A term insurance calculator is an online tool that can help you pick the best term insurance plans. This simple tool calculates the premium and sum assured of your term insurance policy based on different factors like your age, income, gender, occupation, health history, and more. Using the calculator is simple and hassle-free. It is also quick and accurate. Using it can reduce errors and ensure that you are able to determine and purchase the right coverage for your term insurance plan.
There are several types of life insurance calculators. Some of these have been discussed below:
1. Term insurance premium calculator: The term insurance premium calculator can be used to determine the cost of a term insurance plan. It can help you calculate the plan’s premium based on the sum assured, policy tenure, riders, and the features of the plan, among other things. The term insurance calculator also takes into account factors like your age, gender, and health status to calculate the plan’s premium.
2. Investment premium calculator: Some life insurance plans, such as unit-linked insurance plans (ULIPs), have an investment component where you can invest a part of your premium for your future goals. The remaining portion of the premium is put towards your insurance needs. An investment premium calculator helps you ascertain the scope of returns from your investment. It enables you to plan for your future goals in a more efficient manner.
3. Child insurance premium calculator: Child life insurance plans are insurance plans that let you accumulate funds for your child’s future needs, and at the same time, protect them in your absence. The child insurance premium calculator helps you calculate the premium for a plan that can offer you adequate returns for your child’s future needs, such as higher education expenses, marriage expenses, and more.
4. Annuity or pension plan premium calculator: The annuity plan or pension plan premium calculator can help you determine the amount of money you must invest for securing your old age and retirement. It can be a valuable tool in ensuring a financially safe and comfortable retirement.
A term insurance premium calculator can offer several benefits. Some of these have been mentioned below:
1. It saves time and effort: Calculating the premium or sum assured of a term insurance plan can be cumbersome and time-consuming if done manually. It can also take a lot of effort and may require a certain level of understanding of math. Moreover, there is always the chance of a miscalculation that can impact the rest of your life and those around you. However, an online calculator lets you calculate your term insurance premium with greater ease and convenience. It takes a couple of minutes and is easily accessible on the internet. All that you have to do is visit the website, enter the required values, and click on submit. The calculator will give you the result.
2. It is completely free: You can use a term insurance calculator free of cost and make one of the most crucial financial decisions of your life.
3. It gives you an accurate estimate: A term plan premium calculator uses sophisticated algorithms to arrive at a result. The estimates calculated by the online tool are accurate based on the entered values. This eliminates all scope of errors and offers you a realistic picture.
4. It helps you understand the cost of riders: Some online term plans offer the option to add a rider like a critical illness cover to your term plan. Such riders are added over and above the base term plan and help to enhance the overall coverage. However, adding a rider can impact the premium of your term plan. Using a calculator can help you ascertain the change in cost after adding a rider to your policy and accordingly make a decision.
5. It helps with budgeting: Using a term plan calculator can help you with budgeting and making better financial choices. The calculator offers a precise estimate of your policy’s premium, so you can be sure whether or not the life insurance policy fits into your budget. This helps you plan well for your future. It also enables you to pick a premium that you can comfortably pay for several years to come.
6. It lets you make informed decisions: A term insurance calculator allows you to pick a term insurance policy with an adequate sum assured that is suitable for your loved ones and their needs. This ensures complete financial protection for your family.
7. It lets you compare different plans: You can use a term insurance calculator to compare other online term plans in the market and pick the one that is ideal for your needs, budget, and preferences. You can compare several different plans online using the calculator and select a plan that offers you the greatest value.
Fundamentally there is no specific age to buy a term insurance plan. You can purchase a term plan anywhere between the ages of 18 and 65 years. However, you can benefit from purchasing a term insurance plan at certain stages of life. Given below are some life stages where you can buy a term plan:
1. When you are young: The best time to buy a term plan is when you are young. Most term insurance plans can be purchased at a relatively lower premium at a young age. When you are young, you are likely the healthiest you can ever be. This reduces the risk involved for the insurer, and the insurance company is more comfortable offering you a high sum assured at comparatively low premiums. Buying term insurance early in life can help you save a lot of money in the long run.
2. When you get married: Your responsibilities tend to increase after marriage. Therefore, it is essential to safeguard the future of your spouse. A term insurance plan becomes a necessity when you are married, as it protects your spouse in your absence and can help them carry on with their life, pay debts, plan for the future, and live a comfortable life.
3. When you have children: The birth of a child is a joyous moment. However, it is also a significant responsibility. Therefore, it is vital to ensure their financial security at all times. You can buy a term insurance plan when you have children to make sure that they always have a financial security net to fall back on, even when you cannot protect them yourself.
4. If you have dependents: You must purchase a term insurance plan if some members of your family are financially dependent on you and rely on you for their day-to-day needs, irrespective of your age. Term insurance can cover your loved ones and their needs in case of an unfortunate event.
| Age (years) | (Non-smoker/Male) | (Smoker/Male) | (Non-smoker/Female) | (Smoker/Female) |
| Rs | Rs | Rs | Rs | |
| 20 | 7100 (40-year Term) | 9500 (40-year Term) | 6700 (40-year Term) | 8900 (40-year Term) |
| 30 | 9600 (30-year Term) | 13300 (30-year Term) | 8200 (30-year Term) | 11100 (30-year Term) |
| 40 | 15500 (20-year Term) | 22100 (20-year Term) | 2300 (20-year Term) | 17200 (20-year Term) |
| 50 | 26600 (10-year Term) | 38100 (10-year Term) | 21200 (10-year Term) | 30300 (10-year Term) |
| 60 | 61700 (15-year Term) | 89900 (15-year Term) | 49900 (15-year Term) | 72700 (15-year Term) |
You can use a term plan calculator using the following steps:
1. Visit the PNB MetLife website.
2. Go to the ‘Buy Insurance’ tab and select ‘Tools and Calculators’.
3. Click on ‘Term Plan Calculator’.
4. Enter details like your name, gender, age, income, health history, occupation, etc., followed by the sum assured as requested by the calculator.
5. If you want to buy any riders like a critical illness rider, you can add them here.
6. Once you have entered all fields, click on ‘Calculate Premium’.
7. The premium will be calculated based on the inputs submitted by you and reflected on the screen.
8. You can then change the entries and compute the premium again to compare the cost of term insurance for different sum assured amounts or policies.
You can use a term insurance premium calculator in a matter of a few minutes. It can generate precise estimates and help you pick a suitable cover for your needs. Learn more about the other types of PNB MetLife calculator for your insurance planning needs.
The premium of a term insurance plan can be calculated on the basis of several different factors. These can include the following:
1. Sum assured of the term insurance plan
2. Age of the applicant
3. Gender of the applicant
4. Health status of the applicant
5. Features of the policy, such as additional riders, policy tenure, type of policy, etc.
6. Mode of purchase – offline or online premium payment
7. Premium payment method
Insurance companies conduct a thorough review of all applicants and arrive at the premium after a careful assessment of all of these aspects. Typically, if you are young and healthy, with no history of health concerns, you can quickly get a low premium for a high sum assured. However, the older you get and the more health concerns you have, the higher can be the premium for a term policy.
Calculating the premium of a term insurance plan manually can be extremely complicated and time-consuming. However, you can use the term insurance premium calculator to get an accurate figure in no time at all. You can follow the steps given above to determine the premium for your chosen plan and accordingly buy a policy that offers you the most value.
You can opt for two premium payment options for your term insurance plan. These have been mentioned below:
1. Monthly payment: Under the monthly payment method, you pay the premium of your policy once every month. This can be suitable if you do not want to spend a lump sum amount towards your plan in one go.
2. Yearly payment: Under the yearly payment method, you pay the premium of your policy once every year. This can be suitable if you do not like the hassles of monthly payments and are more comfortable with paying a larger lump sum amount annually.
You can pay the premium in the following ways irrespective of the method you choose:
Term insurance premium rates are the costs of term insurance that you pay as a premium towards your policy. They are calculated by actuaries. Actuaries are professionals who calculate the risk and uncertainty associated with an agreement. These professionals compute the insurance premium rates based on the amount of risk an applicant presents. They help determine an appropriate premium amount that is reasonable for the life insured and, at the same time, enough for the insurance company to cover the risk.
Typically, actuaries calculate term insurance premium rates based on the following three factors:
1. Mortality rate: The mortality rate refers to the rate of the number of deaths in a particular group. The mortality rate is low when you are young. As a result, the premium for a term insurance plan is also low. However, the mortality rate increases as you grow old. Consequently, the premium for a term insurance plan is higher for older age groups.
2. Expenses incurred by the insurance company: The insurance company takes into consideration the different types of costs incurred in insurance. This can include administrative and service charges, investment costs, policy lapses, etc. The insurance premium is determined after adding such expenses to the figure.
3. Investment returns: Insurance companies invest the premium amount to generate returns. Most policies are payable after several years of premium payment. This gives the insurance company ample time to invest the money further. The value of investment returns can help lower the premium costs for policyholders.
Life Cover
Protect your loved ones with a sum assured (ideally 7 times that of your annual income) even in your absence.
Riders
Get additional benefits in the form of health riders and protection against accidents, critical or serious illnesses.
Non-Linked plans
Term insurance plans are suitable to those who have a lower risk appetite as they are not linked to any market factors.
Affordable Premiums
Low premium rates set Term Insurance Plans apart from other life insurance plans. Non-smokers and women typically enjoy lower premiums.
Tax Benefits
Your life insurance policy can get you tax benefits from the moment you start paying premiums! Availing this benefit can help you save up to Rs. 1,50,000 from your taxes. However, you can claim this benefit only when the premiums paid don’t exceed 10% of the sum assured (under sec 80 C, I-T Act, 1961).
You can calculate your term insurance cover by using a sum assured calculator, also known as the term insurance calculator. You can enter your name, gender, age, income, occupation, riders (if any) etc., and the calculator will compute the premium for your term insurance plan for the amount of cover you require
You can calculate your term life insurance coverage by taking into account your age, gender, income, debts, and other similar factors. Alternatively, you can also use an online term plan calculator to get an idea of the costs associated with buying a term plan with a suitable sum assured coverage.
The sum assured in life insurance policies can be calculated on the basis of your income, age, dependent family members, ongoing debts, and other such factors. A sum assured calculator can help you ascertain the suitable sum for your life insurance policy.
.Buying a term insurance plan early in life can have several benefits. Firstly, it secures your loved ones from a young age. Secondly, it helps you get a relatively lower premium even for a high sum assured. Insurers offer the best term life insurance rates to young applicants as they are comparatively healthy. Thirdly, you get to live a life with peace of mind and no financial stress, knowing your loved ones will be secure in your absence.
Calculating the term insurance cover can be quickly done with a term policy calculator. All you need to do is enter details like your income, gender, age, occupation, riders, etc., and the calculator will provide you with an estimated figure.
Your life cover needs can differ on the basis of your age, income, lifestyle needs, the number of family members and their requirements, ongoing debts, occupation, and more. You can keep these factors in mind to determine your life cover needs. You may also use an online term plan calculator.
You can choose a payout option based on your family’s requirements. In the case of a lump sum requirement, you may opt for a lump sum payment. This can offer your family high liquidity. However, if you prefer receiving the insurance payout in regular instalments, you can opt for monthly payouts.
Buying a term insurance policy online lets you compare different plans and pick the one that offers you the most benefits. Purchasing a plan online also enables you to compare premiums and select a cost-effective option. In addition to this, online purchases are simple and hassle-free. They do not take time and are completely secure, as long as you select a trustworthy insurance company. The costs involved in buying term insurance online may also be low compared to offline plans.
Yes, you can buy a term insurance plan within the ages of 18 and 65 years only. However, the cover can be extended up to the age of 99 years. Having said that, buying a term plan at a young age can help you save money.
Rs. 930 Crores
Bonus declared for Participating Policies in FY’23-24
2.35 Lakh+
transactions completed on the khUshi chatbot.
99.20%
Claim settlement ratio for retail business
16500
Locations & strong branch network
Rs. 930 Crores
Bonus declared for Participating Policies in FY’23-24
2.35 Lakh+
transactions completed on the khUshi chatbot.
99.20%
Claim settlement ratio for retail business
16500
Locations & strong branch network
As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.
PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance Plans, Term Plan, Protection Plans, Long Term Savings Plans , Retirement Plans & Child Education Plan.
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