An insurance premium calculator helps you estimate the premium amount for life insurance policies based on various factors. By entering your age, sum assured, policy term, and other relevant details, you can instantly calculate the annual and monthly premium for different types of life insurance plans. This tool is essential for insurance planning and understanding policy costs.
Insurance premiums are determined by several factors:
Note: This calculator provides approximate premium estimates. Actual premiums may vary based on underwriting and other factors.
An insurance premium is the amount paid by the policyholder to the insurance company for coverage under an insurance policy.
Key factors include age, health status, sum assured, policy term, smoking habits, and type of insurance plan.
Term insurance provides coverage for a specific period, while permanent insurance offers lifelong coverage with savings component.
Smokers have higher mortality rates and health risks, leading to increased insurance claims and thus higher premiums.
Most insurers offer flexibility to pay premiums monthly, quarterly, half-yearly, or annually based on your preference.
Insurers typically provide a grace period. If premiums aren't paid within this period, the policy may lapse.
Premiums paid for life insurance policies are eligible for tax deduction under Section 80C up to ₹ 1.5 lakh.
Many insurers allow changing premium payment frequency during policy renewal, subject to terms and conditions.
A rider is an additional benefit that can be added to a basic insurance policy for extra coverage at an additional premium.
Term insurance premium is calculated based on mortality rates, sum assured, policy term, age, and health factors.