Term Insurance Calculator

What is Term Insurance?

Term insurance is pure life cover that pays a lump sum to your nominee if you pass away during the policy term. It has no maturity benefit, making it the most affordable life insurance option.

Why Term Insurance?

• Most affordable way to get high life cover
• Pure protection without investment component
• Critical for income earners with dependents
• Tax benefits under Section 80C and 10(10D)

How Much Cover Do You Need?

• Income Replacement: 10-15x annual income
• Loan Coverage: All outstanding debts
• Future Goals: Education, marriage expenses
• Less: Existing insurance and savings

Ideal Cover Term

• Till retirement age (55-65 years)
• Or until children become financially independent
• Longer terms mean slightly higher premiums

Key Features to Look For

• Claim Settlement Ratio: Above 95% preferred
• Return of Premium: Optional (increases cost)
• Critical Illness Rider: Additional coverage for serious illnesses
• Accidental Death Benefit: Extra payout for accidents
• Waiver of Premium: Premium waived on disability

Popular Term Insurance Plans in India

• HDFC Life Click 2 Protect
• ICICI Prudential iProtect Smart
• Max Life Smart Secure Plus
• Tata AIA Sampoorna Raksha
• SBI Life eShield

Tips for Buying

• Buy early - premiums are lowest when young
• Declare health conditions honestly
• Compare quotes from multiple insurers
• Dont underinsure to save on premium
• Update nominee details regularly