Term Insurance Calculator
Estimate how much term insurance coverage you need and what it might cost. Calculate your coverage adequacy, premium estimates, and Section 80C tax benefits.
Estimated Annual Premium
₹735
Monthly Premium
₹61
Coverage Adequacy
60.5%
Coverage Analysis
Your coverage is 60.5% of the recommended amount. Consider increasing to at least ₹1,65,17,797 for adequate income replacement.
Premium estimates are approximate and for planning purposes only. Actual premiums vary by insurer, health condition, medical history, and other underwriting factors. Always compare quotes from multiple insurers.
What is Term Insurance?
Term insurance is a pure life insurance product that provides coverage for a specific period (term). If the insured person dies during the policy term, the nominee receives the sum assured. It's the most affordable form of life insurance and offers the highest coverage per rupee of premium.
How Much Coverage Do You Need?
A common rule of thumb is 10-15 times your annual income. The Human Life Value (HLV) method calculates the present value of your future income, adjusted for inflation. Consider your liabilities (loans, mortgage), dependents, lifestyle, and future goals (children's education, spouse's retirement).
Factors Affecting Premium
- Age — Younger buyers get significantly lower premiums
- Gender — Women typically pay 10-15% less than men
- Smoking — Smokers pay 40-60% higher premiums
- Health conditions — Pre-existing conditions can increase premiums
- Policy term — Longer terms cost slightly more per year