Term Life Insurance Premium Calculator

## What is the Term Life Insurance Premium Calculator? The Term Life Insurance Premium Calculator estimates the annual and monthly premiums for a pure term life insurance plan. Term insurance is the most affordable way to secure your family financial future — a Rs 1 crore term plan for a 30-year-old can cost as little as Rs 500/month. ## Formula Used Annual Premium approximately (Sum Assured / 1000) x Rate Per Rs 1000 Rate per Rs 1000 depends on: - Age (increases with age) - Gender - Policy tenure - Smoker/non-smoker status - Health conditions Base rate per Rs 1000 for a 30-year-old non-smoker male: Rs 3 to 5 per year for a Rs 1 crore 30-year term plan. ## Worked Example Sum Assured: Rs 1 crore, Age: 30, Tenure: 30 years, Non-smoker Rate per Rs 1000 = Rs 3.5 (indicative for healthy non-smoker male) Annual Premium = (1,00,00,000 / 1000) x 3.5 = Rs 35,000 Monthly Premium approximately Rs 3,000 Note: Actual premium may vary by insurer and underwriting. ## Frequently Asked Questions 1. What is the best term insurance plan in India? As of 2025, top term insurance plans include HDFC Life Click 2 Protect, ICICI Prudential iProtect Smart, SBI Life eShield Next, and Max Life Smart Secure. 2. How much term insurance cover do I need? A common rule is to have 10 to 15 times your annual income as cover. For a family with Rs 10 lakh annual income, Rs 1 to 1.5 crore cover is recommended. 3. Is term insurance worth it if I am healthy? Yes, absolutely. Term insurance provides financial protection at the lowest cost. A Rs 1 crore term plan for a healthy 30-year-old costs under Rs 10,000/year. 4. What is the claim settlement ratio of Indian insurers? Claim settlement ratio (CSR) indicates what percentage of claims were settled. Top insurers like Max Life (99.5%), HDFC Life (99.4%), ICICI Prudential (99.2%), and SBI Life (99.0%) have excellent ratios above 99%. 5. Can I increase my term cover later without medical tests? Some insurers offer a cover increase option within a specified period (e.g., 5 years from policy start) without additional medical tests, subject to maximum increase limits.