Term Insurance Premium Calculator
Step 2 of your insurance journey — already know your cover amount? Estimate the premium below. Otherwise, start with the Life Cover Calculator.
A term plan's premium is the insurer's price for taking on the risk that you die during the policy term. Insurers set it using factors that predict that risk: your age, gender, whether you use tobacco, your health and medical history, and your occupation. Cover amount and policy term matter too, since a larger cover held for longer carries more risk. Insurers are regulated by IRDAI, and most term plans charge a level premium, so once a policy is issued the premium generally stays the same for the whole term. Younger buyers pay less, which is why buying earlier is usually cheaper than waiting.
Answer every question on the proposal form fully and honestly. Leaving out smoking or a health condition can lead to a claim being reduced or rejected later.
Your Details
Estimated Monthly Equivalent: ₹0
This is an estimate, not an offer. The figures above are indicative calculations based on the numbers you entered and standard industry formulas/rules of thumb. They are not a loan/insurance quote, a pre-approval, or a guarantee of approval by any bank, NBFC, or insurer. Actual eligibility, interest rate, premium, and approval are decided solely by the lender/insurer after their own underwriting and verification.
How the Indicative Rate Factors Work
The estimator starts from a base rate for your age band — the annual premium per ₹1 lakh of cover for a male non-smoker on a 20-year term — and then applies adjustments. The rates are illustrative, not taken from any insurer's rate card, and no insurer's actual rates will match them.
Base rate by age band
| Age band | Annual premium per ₹1 lakh of cover |
|---|---|
| 18–25 | ₹55 |
| 26–30 | ₹65 |
| 31–35 | ₹80 |
| 36–40 | ₹110 |
| 41–45 | ₹165 |
| 46–50 | ₹250 |
| 51–55 | ₹380 |
| 56–60 | ₹560 |
Adjustments
| Factor | Applied to the base rate |
|---|---|
| Female | × 0.90 |
| Smoker | × 1.60 |
| Policy term of 10 years or less | × 0.85 |
| Policy term of 11–20 years | × 1.00 (baseline) |
| Policy term of 21–30 years | × 1.15 |
| Policy term of more than 30 years | × 1.25 |
Example
For a 30-year-old male non-smoker with a 20-year term and ₹1 crore (100 lakh) of cover, the base rate is ₹65 per lakh, so the estimate is 65 × 100 = ₹6,500 a year. The same person as a smoker comes to ₹10,400; a female non-smoker of the same age comes to ₹5,850; and a 30-year term raises the male non-smoker's estimate to ₹7,475.
Real quotes can differ a lot, because insurers also weigh medical tests, occupation, income, family history, and their own pricing. Treat this table as a way to see which factors matter, and get actual quotes before you decide.
Frequently Asked Questions
How accurate is this premium estimate?
It is an indicative estimate only, based on illustrative rates that are not taken from any insurer’s rate card. Your actual premium is set by the insurer after medical underwriting, occupation, family medical history, and other factors.
Why does smoking status change the premium so much?
Insurers price smokers significantly higher because of materially higher mortality risk — this is standard industry practice, not specific to any one insurer.
How much cover should I actually buy?
Use our Life Cover Calculator first to work out how much cover you need, then come back here to estimate the premium for that cover amount.