Group Term Life Insurance Premium Calculator

A Group Term life insurance premium calculator is a useful online tool that can be accessed free of cost. It helps you compare different group term plans and allows you to fund the right policy as per your requirements.

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Group Term Life Insurance 

Group Term Life Insurance plan is a type of life insurance coverage offered to a group of people under a single policy. It provides financial protection and security to the nominees/beneficiaries in case of any unforeseen event during the coverage time. 

Benefits of Group Term Life Insurance 

Here are the benefits of Group Term Life Insurance plans to employees as well as an employer: 

  • Cost-effective: These plans are generally inexpensive as compared to other individual plans. 

  • No Medical Test: There is no requirement for undergoing a medical examination under this plan. Anyone availing of such type of policy is automatically covered right from the point they bought the plan. 

  • Default Coverage: A group term insurance plan offers insurance cover to members by simply being part of that group. It ensures standard insurance covers for those individuals who do not have a personal life insurance plan. 

  • Gratuity Funding: Employers are assisted with a systemic process of building funds for their future gratuity liability to the employees. A group term life insurance plan helps the employer with the same type of process, along with offering life insurance coverage to employees, with better ease. 

  • Tax Benefits: Group term life insurance plans offer tax savings benefits to both employees and employers. The death payouts are exempted from tax u/s 10(10D) of the ITA, 1961. In addition 

The premium amount of a group term plan varies based on the type of premium payment mode opted by the policyholder. So, in order to help the buyers to calculate the premium price of the policy, the group term life insurance calculator comes to the rescue. Let’s discuss in detail: 

About Group Term Life Insurance Premium Calculator 

A Group Term Life Insurance Premium Calculator is a freely available online tool that helps compute the premium amount that you are required to pay for the desired coverage and plan benefits. The term calculator considers certain factors such as current income, age, marital status, debts, medical conditions, and the number of dependents to help you select an insurance policy that best fits your requirements and life objectives. 

Types of Term Plans

How To Use an Online Group Term Life Insurance Premium Calculator? 

Using a Group term life insurance calculator is so easy and convenient. You can compute the premium rates of term insurance online in a couple of minutes by following the below steps: 

Step 1: Enter your details 

The policyholder will need to enter personal details such as birth date, marital status, number of children, life cover, gender, annual income, etc. You may also be asked about your lifestyle habits such as tobacco and smoking. 

Step 2: Enter the desired sum assured 

Then, enter how much sum assured amount you want and for how many years. You would also be required to inform how would your family wants to receive money – A one-time lump-sum payment or monthly income. 

Step 3 Enter the Estimated Yearly increase in income 

Fill in the estimated yearly increase in income to make the right calculation 

Step 4 Comparison of plans 

The group term life insurance premium calculator will display the right term plans based on your chosen parameters and the details submitted. Choose the right plan and proceed to buy. 

Benefits of Group Term Life Insurance Premium Calculator 

A group term life insurance premium calculator comes with a number of benefits. It is easy and simple to use, besides being accurate and quick. Using a term calculator helps you compare different term insurance plans and zero in on the one plan that rightly suits you. 

Here are the important benefits of a Group term life insurance premium calculator are as follows: 

  1. Saves a lot of time 

    This online tool can help you find the right plan in just a few clicks. With a group term life insurance calculator, you can directly buy a plan online, without the intervention of any intermediaries or agents. 

  2. Comparison of different plans 

    The group term life insurance premium calculator provides you the option of comparing different group term plans and choosing the best that fits your requirements. 

  3. Cost-effective

    If you are looking out for an economical term plan, then use an online group term insurance calculator to compare and select the right cost-effective plan. 

  4. Choose the right cover amount 

    A group term life insurance premium calculator provides you with an estimate of the right coverage amount. It helps cover your liability and family’s financial requirements and the premium amount payable under the insurance policy. The selection of coverage depends upon certain parameters such as annual income, marital status, existing liabilities, and the number of dependents and other factors. 

  5. Helps in financial planning

    The term calculator helps you know the premium amount to be paid immediately. Once you know the amount that you are required to pay regularly, you can plan your budget accordingly. 

Five things to know before buying Term Plan Five things to know before buying Term Plan

Factors Affecting your Group Term Life Insurance Premium Rates 

The following parameters play an important role in determining your group term plan premium rates: 

  • Plan Tenure: Term plan duration selected by the policyholder determines the premium payable 

  • Premium paying tenure: Life assured can choose to pay premium amounts monthly, quarterly, half-yearly, or yearly. 

  • Life cover: The amount of life cover chosen by the policyholder affects the premium amount 

  • Age and lifestyle: The policyholder’s age at the time of issuing the policy determines the premium amount. Your lifestyle (smoking or non-smoking habit) will also be considered while determining the premium rates. 

  • Premium payment option: You can choose the following options to pay premiums: 

    • Regular pay 

    • Limited pay 

    • Single Pay

Types of Term Plans

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