🧮 Term Insurance Premium Calculator
Get an instant estimate of your term insurance premium based on your age, income, and coverage needs.
📊 Your Estimated Premium
* This is an indicative estimate. Actual premiums may vary by insurer, health conditions, and policy terms. Please consult TheOrtus for a detailed quote.
What is Term Insurance?
Term insurance is the simplest and most affordable form of life insurance. It provides a large sum of money — called the Sum Assured or Death Benefit — to your family (nominees) in the unfortunate event of your death during the policy term. If you survive the term, no maturity benefit is paid under a pure term plan.
Think of it as a financial safety net: you pay a small, regular premium, and in return, your family is protected with a substantial amount if something were to happen to you. For example, a 30-year-old non-smoker can get a ₹1 crore cover for as little as ₹600–₹700 per month — that’s less than the cost of a daily cup of coffee!
How Does Term Insurance Work?
Choose Your Coverage
Decide the Sum Assured (e.g., ₹1 crore) — ideally 10–15 times your annual income — and the policy term (e.g., 20–30 years).
Pay Your Premium
Pay premiums monthly, quarterly, or annually. The premium amount remains fixed throughout the policy term for most plans.
Stay Protected
As long as you pay your premiums, your family is covered. In case of your untimely demise during the term, the insurer pays the full Sum Assured to your nominees.
Policy Expiry
If you outlive the policy term, the policy expires with no payout (pure term). Some plans offer Return of Premium (ROP) options where premiums are refunded on survival.
Key Benefits of Term Insurance
💰 Affordable Premiums
Term plans offer the highest coverage at the lowest cost. A ₹1 crore cover can start from just ₹500–₹700/month for a young, healthy individual.
🛡️ Large Life Cover
Secure your family’s future with a substantial payout that can cover loans, education, living expenses, and more.
🏥 Rider Benefits
Enhance your plan with add-ons like Critical Illness Rider, Accidental Death Benefit, Disability Rider, and Waiver of Premium.
📋 Tax Benefits
Premiums paid are eligible for tax deduction under Section 80C (up to ₹1.5 lakh), and the death benefit is tax-free under Section 10(10D).
🔄 Flexible Payout Options
Choose how your nominee receives the money — lump sum, monthly income, or a combination of both for better financial management.
🧘 Peace of Mind
Knowing your family is financially secure lets you live and work with confidence, without worrying about unforeseen circumstances.
Term Insurance vs Other Life Insurance Plans
| Feature | Term Insurance | Endowment Plan | ULIP | Whole Life Plan |
|---|---|---|---|---|
| Premium | Very Low | High | High | Moderate–High |
| Life Cover | Very High | Low–Moderate | Moderate | Moderate |
| Maturity Benefit | None (Pure Term) | Yes | Yes (market-linked) | Yes |
| Investment Component | No | Yes | Yes | No |
| Best For | Pure Protection | Savings + Protection | Investment + Insurance | Lifelong Coverage |
| Tax Benefit (80C) | Yes | Yes | Yes | Yes |
How Much Term Insurance Cover Do You Need?
A common rule of thumb is to have a life cover of at least 10 to 15 times your annual income. However, you should also consider:
Outstanding Liabilities: Add up all your loans — home loan, car loan, personal loans. Your coverage should be enough to pay these off completely.
Future Goals: Think about your children’s education, their marriage, and your spouse’s retirement. Estimate the funds needed for these milestones.
Existing Assets: You can subtract your current savings, investments, and existing life insurance covers from the total required amount.
Factors That Affect Your Term Insurance Premium
Age
The younger you are, the lower your premium. This is because younger individuals carry a lower mortality risk. Buying early can save you lakhs over the policy term.
Gender
Women generally pay lower premiums than men because statistically they have a higher life expectancy.
Smoking & Lifestyle
Smokers pay significantly higher premiums — often 25–50% more — compared to non-smokers. Alcohol consumption and high-risk occupations also affect pricing.
Health & Medical History
Pre-existing conditions like diabetes, hypertension, or heart disease can increase premiums or lead to exclusions.
Policy Term
Longer policy terms generally mean higher premiums, but locking in a rate early for a long term often works out cheaper overall.
Sum Assured
The higher the coverage amount, the higher the premium. However, the rate per lakh of coverage often decreases as the sum assured increases (economies of scale).