Term Insurance Premium Estimator
Rough annual premium for budgeting—not a quote. Insurers price using health, occupation, riders, and underwriting.
See how age, sum assured, and policy term move an indicative term insurance premium before you run full underwriting—useful for family budgeting; always confirm with insurers for binding pure term quotes and riders.
Cover details
Adjust age, sum assured, and term.
Indicative premium
Annual premium estimate.
Lifetime outgo vs cover (illustrative flat premium)
- Sum assured (death benefit)₹1,00,00,000
- Total premiums if annual rate stayed flat (years × annual)₹2,31,000
Indicative estimate for planning only; actual premiums vary by insurer and underwriting.
Worked example: ₹1 crore cover for a 30-year-old
Indicative figures from major Indian insurers (LIC Tech Term, HDFC Click 2 Protect, Max Life Smart Secure, ICICI Pru iProtect Smart) for a healthy 30-year-old male non-smoker, non-medical Tier-1 city, salaried, ₹1 crore sum assured, term till age 65.
- Sum assured
- ₹1,00,00,000
- Age at entry
- 30, non-smoker male
- Policy term
- 35 years
- Premium band (private insurers)
- ~₹11,000 – ₹14,000/yr
- Premium band (LIC equivalent)
- ~₹18,000 – ₹22,000/yr
- Same plan at age 40
- ~₹19,000 – ₹26,000/yr
- Smoker loading
- +50% to +100%
Two practical takeaways. First, every year you delay buying is a permanent rate increase — the same plan typically costs 60–80% more at 40 than at 30, locked in for the entire policy. Second, the lifetime saving from the lowest-quote private insurer vs LIC is real (~₹2 lakh over 35 years for this profile), but LIC's claim settlement and PSU backing are why some families still pay the premium for it.
Key terms
- Pure term insurance
- Life cover without maturity/savings benefit if you outlive the term—typically the most cost-efficient way to buy large cover.
- Policy term
- Number of years the contract stays in force if premiums are paid.
- Nominee
- Person(s) entitled to receive the death benefit under the policy.
- Riders
- Add-ons like accidental death or critical illness—priced separately and not modeled here.
- Underwriting
- Insurer’s health and lifestyle assessment that finalizes your actual premium.
Benefits
- Sanity-check how sensitive premium is to age and cover amount before you fill long proposal forms.
- Understand that term insurance is primarily risk transfer, not an investment product.
- Use the estimate in family financial discussions alongside emergency funds and investments.
FAQ
Is this premium my actual insurer quote?▼
No. Insurers price using mortality tables, medical underwriting, occupation, habits, and riders. This page uses a transparent heuristic (per-thousand sum assured scaled by age and term) only for orientation.
What is sum assured?▼
The lump sum your nominees receive if a covered death occurs during the policy term. It should usually cover liabilities and income replacement goals—not just a round number.
Why does premium rise with age?▼
Statistical mortality risk increases with age, so pure term cover costs more per rupee of sum assured as you get older, all else equal.
Should I choose the longest possible term?▼
Often you want cover until financial independence for dependents (e.g. children educated, home loan closed). Over-insuring very long terms may cost more than needed; under-insuring leaves a gap.