Prices Increasing soon Prices Increasing Soon

Term vs Whole Life Insurance Calculator

Nowadays, having insurance is a necessity because it is a foundation of good financial planning at the right age. With the growing life insurance market, there are several plans available ranging from basic protection and savings to investment plans. Amongst all these plans, term insurance and whole life insurance plans provide comprehensive and the most basic life coverage that caters to different requirements of their buyers. Term and Whole life insurance calculators are designed to calculate the actual premium you are required to pay. The plans will be chosen based on your financial needs and future objectives.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:-

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

Term Insurance 

A basic type of life insurance is term insurance. It is a basic protection plan that offers life coverage for a limited period. Term Insurance plans provide financial protection and security (in a form of a lump-sum amount payable as a death benefit) to the nominee/beneficiary in case of any unforeseen situation with the policyholder throughout the policy tenure. These policies provide high coverage at minimal premium prices. The premium prices are fixed which are required to be paid at one time or a regular period for the complete policy tenure or for a specific time. The amount of premium varies based on the premium payment mode chosen by the customer at the time of buying the policy. 

The major benefits of term insurance are: 

  • Lower premium rates and high sum assured - Term insurance is available at lower premium rates that one can easily buy and enjoy the benefits for the rest of their life. And, the other important advantage of a term insurance plan is the ‘earlier you buy a term insurance plan, the lower the premium price you have to pay.
  • Easy buying process - Once you start paying the regular premiums, then the insurer provides you the coverage for a fixed period, thus offers the term insurance benefits.
  • Critical Illness Cover – Critical illnesses such as brain surgery, cancer, stroke is also covered by the term insurance plan. 
  • Death Benefit - This benefit increases the sum assured that is required to be paid to your family members in case of an unfortunate event such as accidental death.
  • Additional Riders – These plans come out with different riders as per your choice to strengthen and enhance the benefits of the plan.
  • Tax Benefit - Term Insurance Plan offers the Tax Benefits on premium paid and receiving benefits are also eligible for income tax under section 80(C) and 10(10D) of Income Tax Act, 1961.

Whole Life Insurance /Permanent Life Insurance? 

Whole Life Insurance is a term insurance plan that provides you coverage till the age of 99 years. The policy offers guaranteed death benefits to the nominee/beneficiary of the plan in case of an unfortunate demise of the policyholder. The sum assured will be decided by the policyholder at the time of buying the policy. They can also avail tax benefits u/s 80C on the premiums paid for the policy and the claims for maturity are exempted from tax u/s 10(10D) of Income Tax Act 1961. 

Term Insurance and Whole Life Insurance Calculator 

Term and Whole Life Insurance Calculator is a tool that is used to determine the actual amount of premium, a policyholder is required to pay to the insurance company. With the availability of several insurance companies offering plans, an insurance calculator helps in the easy comparison of several plans, thus you can select your insurance company as per your requirements. It is a hassle-free and quick process of comparison and it can also be customized as the needs. 

Benefits of Premium Calculator 

  • It saves a lot of time 
  • You can easily compare different plans 
  • Cost-effectiveness 
  • Gives an idea of the premium amount one would require to pay 

Besides all this, while calculating premiums using a calculator the life assured is required to provide some information such as the age of the applicant, name of the plan, sum assured gender, policy term, date of birth, rider, and the name of the proposer. 

Term Life vs Whole Life Term Life vs Whole Life

Term Insurance vs Whole Life Insurance

Term Insurance 

Whole Life Insurance 

A term insurance plan is good for you if there are financial dependants in your family who would stay dependent for a specific time such as kids who ultimately grow and become independent financially. 

If you have financial dependents who will remain dependant on you only for a comparatively longer period such as children with special requirements. 

It lasts till the policy is active 

It lasts only for a limited or a specific period 

It has cash-value 

No cash-value

Premiums are comparatively higher 

Low premium prices 

Ideal for an individual looking out for long term assurance i.e., investment + insurance 

Ideal for someone looking out for short term assurance along with better coverages 

Initially, the premium prices are high but remain constant with time 

Premiums increases at each point of renewal

Which is better term or whole life insurance? 

A term plan is the right plan for you if you are at the age of 20 or 30 years. These plans provide you financial protection along with a pocket-friendly premium payment option. Moreover, term plans also offer large benefits in the short policy tenure. 

A combination of term and whole life insurance is an ideal option for a married person having 2 kids. The whole life insurance policy provides you the cash value used at different stages of life, whereas the rider in term insurance will enhance the coverage, provides security to the dependants along with high financial benefits. For an individual of 40 years, whole life insurance is the best consideration. The plan provides cover during your life and it is quite economical than the term insurance plans. Apart from all this, the selection of plans depends on the buyer’s requirements and his/her future goals. 

Best term Insurance Plans in India Best term Insurance Plans in India

Wrapping It Up! 

Term and Whole life insurance calculators are used to estimate the premium amount required to pay at different points in time. Both plans are ideal but their selection depends entirely on the requirements of the life assured. One should always be aware of the features and benefits of the policy he/she is going to buy. Choose your plans carefully.

Premium By Age

Term insurance articles

  • Recent Article
  • Popular Articles
03 Apr 2024

How Policybazaar Helps With Dedicated Claim Assistance

Mr. Kumar has been working with a Public sector bank in Delhi.

Read more
19 Mar 2024

Kotak Term Insurance Login

Kotak Life Insurance is one of the leading insurers offering a

Read more
07 Mar 2024

HDFC 5 Crore Term Insurance

Securing your family’s financial future involves a lot of

Read more
04 Mar 2024

Kotak 5 Crore Term Insurance

Financially protecting your family's future requires detailed

Read more
04 Mar 2024

PNB 5 Crore Term Insurance

Securing your loved ones’ financial future involves detailed

Read more
07 Mar 2014

1 Crore Term Insurance - Buy ₹1 Cr Term Insurance Plan...

Term insurance is a type of insurance plan that offers financial security to your loved ones in the event of your

Read more
27 Jun 2018

What Is Difference Between Term Insurance And Life Insurance

Life insurance plans help you create wealth, protect your family for the entire policy term, and save on your

Read more
20 Aug 2014

Term Insurance for Women in India

Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and

Read more
24 Mar 2020

LIC Term Insurance 1 Crore

LIC of India offers various plans to help you secure the financial future of your loved ones. To ensure your

Read more
03 Dec 2020

What Is Saral Jeevan Bima

Saral Jeevan Bima (SJB) is a simple term insurance plan that offers financial protection for policyholder’s

Read more
Download the Policybazaar app
to manage all your insurance needs.