Here’s how you can accurately calculate your term insurance premium

term insurance

The sudden demise of a person not just creates a void in life but puts financial pressure on the family members as well. The best a person can do is to opt for an insurance plan to secure its family member’s life which wouldn’t wreak havoc in their life after their beloved’s demise. The term insurance premium calculator comes to the rescue for future planning. It can be paid depending upon the option that the person may opt for like monthly, quarterly, half-yearly or annually.

What is Term Insurance Premium Calculator?

It’s a tool to calculate the premium to be paid by an individual based upon their salary and the plan they opt for. The premium calculated depends upon various factors such as age, gender, income, lifestyle and term period. The term insurance premium calculator allows an individual to easily compare different term plans offered by different companies. The number of term plans being offered by different companies is huge, so to escape the trouble of selecting the best plan for your family, an individual can just enter a few details and within no time you will get the e-premium to be paid by an individual. They may customize this information as per their convenience.

Factors to calculate your term insurance premium:

Certain factors influence the premium policy rate. So, to get hold of the best plan, a person needs to provide with credentials which are as follows:


The first and foremost vital point to be considered for calculating the term insurance premium plan is age. An individual’s age will be one of the deciding factors for the premium rate. The younger the insurance buyer is, the lesser the amount of premium he has to pay.

Insurance requirement

Different plans offered caters to different need of the insurance buyer. So, the term plan should be availed as per the financial goal and the needs of the buyer,

Coverage amount

According to the future needs and the rate of inflation, the coverage amount should be decided priorly to calculate the premium for the individual.


It is considered to be important because females are assumed to live longer than their counterpart.

Selected Policy term

It is often seen that longer the duration of the chosen term plan, the lesser will be the insurance premium. So, it’s always suggested to opt for plans with longer duration rather than the plans with shorter duration.


The industry in which the individual has been working is required to be mentioned to compute the risk factor in that industry. For example, insurance buyer from fishing, mining and shipping industries are subjected to higher risk at work rather than the one working at an office. So, they have to pay higher premium rates.

Benefits of term insurance premium:

  • Time-saving technique: The computation of e-premium for an individual, doesn’t require them to submit any hard copy document. Once the details have been entered, it would suggest the best plan in no time.
  • Comparison of various plans: Fretting over the comparison of numerous plan available in the market can be frustrating but with the help of this tool, things ease out.
  • Cost-effective: The individual can get hold of the required information for his insurance plan without having to pay any hefty amounts.

The credentials provided by the individual should be correct to get the most beneficial plan. So, with proper research and taking into consideration the future plans, an individual can always opt for the best plans offered. To know more about how to calculate term insurance plans, read the above-mentioned points thoroughly.

Dean Duke
My name is Dean Duke. I am a full-time writer who loves to do research and learn new things then start writing.

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