salaried individuals, because of their unsteady source of income.

In both cases, insurers assess these factors to determine the level of risk associated with the applicant and adjust premiums accordingly. Smokers and those in high-risk occupations can expect to pay more for their insurance coverage.

For Self Employed

Business owners and freelancers often have variable income, so insurers may ask for ITRs to verify it. Premiums and approval can depend on the income proof you provide.

For Salaried

Steady, predictable monthly income backed by employer salary slips makes risk profiling highly standardized. This general predictability often qualifies salaried employees for faster approvals and streamlined premium rates.

Discounts the Premiums Calculated From Term Calculator May Include

Depending on the insurer and plan, your premium estimate may already include:

an online discount for buying digitally (usually on the first-year premium);
a salaried discount for employees with income proof;
lower rates for women, in some plans for the whole policy term;
non-smoker rates.

Individual term premiums also carry 0% GST since 22 September 2025, so the figure you see is what you pay.

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Can I Use Term Insurance Premium Calculator Without Personal Information?

Yes, you can use term insurance premium calculator without personal information. You don't need to enter your name, phone number or email to see your premium estimate. Many insurer calculators ask for your mobile number and an OTP before showing any figure; here, you see the estimate first and share contact details only if you want to compare full quotes or buy.

It computes the required data and provides it in just a few simple steps.

Information Required to Use the Calculator

The basic information required to evaluate your estimated premiums without entering any identity-disclosing personal details:

Age
Gender
Tobacco Use
Cover Till Age
Cover Amount

What are the Factors that Affect Term Life Insurance Premium Rates?

Your premium is mainly the insurer’s cost of covering your risk, known as the mortality charge. Insurers set it using your age, health, habits and standard mortality data. All term plans in India are regulated by IRDAI.

Age/Date of Birth

The younger you are, the lower your premiums will be. The term insurance premium calculator will display a lower premium for individuals in lower age groups.

Gender

Women generally pay lower premiums than men because they live longer on average. As per the SRS Abridged Life Tables 2016–20 published by the Office of the Registrar General of India, female life expectancy at birth is 71.4 years, against 68.6 years for males.

Life cover/Sum Assured

The higher the sum assured amount is, the higher the premiums will be. Opting for a larger life cover will require you to pay a higher premium.

Policy Term

Term insurance plans with longer policy term have high premiums

Term Insurance Riders

Adding each of the term insurance riders has an additional cost that increases the total premium

Smokers and Tobacco Users

Smokers and tobacco users pay a higher premium than non-smokers. For example, for ₹1 crore cover till 60, a 30-year-old non-smoker pays ₹691/month in the first year and ₹874/month from the second year. A smoker of the same age pays ₹1,201/month in the first year and ₹1,413/month from the second year.

Occupation

People in high-risk jobs usually pay higher premiums

A term insurance calculator generally uses the above data to get an estimate of the ideal cover and the premium amount you would have to pay. However, the final premium that is to be paid tends to differ case by case.

Note: LIC term insurance calculator also helps calculate the premium of LIC term plans.

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How to Buy Term Insurance Plan From Policybazaar?

Here are 5 simple steps to buy term insurance from Policybazaar:

1 Visit Policybazaar and go to Term insurance page
2 Fill out the application form by entering your name, gender, and contact details
3 Choose the right smoking habit, annual income, occupation type, and educational qualifications
4 Select a suitable plan for your and complete the payment process by submitting the required documents
5 Complete your medical check-up and the Term insurance policy will be issued

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Common Mistakes When Using a Term Insurance Calculator

Treating the estimate as final. Your final premium is set after underwriting, based on medical tests, health disclosures and occupation.

Cutting cover to cut premium. Your cover should replace income, clear loans and fund your children’s goals, not just fit the lowest premium.

Choosing too short a term. The cover should last until your dependents are independent and your loans are paid, usually until 60–70.

Skipping riders without checking. Waiver of premium or critical illness cover can be worth the small extra cost.

Delaying after getting a quote. Premiums rise with age, and a new health condition can raise them further or affect approval.

Is Policybazaar's Term Plan Calculator Right for You?

Policybazaar is a great fit if you…	You may prefer another route if you…
Want to compare several insurers' prices and features in one place	Already know exactly which insurer and plan you want (you can buy directly from that insurer)
Prefer buying digitally, with optional help on call	Want a local agent who visits you in person
Value free claims assistance after purchase	Have a strong existing relationship with a bank or agent for servicing
Want lowest prices with no extra platform fee, plus insurers' online discounts	-

Frequently Asked Questions

No. It’s an estimate based on what you enter. The final premium is decided after the insurer reviews your health, medical tests and occupation.

Ans: Yes. On Policybazaar, you only enter your age, gender, tobacco use, cover amount and cover-till age to see an estimate. Your mobile number is needed only if you want detailed quotes or to buy.

A 30-year-old non-smoking male can get ₹1 crore cover till 60 starting at about ₹691/month in the first year and ₹874/month from the second year. Your premium depends on your health, occupation and underwriting.

Yes. Choose ₹2 crore or a custom amount up to ₹10 crore. Higher covers depend on your income and the insurer’s underwriting.

Yes. NRIs can estimate premiums for Indian term plans, subject to the insurer’s eligibility and underwriting rules.

Ans: A term insurance calculator shows the premium for a chosen cover. A term life coverage (HLV) calculator estimates how much cover you need, based on your income, loans and dependants.

Ans: ₹1 crore term insurance costs around Rs. 470 for a 1 crore cover. Your final premium depends on your age, health, tobacco use, occupation and how long you want the cover.