What is Term Insurance Calculator - Its Benefits and How to use it?
Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

Term Insurance Calculator - Everythng You Need To Know

Term Insurance Calculator - Everythng You Need To Know
  • 20th Jan 2020 |
  • 9,897

All About Term Insurance Calculator

Term insurance is the most cost-effective and straightforward way to get a life insurance policy. However, purchasing a policy entails a significant amount of paperwork and calculation. To choose the right insurance plan, you need to keep in mind the family’s financial needs and future inflation. Based on this information, you can choose the amount of sum assured that is best as per your requirements.

Fortunately, you have an effective and simple method that can assist you in simplifying this time-consuming process. A term insurance calculator can be remarkably beneficial for determining your financial needs.
Read further to know the different types of term plan calculators and the factors that play a role in deciding your premium rate.

What is Term Insurance Calculator?

A term insurance calculator determines the premium rate you will have to pay regularly to secure term insurance. The premium amount to be paid depends on several factors like your age, health record, the sum assured, and the policy term. The term plan premium calculator helps you learn the future needs of your family and choose the best plan available in the market to fit your budget.

Benefits of Term Insurance Calculator

  • Comparing plans

A term insurance premium calculator helps you compare various  term plans  for absolutely no cost. An agent would charge for creating several plans with varying premiums, but a term plan calculator does it for free without much hassle.

  • Cost-effective tool

This online calculator is cost-effective as you can use it multiple times without paying any additional charges. The calculator isn’t complex and determines your premium within minutes.

  • Saves time

The tool saves you a lot of time as it loads smoothly and is easy to operate.

1. Term Insurance Premium Calculator

This type of calculator gives you the premium rate for buying a term plan at a specific age and for a particular amount of coverage.

2. Investment Plan Calculator

Investment plan calculator gives you an analysis of your investments and predicts your growth.

3. Child Insurance Calculator

This calculator gives you the premium rate for buying insurance for your child to secure their future requirements like primary and higher education.

4. Pension Plan Calculator

A pension plan calculator aids in understanding the premium amount you have to pay today for a fixed amount of returns in the future and understanding the financial needs of your family in a better way. You can also compare the plans offered by other insurance companies and buy the plan that best suits your retirement plans.

The Working of a Term Insurance Calculator

Before you start calculating the premium rate for term life insurance, you should go through the various types of term insurances provided by your insurer to better predict your premium cost.

Step 1

First, you have to fill in your personal details like gender, smoking habits, age, the sum assured, policy term, etc.

Step 2

In the next step, you are presented with the payment option, the premium term, and you can choose the premium you want. A table with a monthly and yearly premium option shows the premium rate against the sum assured.

Step 3

You can add rider benefits like critical illness rider, accidental death rider, waiver of premium rider, etc. Adding any rider to your insurance plan will increase your premium rate by some amount.

Step 4

Now, you can view the final quote for premium and check if it fits your budget. You can also go back and re-calculate the sum assured with the help of the calculator

Factors That Affect Your Term Insurance Premium

Though the sum assured of life insurance can be the same, the premium rate depends on numerous factors and plays a huge role in deciding the cost.

1. Age

Your age is a crucial metric in the premium quote which is why it is advised to buy insurance when you are younger, As you grow old, the premium rates keep rising. At a younger age, you can get a good term plan at an affordable cost.

2. Coverage amount

The coverage amount also decides the premium where a higher cover means a higher premium

3. Gender

Though gender should not have much control over the price, insurance companies use statistical data to determine the life expectancy of the two genders. This can mean that one of the genders can tend to have a higher premium when compared to the other. Generally, female policyholders are more likely to pay higher premiums.

4. Policy Term

The policy term means that you have coverage for that many years, and it can be chosen by you. For term insurance, the premium rates are lower when the term is longer. Hence, if you choose a longer policy term, you can get a less expensive premium.

5. Purchasing mode

You can buy term insurance offline as well as online. When you buy the insurance policy offline, you have to pay for the agent along with the policy, making it an expensive option.

As you can see, term insurance calculators are useful tools that may save you a lot of time and money. So, you should not compromise your family’s financial security when you have a nifty little tool that can assist you. Therefore, before buying a term insurance policy in the near future, make sure you consult a term plan calculator. It has the potential to make your job infinitely easier and provide you and your loved ones with an adequate cover to keep you both safe and protected.

Kotak e-Term Plan

Features

  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492

T&C

Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Does Term Insurance Cover Accidental Death?

5 Term Insurance Benefits for Single Women

Why Term Insurance Is Better Than ULIP?

Do I Need to Give a Medical Test for Term Insurance in India?

8 Factors to consider before choosing a Critical Illness Insurance

What Happens to Term Insurance Plan With No Beneficiary - Kotak Life

Why is it important to buy term insurance plan?

Why Buy Term Insurance Even at Rising Rates?

Is ₹1 Crore Term Insurance Good Enough Cover?

5 Reasons to Buy Term Insurance When You are in Your 30s

Understanding Term Insurance Riders

Tax Benefits of Term Insurance in India

Can A Housewife Buy a Term Insurance Plan - All You Need to Know

Is Group Term Life Insurance Provided By Employer Sufficient?

Can You Increase Your Term Insurance Cover?

What is Term Insurance - A Complete Guide

Tips to Choose the Right Term Period for Term Insurance Plan

Should Youngsters, Working Couples Buy Term Insurance Plans?

Insuring yourself against Ill Health with a Critical Illness Rider

What Should You opt for - Limited or Premium Pay?

How To Change The Nominee in Term Insurance?

All About Term Insurance Inbuilt Coverage

How to Compare Term Insurance Online

How To Choose the Right Sum Assured Under a Term Plan?

Is a Term Insurance Policy Portable?

Increasing Term Insurance and Riders

Do You Need Term Insurance Cover After Retirement?

Can I Get Term Insurance on Behalf of My Spouse?

Term Insurance: Smokers vs Non-Smokers

What Is the Correct Age to Buy Term Insurance?

Planning For Son or Daughter's Wedding

Steps on How to Buy Term Insurance Online

Key IRDAI Regulations That Changed Face Of Term Insurance Industry In 2020

Which Death Type Does Your Term Plan Not Cover?

Make Your Online Term Plan Your Family's Monthly Pay Cheque

Is it a Good Time to Buy Term Insurance During the COVID-19 Pandemic?

Make Your Online Term Plan Your Familys Monthly Payout

Gift Your Father A Term Insurance Plan This Father's Day

Is term Insurance Needed for People With No Dependents?

Ensure Protection Against Death, Disease & Disability With Life Insurance

8 Benefits of Term Insurance You Should Know

How Does Term Life Insurance Work? Learn the Benefits

9 Ways to Help Family Members in Financial Trouble

Key Differences Between Term Insurance, ULIPs, And Health Insurance

10-Year Term Life Insurance Policy - Explained in Detail

How Much Cover Should I Take In A Term Plan?

Why Surrendering Your Term Plan Policy In The Final Phase Maybe A Bad Idea?

All you need to Know about Term Insurance Plans for Housewives

4 Methods to Calculate How Much Term Insurance You Need

Can Non-Resident Indians (NRIs) Buy Term Insurance In India?

Advantages of Buying Term Insurance in Your 50s

Endowment Plans vs Term Plans: Understanding the difference

Busting Myths and Facts About Term Insurance Policies

Which Term Insurance to Choose: Lump Sum or Staggered Pay-out Plan?

Do Beneficiaries Pay Taxes on Term Insurance?

Term Life Insurance Plan for Smokers vs Non-Smokers

Best Investment Plans for Children - Secure Your Child's Future

Does Your Term Insurance Plan Cover Death Due to COVID-19?

Individual Life Insurance vs. Group Term Life Insurance

Why Should New Parents Buy Term Life Insurance?

Should You Buy a Term Plan After 40?

Online vs Offline Term Insurance: Which Is The Better Option To Buy

Why Buying a Term Plan Is Smarter Than Traditional Life Insurance Products

Term Vs. Whole Life Insurance: Which One You Should Buy in India?

4 Things To Expect From Your Term Insurance Plan in India

Why Should You Add a Rider to a Term Insurance Plan?

Can Term Insurance Plans Be Purchased As A Gift?

Why does every working woman need life insurance?

Calculating Term Insurance Premium

4 Reasons Why You Need Critical Illness Cover

Protection for your family

How To Choose the Right Term Insurance Plan?

How Much Term Insurance Do I Need

Buying A Term Insurance? Don't Ignore the Claims Settlement Ratio

Term Plan with Spouse Cover

Why should single women purchase term life insurance?

Why Should You Buy Term Insurance in 2022?

Eligibility Criteria for Buying Term Insurance in India

What Is a Renewable Term Insurance Policy?

Insuring Protection Against Death With Death Insurance Rider

Why Should You Not Take A Term Plan Without Medical Test in India?

Planning For Children's Future

What is Form 16, Form 16 part A, Form 16 part B, Information Required and FAQs

How To Calculate The Amount Of Term Life Insurance You Need?

What All Documents Required For Term Insurance In India?

Term Insurance: Most Common Term Insurance Myths Explained | Kotak Life

Different Types of Premium in Term Insurance

Term Insurance – Why You Must Include In Your Financial Planning?

Insuring Against Accidents with an Accidental Death Insurance Rider

10 Ways to Get Your Kids Involved in Your Healthy Lifestyle

How to Ensure That Your Term Insurance Claims Are Never Rejected?

Advantages & Disadvantages of Term Insurance in India

What is Critical Illness Policy

Everything About Claim Settlement Ratio for Term Insurance

Can I Buy Term Insurance for a COVID-19 Patient?

What are incremental term insurance plans?

What are the Documents Required for Term Insurance Plan?

Top 3 Reasons Why You Should Buy A Term Plan Now

Why 1 Cr Term Plan Is Necessary For Family?

Insurance Policy for Housewife In India

How Not To Get Your Term Insurance Claim Rejected

Cost of Term Insurance Likely to Increase Soon

Side Effects of Covid-19 Booster Doses

While Buying Term Insurance Compare Features, Not Just Premiums

Different Types of Protection Plans

Can Senior Citizens Avail Term Insurance?

What Types of Deaths Are Covered in a Term Insurance Plan?

Term Plans are Definitely Cheaper than You Think!

Why Term Plan Should Be The First Step To Securing Your Future?

What Happens if you Hide Facts in your Term Insurance?

Choosing Riders for Insurance Plans

9 Most Frequently Asked Questions on Term Insurance

Term Insurance Plans and Policies for Smokers

8 Things To Do After Buying Term Insurance

Term Insurance Basics You Should Know

What is a Joint Term Insurance Plan? Key Benefits of Joint Term Plan

When is the Right Time to Buy Term Life Insurance Policy for Yourself?

What Should Be The Duration Of Your Term Plan in India?

What is Insurance Premium - A Detailed Guide

Importance of Term Insurance at Every Stage of Your Life

5 Things To Consider While Buying Term Insurance Plan

6 Reasons That Make Term Insurance a Must Buy

6 Types of Death not covered in Term Insurance Plan

Can I Extend the Tenure of My Term Insurance Plan?

Why Premium Amount for Term Insurance is So Low?

Term Insurance with Critical Illness

How Much Term Life Insurance Cover Do I Need in India?

Reasons You Need Term Insurance Plan as a Self-Employed Person

What Is a Passive Income? Why Should You Use It to Buy a Term Plan?

Buying A Term Insurance Plan? Take These Factors into Account

What is a short term insurance policy?

Is It Good To Buy A Term Insurance Plan In 2022?

Why Buy Term Insurance Plan With a High Cover?

10 Ways to Mentally Refresh After a Stressful Day

How to Buy 1 Crore Life Insurance Policy Without Medical Test

Why Term Insurance Is Important in times of COVID-19?

What Are Insurance Riders and How to Choose Them in a Term Plan?

Is Life Insurance Investment Worthy Enough

How to Identify Term Insurance According to Your Needs?

Is There Any Tax Benefit on Term Insurance?

Know How to Invest at Every Age for Larger Returns

Insuring Against Disability With Disability Insurance Rider

Are The Add-ons and Optional Features of Term Insurance Plans Actually Beneficial?

Should You Have Multiple Term Life Insurance Policies?

How to Surrender Term Life Insurance When you have No Liabilities

5 Benefits of Early Retirement Planning

Why Spending Time with Friends is Essential for Your Mental Health?

How Does A Term Life Insurance Work in India?

What Are the Best Term Insurance Plans for Planning Retirement?

Why Married People Should Buy Term Insurance Under MWP Act?

Can I Make Changes to My Term Insurance Policy Post Purchase?

What is the Right Term Period For Term Insurance Policy? Here's How You Should Choose!

Is Term Life Insurance Plan an Investment or Expense?

Comparing Term Plans – What Should You Look Out For

कोविड -19 बूस्टर खुराक के दुष्प्रभाव

Ideal Features of a Suitable Term Plan - Act Now for a Stress-free Future

Term Insurance With Riders In India

Term Insurance: What Happens When You Don’t Pay Your Premiums?

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Term Insurance Age Limit – Term Plan for All Age Groups

Difference Between Term Insurance vs Life Insurance