Term Insurance Premium
Calculator 2026

For a 30-year-old non-smoker male buying online, Rs 1 crore term insurance costs Rs 700-1,000 per month (Rs 8,000-12,000 per year) with cover till age 60. At age 25, it drops to Rs 550-750/month. At age 40, it jumps to Rs 1,500-2,100/month. Women pay 15-20% less. Smokers pay 40-80% more. These are post-GST-removal prices — since September 2025, individual term insurance attracts 0% GST.

No. Since September 22, 2025, individual term insurance premiums attract 0% GST (down from 18%). This applies to all individual pure term plans — online and offline. Group term insurance still attracts 18% GST. On a Rs 10,000/year premium, this saves Rs 1,800/year or Rs 54,000 over a 30-year policy. If your insurer is still charging GST on an individual term plan, escalate to IRDAI.

Online term plans are 30-40% cheaper than offline (agent-sold) plans. A 30-year-old male pays approximately Rs 9,000-10,000/year online vs Rs 13,000-14,000/year offline for Rs 1 crore cover. The difference is entirely due to agent commission (10-30% of first-year premium). The policy terms, claim process, and coverage are identical. Every major insurer (HDFC, ICICI, Tata AIA, Max Life) offers cheaper online-only variants.

CSR by count = percentage of claims APPROVED out of total claims received. CSR by amount = percentage of CLAIMED RUPEES actually paid. A company can have 99% CSR by count but 93% by amount — meaning they approve most small claims but reject large ones disproportionately. Example: Bajaj Allianz has 99.32% CSR by count but only 93.78% by amount (5.5 percentage point gap). Always check BOTH metrics. PNB MetLife (99.57%/99.30%) and Canara HSBC (99.43%/99.08%) have the smallest gaps.

Smoker loading increases with age: at age 25, smokers pay approximately 64% more (Rs 616/month vs Rs 1,013/month for Rs 1 Cr). At age 45, the loading rises to 82% (Rs 1,199/month vs Rs 2,179/month). Over a 30-year policy, a smoker pays Rs 4-7 lakh MORE in total premiums. If you quit tobacco for 12+ months and pass a cotinine test, you can get reclassified as non-smoker and reduce your premium by 40-60%. Some insurers require 24 months of abstinence.

Rs 50 lakh is NOT enough for most urban families. Use the DIME formula: D (total debts) + I (annual income x years to retirement) + M (mortgage/rent for dependents) + E (children education fund). A 30-year-old earning Rs 12 lakh/year with a Rs 40 lakh home loan and 2 kids needs approximately Rs 2-2.5 crore cover. At age 30, Rs 2 crore online costs just Rs 1,400-1,700/month — barely more than a streaming subscription.

Maybe, but understand the limitations first. A Rs 10 lakh CI rider at age 30 adds approximately Rs 800-1,200/year (10-15% of base premium). However, CI rider covers only 10-15 listed diseases, often expires at age 45 even if your term plan runs till 65, and pays a one-time lump sum (not medical bills). A standalone health insurance plan with Rs 10-20 lakh cover is more comprehensive. Add the Waiver of Premium rider instead — it costs only Rs 400-600/year and waives all future premiums if you become permanently disabled.

By FY 2024-25 IRDAI data — HDFC Life leads by count (99.71%), but PNB MetLife leads by amount (99.30% — meaning they pay even large claims consistently). Top 5 by combined metric: (1) PNB MetLife (99.57%/99.30%), (2) Canara HSBC (99.43%/99.08%), (3) Tata AIA (99.43%/98.57%), (4) ICICI Prudential (99.34%/98.33%), (5) HDFC Life (99.71%/98.14%). LIC at 98.15% by count is lower than all top private insurers and is also the slowest at settlement (96.42% within 30 days vs 99%+ for private).

Insurers charge extra (premium loading) based on BMI because higher BMI correlates with higher mortality risk. BMI 25-29.9 (overweight): 0-15% loading. BMI 30-34.9 (obese class I): 10-25% loading. BMI 35-39.9 (obese class II): 25-50% loading. BMI 40+ (morbid obesity): may be declined entirely or 50%+ loading. A BMI of 32 on a Rs 10,000 base premium adds Rs 1,000-2,500/year. Losing weight before applying can save Rs 30,000-75,000 over the policy term.

Depends on age and cover amount. Under 35, up to Rs 50 lakh: often NO medical tests (tele-medical only). Under 35, Rs 50L-1 Cr: blood + urine tests. Under 35, Rs 1-2 Cr: blood, urine, ECG. Age 36-45, any amount: blood, urine, ECG, lipid profile. Age 46+: full medical including TMT (treadmill), liver/kidney function, chest X-ray. All tests are FREE — paid by the insurer at their empanelled diagnostic centers. Tests typically take 30-60 minutes.

Limited pay can save 40-54% on TOTAL premium outflow. Example: Rs 1 Cr cover till 60, age 30 — Regular pay: Rs 8,000/year for 30 years = Rs 2.4 lakh total. Limited pay (15 years): Rs 14,000/year for 15 years = Rs 2.1 lakh total. You save Rs 30,000 and stop paying 15 years earlier. The trade-off: higher annual premium during the paying period. Limited pay is ideal if you want to be premium-free by age 45-50.

After 3 years (Section 45 of Insurance Act), the insurer CANNOT reject a claim on grounds of non-disclosure or misrepresentation UNLESS they prove fraud. Before 3 years, any material non-disclosure (hiding smoking, diabetes, family history) can void the claim entirely. The 3-year contestability period is the most important consumer protection in Indian insurance law. This is why honest disclosure at the time of buying is critical — it protects your family long-term.