CalcTerm Insurance Premium Estimator
Estimate your annual and monthly term insurance premium rates based on age, gender, sum assured, policy term, and smoker status in India.
Estimated Yearly Premium
Formula & Calculation
Total Premium = Base Premium * Age Surcharge * Smoker Factor * Gender Factor * 18% GST- Base Premium: Age-specific rate per ₹1 Lakh sum assured.
- 18% GST: Standard insurance services tax in India.
How to Use
- Enter your age, gender, and tobacco smoker status.
- Input the targeted Sum Assured (Life cover coverage) and tenure of policy term.
- Check estimated annual premium, monthly equivalent, and GST breakdown.
Frequently Asked Questions
What is term insurance?
Term insurance is a pure life insurance policy that provides coverage for a specific 'term' of years. If the insured dies during the term, the sum assured is paid to the nominee.
Why do smokers pay higher term insurance premiums?
Smokers have lower average life expectancy and higher health risks, so insurance companies charge them 50% to 70% higher premiums compared to non-smokers.
At what age should I buy term insurance?
Buying early is highly recommended because premiums are locked in for life; a 25-year-old pays significantly lower premiums than a 35-year-old for the same coverage.
Are term insurance premiums tax-exempt in India?
Yes, premiums paid towards term insurance are eligible for tax deduction up to ₹1.5 Lakhs per year under Section 80C of the Income Tax Act.
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