What is Insurance Premium Estimator?
The Insurance Premium Estimator gives you a ballpark estimate of term life insurance and health insurance premiums in India. Insurance is one of the most important financial products — yet most Indians are significantly underinsured.
Term Life Insurance: Pure protection — pays the sum assured to your family if you die during the policy term. No maturity benefit. This makes it extremely affordable: a 30-year-old non-smoker can get ₹1 Crore coverage for just ₹8,000-12,000/year. Premium depends on age, sum assured, health, smoking status, and policy term. Buy early — premiums double every 10 years of age.
Health Insurance: Covers hospitalization expenses. A ₹5 Lakh cover for a 30-year-old costs ₹4,000-8,000/year. Family floater plans (covering spouse + kids) are more economical than individual plans. Top-up plans are a cost-effective way to increase coverage above ₹5-10L.
Recommended coverage: Term life = 10-15× annual income (₹50L-1Cr for most salaried Indians). Health insurance = minimum ₹5L individual, ₹10-25L for family. Both are tax-deductible under Section 80C (life) and Section 80D (health).
Note: These are estimates. Actual premiums vary by insurer, underwriting, and health factors. Get quotes from PolicyBazaar, Ditto Insurance, or insurer websites for exact premiums.
Formula
Term Life Premium (approximate): Base rate per ₹1 Cr: ~₹8,000/year (age 30, non-smoker)
Age multipliers: 18-24: 0.7× | 25-29: 0.85× | 30-34: 1× | 35-39: 1.3× 40-44: 1.8× | 45-49: 2.5× | 50-54: 3.5× | 55+: 5×
Smoker surcharge: +50%
Health Insurance (approximate): ₹5L cover: ₹4,000-8,000/year (age 30) Age multipliers: similar to term life
Example — Age 30, ₹1 Cr term + ₹5L health: Term: ₹8,000 × 1.0 = ₹8,000/year (₹667/month) Health: ₹5,000 × 0.8 = ₹4,000/year Total: ₹12,000/year — less than ₹35/day for complete protection
How to use this Insurance Premium Estimator?
1. Enter your current age. 2. Set desired life cover (rule of thumb: 10-15× annual income). 3. Set health cover (₹5-10L for individual, ₹10-25L for family). 4. Select smoker/non-smoker status. 5. See estimated annual and monthly premiums.
Pro tip: Buy term insurance as early as possible — a 25-year-old pays 30% less than a 30-year-old for the same cover. Premium is locked for the entire term.