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Calculate your term insurance premium instantly. Compare smoker vs non-smoker rates, male vs female premiums, and explore plans from top Indian insurers.
Premiums are ~50% higher for smokers
Male
Annual Premium
₹17,250
Monthly Premium
₹1,438
Total Premium
₹3,45,000
Over 20 years
Coverage Ratio
₹29
Sum Assured / Total Premium
| Insurer | Claim Settlement | Annual Premium | Monthly Premium |
|---|---|---|---|
| LIC Tech Term | 98.74% | ₹19,838 | ₹1,653 |
| HDFC Life Click 2 Protect | 99.5% | ₹16,388 | ₹1,366 |
| ICICI Pru iProtect Smart | 97.9% | ₹16,905 | ₹1,409 |
| Max Life Smart Secure | 99.65% | ₹15,870 | ₹1,323 |
| SBI Life eShield | 95.04% | ₹18,113 | ₹1,509 |
* Premiums are indicative and based on standard rates. Actual premiums may vary based on medical history, occupation, and insurer underwriting.
Pays additional sum assured if death occurs due to an accident. Typically costs 10-20% extra premium.
Lump sum payout on diagnosis of specified critical illnesses like cancer, heart attack, or kidney failure.
Future premiums are waived if the policyholder is diagnosed with critical illness or becomes disabled.
Ideal Coverage
Aim for 10-15x your annual income. For income of ₹10 Lakh/year, target ₹1-1.5 Crore cover.
Buy Early
Premiums are significantly lower when you buy at a younger age. A 25-year-old pays almost half compared to a 40-year-old for the same cover.
Check Claim Settlement Ratio
Choose insurers with claim settlement ratio above 95%. It indicates the reliability of claim payouts.
Term insurance is the simplest and most affordable form of life insurance. It provides pure risk coverage for a specific period (the "term"). If the policyholder passes away during the policy term, the nominee receives the full sum assured. If the policyholder survives the term, no maturity benefit is paid.
Unlike traditional life insurance policies that combine investment and insurance, term insurance focuses solely on protection. This makes it significantly cheaper, allowing you to secure a large cover at a fraction of the cost.
Traditional endowment or ULIP policies mix insurance with investments, diluting both. Term insurance offers pure protection, giving you maximum coverage for every rupee spent.
A 30-year-old can get ₹1 Crore cover for as low as ₹8,000-12,000 per year. No other insurance product offers this level of cost-efficiency.
You pay a premium, and your family gets the sum assured if something happens to you. There are no hidden charges, fund management fees, or complex bonus structures.
The primary purpose of life insurance is to replace your income for your dependents. Term insurance does this perfectly without the distraction of returns or maturity benefits.
A widely accepted rule of thumb is to have a term insurance cover that is 10 to 15 times your annual income. This ensures your family can maintain their standard of living, pay off liabilities, and meet future goals even in your absence.
For example, if your annual income is ₹12 Lakhs, you should aim for a term cover of ₹1.2 Crore to ₹1.8 Crore. Additionally, factor in outstanding loans, children's education costs, and inflation when deciding the final amount.
Annual Income
₹5 Lakh
Suggested Cover
₹50L - ₹75L
Annual Income
₹10 Lakh
Suggested Cover
₹1 Cr - ₹1.5 Cr
Annual Income
₹15 Lakh
Suggested Cover
₹1.5 Cr - ₹2.25 Cr
Annual Income
₹20 Lakh
Suggested Cover
₹2 Cr - ₹3 Cr
Provides an additional payout over and above the base sum assured if death occurs due to an accident. Ideal for individuals in high-risk professions or frequent travelers.
Pays a lump sum upon diagnosis of specified critical illnesses such as cancer, heart attack, stroke, or kidney failure. This helps cover treatment costs without touching your savings.
If you are diagnosed with a critical illness or become permanently disabled, all future premiums are waived while the policy continues to remain active. This ensures your cover does not lapse during difficult times.
Instead of a single lump sum, the nominee receives monthly income for a fixed period (e.g., 10 years) in addition to the sum assured. This helps manage cash flow better.
If your primary goal is protection, yes. Term insurance offers 10-20 times more coverage for the same premium compared to endowment plans. For investments, separate options like mutual funds or PPF usually deliver better returns.
Term insurance is a pure protection product. If you survive the policy term, no maturity benefit is paid. However, some insurers offer "Return of Premium" term plans where all premiums are returned on survival, though these are significantly more expensive.
Yes, smokers can buy term insurance. However, premiums are typically 40-60% higher than non-smokers due to increased health risks. It is crucial to disclose your smoking habit honestly; non-disclosure can lead to claim rejection.
Online term insurance plans are usually 20-40% cheaper than offline counterparts because they eliminate agent commissions. The coverage, claim settlement process, and terms remain exactly the same.
The earlier, the better. Buying at age 25 is significantly cheaper than at 35 or 45. Premiums are locked for the entire policy term, so purchasing early saves money over the long run.
Some insurers offer "life stage benefit" options that allow you to increase cover after marriage, childbirth, or taking a home loan. Alternatively, you can purchase an additional term policy to top up your coverage.
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