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Term Insurance Calculator
Term Insurance Calculator
Table of Content
A term insurance calculator is a free online tool that can be used to give premium estimates for a term insurance plan. It is primarily used to compare term policy quotes under different benchmarks. The inputs such as age, gender, income, etc., are utilized to gauge the policy amount, premium and term insurance plan best suited for you.
How Does a Term Insurance Calculator Work?
Enter your basic details to suggest the right plan
Choose the Cover Amount Premium Payment and Policy Term
Add Optional Riders6
Compare Your Plan Options
Complete the Purchase Journey or Speak to our Financial Advisor
Submit Relevant Documents
Here is a step-by-step explanation of how Tata AIA's term policy calculator works:
You start by entering information into the provided fields like name (legal first and last name), date of birth, gender, contact details (mobile number), and other details so that we can suggest you the right plan for you.
Based on your input and risk assessment, the term life insurance calculator will estimate the coverage amount needed to cover your financial goals and dependents in case of any unfortunate events. You can change the coverage amount, premium term and policy term to check the premium amount.
The calculator will estimate the premium amount needed to pay for the desired coverage. You can add additional riders6 to increase the plan coverage.
Term insurance calculators in India allow you to compare quotes from term plans to find the best policy at a competitive price tailored to your needs. At Tata AIA, our term plan calculator will allow you to compare quotes for different variations under the same term policy based on your input.
Since term plan calculators give you real-time estimates, you can continue to adjust the coverage amount, policy length, add-on features and other parameters to see how they impact your premium.
Using all the data you have provided; the term insurance calculator will give an estimated premium for your desired term insurance policy. This will bring financial clarity and help you make an informed decision about buying a Tata AIA term plan that aligns with your financial goals and budget.
Tata AIA
Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN:110N176V01)
Tata AIA
Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N171V03)
3T&C apply
Get personalized guidance to choose the best-fit insurance plan for your specific needs.
Get personalized guidance to choose the best-fit insurance plan for your specific needs.
Insurance Requirements
Your expected requirements under a term plan play a significant role in determining your overall premium rate. These can vary depending on what stage of life you are in. Hence, different term plans will cater to different needs. For example, an increasing term plan will account for changing factors like inflation or increased living costs, a decreasing term plan can be used to cover the years needed to pay off a loan, etc.
Age
Younger individuals are charged lower term insurance premiums than older policyholders. This is because the younger you are, the less risk you pose or the less likely you are to develop serious health conditions. In other words, the same term plan will charge you a higher premium for the same coverage at an older age vs when you are younger. Premium rates under term plans also stay the same throughout the policy’s term. Hence, we recommend buying one early to maintain a low-cost insurance cover over a longer tenure.
Coverage Amount
The higher the sum assured, the higher your premiums. Generally, the minimum sum assured should be at least 15 - 20 times your annual income. This is because the term plan's sum assured should be enough to cover the needs of ALL your dependent family members. You should account for current living expenses, future needs, inflation rates, emergency expenses, any existing liabilities and other financial obligations to ensure you pick the right amount for a death benefit payout.
Policy Term
The longer the duration of your policy coverage, the lesser your premium rates. Hence, if you are looking for cost-efficiency, we recommend going for a long-term policy. If you are unsure how long you will need term insurance coverage, assessing your financial goals and existing liabilities can point you in the right direction. Moreover, at Tata AIA, we offer several term plans with a life cover option to ensure coverage up to 100 years of age7.
Medical History
Your current health condition, i.e., whether you have a pre-existing illness, can affect your overall premium rates. This is because critical illnesses like cancer can increase the likelihood of premature death, thereby increasing your risk as a candidate. Always disclose any information regarding this factor honestly to the insurance agent, as hiding the fact that you have a pre-existing condition may violate policy terms, resulting in your family members being unable to claim the death benefit.
Lifestyle
Term insurance calculators in India may require you to enter lifestyle information like smoking status or alcohol consumption. For example, Tata AIA's term insurance plan calculator requires you to provide your smoking status. Certain lifestyle choices can increase your risk of developing health conditions, as a result, increasing your premium rates. This means individuals of the same age and gender with good lifestyle practices are charged lower premiums.
Occupation
Some insurers will charge candidates who work in relatively high-risk jobs like police officers, firefighters, miners, etc., a higher premium since these jobs increase their risk profile. Your occupation may not significantly affect overall premiums, but it is something to keep in mind when applying for a term insurance plan or calculating premiums. In most cases, annual income and income proof are more important to an insurer, as they will determine your ability to pay for premiums.
Gender
Term policy calculators’ factor in your gender when calculating premiums, as some insurers offer women lower premium rates. The price difference between genders is not big enough to significantly impact the overall cost, but it still factors into the overall calculation. Women often lead longer lives than men and may require long-term coverage. At Tata AIA, we also offer preferential premium rates for women.
Ideally, we recommend getting a term plan during your 20s or 30s as the premium rates are lower, and you have a better chance of getting a competitive rate.
Here are some prime life stages where you should consider getting a term insurance plan from Tata AIA:
Early 20s – Unmarried
Early 20s – Unmarried
Mid to Late Twenties – Married
Mid to Late Twenties – Married
Mid to Late 30s and 40s
Mid to Late 30s and 40s
Early to Mid-50s
Early to Mid-50s
With so many insurance companies offering policies in India, term insurance calculators facilitate easy comparison and allow you to choose the best term insurance per your needs. As stated, this tool offers a hassle-free way to determine the actual premium amounts you need to pay the insurer for term insurance coverage.
These calculations are also done in real-time, so you get near-instant, accurate estimations upon providing your details and insurance requirements.
These are a few simple steps you will need to follow to use the Tata AIA term plan premium calculator:
Visit the Tata AIA Life Insurance official website
Navigate to Term Insurance calculator page and use our online calculator to find the premium amount.
Enter Your Personal Information:
Fill in your personal details on the calculator, such as your full name, gender, date of birth, smoking habits and your contact number. Once you submit the details, you will receive an OTP (One-Time-Password), verifying your mobile number.
Enter the Desired Sum Assured Amount
On the next page, choose the sum assured of the term insurance plan and the policy term during which you need insurance coverage.
View the Quote
The term plan online calculator will fetch the premium quotes for you so that you can make a choice and select the term plan if it suits you the best!
Quick and Convenient
Accurate Quotes
Allows for Better Financial Planning
Free and Cost-Effective
When choosing the right term plan, you first need to identify your own insurance needs and a few other important factors. Your insurance needs cannot be the same as that of another policy buyer, which is why all term plans vary from one another in terms of the coverage offered, plan benefits and features.
To understand how to select a term plan, here is what you need to consider:
When you choose a term insurance plan, finding a reputed term insurance provider is important. The claim settlement ratio of the insurance company will help you decide if your insurer will be able to honour your insurance claim so that your family does not have to struggle during an emergency. The claim settlement ratio indicated how many claims the insurer has settled against the number of claims they have received during the financial year.
The premiums you pay should justify the term insurance coverage you receive. However, do not compromise on the coverage if you want to opt for lower premiums, as the coverage should always be adequate enough to support your family in unexpected emergencies. To make this process easier and ensure you balance affordability and adequate coverage, you can use the term insurance calculator provided on our website.
It is necessary to find a good choice of optional riders6 that you can add to your term insurance plan. Though the term insurance coverage may be comprehensive enough, it will not cover specific situations like critical illnesses or offer benefits like a waiver of premium in case of loss of income. At such times, a suitable rider will be able to help you and your family with some financial benefits without disturbing the term insurance coverage.
Adding a good critical illness cover to your term insurance policy can give you extensive coverage in case you are diagnosed with a critical illness and need treatment for the same. All of the treatment and hospitalisation costs can be covered under the critical illness cover, which would otherwise be very expensive. Therefore, always choose a critical illness cover that includes coverage against a number of major conditions and illnesses, including cardiac conditions and cancer at various stages.
Term plans are not just restricted to younger individuals. Anyone can get a term plan to ensure their family's financial security at any stage in their lives. Here are some prime candidates that fit into the category of people who should buy a term plan:
Newlyweds and Young Parents
Newlyweds and Young Parents
The Sole Earner of a Household
The Sole Earner of a Household
Over 40 With Young Children
Over 40 With Young Children
Anyone With Long-Term Debt/Loan to Pay Off
Anyone With Long-Term Debt/Loan to Pay Off
Entrepreneurs and Business Owners
Entrepreneurs and Business Owners
Individuals With Dependent/Elderly Parents
Individuals With Dependent/Elderly Parents
Savings
Calculator
A savings calculator helps you calculate the premiums you need to pay to get life insurance coverage for your family and also build a long-term savings corpus throughout the policy tenure.
Retirement
Calculator
With a retirement planning calculator, you can understand how much regular income or benefit you can receive during your retirement years based on your choice of policy and the amount saved from the plan.
ULIP
Calculator
A Unit-Linked Insurance Plan or ULIP calculator enables you to know the returns you can receive on your policy and the premium amount you need to pay for the life insurance cover as well as investment.
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Our experts are happy to help you!
A term insurance calculator should be used since it is a quick, simple and free-of-cost way to calculate your term insurance premium.
How to use a Tata AIA’s term insurance calculator?
Here is a step-by-step process on how to use Tata AIA's term plan calculator:
Enter Your Details
Choose Your Sum Assured and Policy Term
Opt for or Omit Add-Ons and/or Additional Features Under the Term Plan
Compare Your Options
Yes, you can purchase a term plan online by visiting the Tata AIA Life Insurance official website and going to the Buy Online section. Once you select a term plan of your choice, you can buy the plan and make the payment online in a few easy steps.
A term plan is important because it offers comprehensive life cover protection to your family at very affordable premiums. In case of an unforeseen eventuality, the sum assured will financially support your family so that they can sustain themselves.
Yes, you can have different life insurance plans as well as a term plan based on your and your family’s insurance needs.
Though term insurance offers multiple benefits, here are the three primary benefits of term plans:
Simple and easy to understand
High Sum assured at comparatively Affordable premiums
Flexible policy terms and premium paying terms allowing customization based on needs
The aim of term insurance is to ensure the financial security of your family in the event of your untimely demise with a death benefit. Hence, if you have a term plan for a certain policy term, it is advisable to continue the insurance coverage until the end of the selected policy term.
The most suitable term plan would be the one that can be customised as per your needs, after you evaluate all your requirements based on your lifestyle, family’s needs, liabilities and debts and other emergency needs. You also consider your premium payment capacity so that you are able to pay the premiums on time and avail of the life insurance coverage.
Yes, you can safely buy term insurance online when you buy a term plan from the official website of Tata AIA Life Insurance.
The different types of life insurance plans are as given below:
Term Insurance
Term Insurance with Return of Premium
Savings Plans
Child Insurance Plans
Whole Life Insurance Plans
Endowment Insurance Plans
Unit-Linked Insurance Plans (ULIPs)
Retirement Plans
Money Back Insurance Plans
Group Insurance
Combo Plans
The Married Women's Property (MWP) Act safeguards married women's property rights. It enables married women to own and control property in their name rather than having their property automatically become their husband's property upon marriage.
If you purchase a term insurance plan under the MWP Act, the death benefits will only be paid out to your wife or wife + children in case of multiple beneficiaries. Thus, you can ensure that no one apart from your wife or children can access the death benefits of the term policy.
The beneficiaries you can add to a term insurance policy under the MWPA can be your wife, your child/children, or your wife + children.
You can assign a certain percentage of the sum assured to each beneficiary or divide it into equal parts.
You can claim up to ₹1.5 Lakh in the form of tax8 deductions on your term insurance premiums each year under Section 80C of the Income Tax Act. Also, the beneficiary amount is tax deductible under Section 10(10D)
The death benefit of your term insurance plan, payable to your beneficiaries on death, is exempt from tax under Section 10(10D) of the Income Tax Act.
Tata AIA offers 5 distinct term insurance plans under its catalogue:
InstaProtect Solution comprises of Tata AIA Life Insurance Sampoorna Raksha Supreme (UIN:110N160V05), Tata AIA Vitality Protect (UIN: 110B046V03) & Tata AIA Vitality Health (UIN: 110B045V02).
You can opt for coverage among any of these term plans to ensure your family stays protected in your absence. If you are uncertain about what term plan to choose, feel free to use our term insurance calculator to compare quotes and policy benefits.
No, all term plans do not have the same offerings. For example, some term plans only offer pure protection while others offer a return on the premium. Some other term plans can also offer a life cover along with an income option.
Depending on the plan, you can choose the duration of the coverage, the premium payment term and the option to increase the coverage if needed.
No, a term plan premium calculator is not the same as other life insurance calculators. For instance, a ULIP calculator will show you the estimated returns you can receive on your policy, while a term insurance plan will show you the sum assured and coverage your family can receive and the premium required for the same.
If your term policy nominee passes away before you, the proceeds of your term life insurance policy will be paid to the beneficiary designated in your policy.
Therefore, in such a scenario, you should select a new nominee. You can contact us if you have concerns about your term life insurance policy or beneficiary designation.
No, the benefits offered by a term plan are different from other life insurance plan benefits. For example, a savings plan will enable you to save a financial corpus, while a term plan offers extensive life cover benefits for your family.
Yes, You can change the nominee in term insurance after purchasing the policy. You can contact us if you want to change the nominee in your policy, and we will assist you with the process and the necessary documentation.
Yes, pregnant women can purchase a term insurance policy, subject to certain policy terms and conditions.
Yes, housewives can purchase a term plan based on their family’s needs. You can calculate reasonable premiums of your choice using our term insurance calculator. This can help you pay affordable premiums while protecting your family.
Tata AIA term insurance plans offer preferential premium rates to women policyholders than their male counterparts.
Term plans cover most forms of death; however, they do have specific guidelines on suicide and self-inflicted injuries.
Generally, most insurers only cover suicide after the first 12 months from policy commencement. For any deaths due to suicide before this time frame, the insurance company will only pay the policy nominee 80% of the premiums paid during the first year.
If you want to know policy-specific guidelines on how we handle claims for death due to suicide under your chosen plan, feel free to contact us.
A pure term plan offers a death benefit to the family of the policyholder in the event of the latter’s untimely death during the policy year and no maturity benefits. However, a return of premium term plan offers a 100% return on the premiums~ if the policyholder survives the term.
Yes, you can add riders to your term insurance plan depending on the type of situation you need additional coverage for. You can get a critical illness rider and receive coverage when diagnosed with a critical illness covered under the rider. Or you can get a waiver of premium cover and have future premiums on your policy waived off in case of permanent and total disability or other conditions as stated under the rider1.
The number of riders you add to your term plan will be based on your need. However, additional riders mean an additional premium, and so, to keep your premium payments in check, choose only the riders1 you deem necessary.
No, the Tata AIA Life Insurance term insurance calculator does not need your medical tests or reports.
To choose the best term insurance coverage, be sure to analyse your insurance needs, research all term plans, use a term insurance premium calculator to calculate the premiums. You can then choose a policy that suits you and your family well based on the coverage and the premiums.
Term plans cover all types of death; however, there may be specific guidelines regarding death by suicide. If you need additional life insurance coverage for your family in case of accidental death, you can add an accidental death benefit rider or a similar rider to your term plan.
When you buy a term plan from Tata AIA Life Insurance, you need not provide any medical documents. You also need not undergo any medical check-ups before buying the term policy if you are young and do not have any potential health conditions. However, this requirement may be subject to the company’s terms and conditions and plan eligibility.
A lump sum payout is a benefit payout mode selected by you (the policyholder). This means the death benefit proceeds of the term plan will be paid out as a single lump sum amount to your beneficiaries on your death.
Lump sum payouts can be a good option if your family needs a large sum of money immediately, such as to pay off debts or to buy a house soon for better financial security.
A monthly income plan is a regular income option under a term insurance policy. This payout mode allows your beneficiary to receive the death benefit in monthly payments rather than as a lump sum.
These payments can provide a steady income over a longer period, which is helpful if your family cannot invest a large sum of money. Monthly income plans can also be suitable if your family needs a consistent source of income to cover ongoing expenses, such as mortgage payments or living expenses.
Term insurance calculators provide instant and accurate estimations and quotes based on your input. They are extremely reliable and mitigate the chances of human errors occurring during calculations as well.
To ensure you get relevant estimates under your chosen policy, make sure your details are correct and up to date.
The use of a term insurance calculator is best before you purchase a term insurance policy, as you cannot adjust your premium payments when renewing your term plan.
Yes, you can adjust the premium amount on the calculator by changing some of the variables on the calculator. However, do remember to provide the right details so that you can get accurate term insurance premium quotes.
Yes, the older you get, the higher your premiums will be. Hence, when you are close to retirement, your premiums will be higher than when you first started working.
Premiums need to be paid by the due date to keep the policy active. Most policies have an additional grace period to pay due premiums without affecting the policy benefits. The grace period can be 15 days or 30 days, depending on the mode of the policy purchase. The policy may lapse or be converted to a reduced paid-up policy (depending on the terms and conditions of the policy) if the premiums are not paid within the grace period.
With the help of a term insurance calculator, you can easily calculate the premium amount for your 1 crore term insurance. The calculator will help you choose a policy term and a premium paying term that enables you to pay affordable premiums.
Your term life insurance premium will be calculated on the basis of your age, your health, your family’s medical history, your lifestyle habits, your profession, and any other factors that may pose a risk to your health. When you use a term plan premium calculator, these factors will be considered when the calculator determines your premium amount.
When you are young, you are at a lower risk of health conditions than an older person. Since the risk to your life or health is low, the term plan premiums will also be low. As you age, you are at a greater risk of developing lifestyle diseases and other health conditions which need proportionate life insurance coverage. Hence, the premiums will also be higher.
If you have a risky occupation or a job where your life or your health may be at risk, your term plan premiums will be high. The greater the risk, the higher the premium. For instance, a person who is in the mining business will have a higher term plan premium as compared to a teacher or professor.
Your term insurance premium will be determined as per your age, your term policy sum assured, the premium paying term, and the policy term. There are also other factors, such as your health condition, your family’s medical history, your occupation, and lifestyle habits, that will be considered while deciding your term insurance premium.
If you want to find out how to calculate your term plan premium, you can simply use a term insurance calculator that will help you know your premium instantly based on these factors.
If you are a smoker and want to purchase a term insurance plan, your premiums will be calculated as per your sum assured. You can use a term plan calculator to know your premium amount. However, you will not be able to avail of any special premium rates that are offered to women policyholders and non-smokers.
A term insurance claim can only be filed once in case the policyholder meets their untimely demise during the policy tenure. Once the death benefit is paid out to the nominee, the coverage ends, and no other benefits can be offered on the policy.
To file a term insurance claim, contact us through any of the following channels:
Email: customercare@tataaia.com
Call - 1860-266-9966 (local charges apply)
Visit us at any Tata AIA Life Insurance Company branch office.
Write to us at:
The Claims Department,
Tata AIA Life Insurance Company Limited
B- Wing, 9th Floor,
I-Think Techno Campus,
Behind TCS, Pokhran Road No.2,
Close to Eastern Express Highway,
Thane (West) 400 607.
IRDA Regn. No. 110
You can file a death claim on a term insurance policy. In case you have added a critical illness cover to your plan, you can also file a claim for the same if you are diagnosed with a critical illness.
To ensure that your family does not face any hassles at the time of claim settlement, choose a reputed insurance provider with a high claim settlement ratio and fill up your insurance proposal form with correct and accurate details.
Tata AIA Life Insurance has an individual death claim settlement ratio of 99.01% for FY 2022-23$$
If your nominee wants to file the claim from outside India, they can upload the attested copies of the essential documents online and send them to us by email. To file a claim offline, they can courier these documents to their representative in India, who can submit them to us at any of our offices.
Yes, all Tata AIA term insurance policies are designed to cover COVID-19-related death claims.
A claim can be rejected due to different reasons. These are some of the common reasons for claim rejection:
Tata AIA settles claims for all deaths, subject to the completion of some premium payments. In the case of death by suicide within the first policy year, the claim will be settled as per specific policy terms.
Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN:110N176V01)
Tata AIA Maha Raksha Supreme Select - Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N171V03)
*Illustrated Premium is the monthly premium excluding taxes for 20 yr. old female, Standard Life, Non-Smoker for ₹ 1 Cr. Sum Assured with Policy Term of 20 yrs. (Regular Pay) under Life Option with first year premium discount for digital purchase and salaried person. Please refer Benefit Illustration for more details. Premium is subject to applicable taxes, cesses & levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium. Tata AIA Life shall have the right to claim, deduct, adjust, recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy. Kindly refer the sales illustration for the exact premium.
^This includes first year digital discount of 10% for Limited Pay/Regular Pay and 5% salaried discount. For Single Pay, 1% discount will be available for online purchase and salaried discount each..
#Illustrated Premium is the monthly premium including taxes for 20 yr. old female, Standard Life, Non-Smoker for 2 Cr. Sum Assured with Policy Term of 15 yrs. (Regular Pay) with Life Secure plan option. Please refer Benefit Illustration for more details. Tata AIA Life shall have the right to claim, deduct, adjust, recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy. Kindly refer the sales illustration for the exact premium.
~Under Life Promise Plus Option, an amount equal to the 100% of the Total Premiums Paid (excluding loading for modal premiums) shall be payable at the end of the Policy Term, provided the life assured survives till maturity and the policy is not terminated earlier
Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (UIN:110B033V03) - A Non-Linked, Non- Participating Individual Health Rider, Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (UIN: 110B031V03) - A Non-Linked, Non- Participating Individual Health Rider, Tata AIA Vitality Protect (A Non-Linked, Non- Participating Individual Health rider (UIN:110B046V03), Tata AIA Vitality Health (A Non-Linked, Non- Participating Individual Health rider (UIN:110B045V02) are available under this plan
Vitality is a trademark licensed to Tata AIA Life by Amplify Health Assets PTE. Limited, a joint venture between Vitality Group International, INC. and AIA Company Limited. The assessment under the wellness program shall not be considered as a medical advice or a substitute to a consultation/treatment by a professional medical practitioner.
1Individual Death Claim Settlement Ratio is 99.13% for FY 2023-24 as per the latest annual audited figures
277,26,727 families protected till December 2023
3Applicable to only non-early claims with more than 3 years of policy duration, non-investigation cases, up to Sum Assured of Rs. 50 lakhs. Applicable for branch walk in. Time limit to submit claim to Tata AIA Life Insurance is 2 pm on working days. Subject to submission of complete documents. Not applicable for ULIP policies and open title claims.
4As on 03rd April 2024, the company has a total Assets Under Management (AUM) of Rs. 1,00,099.11 Crores
5Retail Sum Assured for FY2023 is Rs 4,43,479 Crores
6Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums and exclusions under the rider, please contact Tata AIA Life's Insurance Advisor/ branch.
7Whole life cover option is available in Tata AIA Sampoorna Raksha Promise. This feature is not applicable for POS. Please refer the brochure for additional details.
8Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere on this site. Please consult your own tax consultant to know the tax benefits available to you.
L&C/Advt/2024/Aug/2305
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