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Life Insurance Premium

Life insurance premium refers to the specific amount periodically paid by the policyholder to avail insurance coverage of a life insurance policy and to keep the life insurance policy active. The premium amount is calculated by the insurance provider based on certain factors.

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1 Crore Life Cover starting from just ₹16/Day*
1 Crore Life Cover starting from just ₹16/Day*
  • Tax Benefit
    Tax Benefit
    Up to 1,50,000**
  • Claim Support
    Claim Support
    Everyday 10AM-7PM
  • 45 Lacs+
    45 Lacs+
    Happy Customers

*Standard Terms and Conditions Apply.

**Tax benefits are subject to changes in Income Tax Act.

What Is Life Insurance Premium?

Life insurance premium is the specific amount periodically paid by the policyholder during the premium payment term of the life insurance policy to be able to avail coverage benefits and to keep the life insurance policy in force. The life insurance premium is calculated by the insurance company based on certain factors such as age, gender, profession, health condition, lifestyle, personal habits etc. An applicant can also estimate the amount premiums he/she will be paying for their life insurance policy by using a life insurance premium calculator.

Insurance companies also appoint actuaries for the purpose of accurate analysis of a person’s life insurance premium calculation. The actuary analyzes the risk associated with a person's way of living, personal habits, medical condition etc.

Term Life Insurance Premium Calculator

Gender

  • Male
  • Female

Date of Birth

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Do you smoke or chew tobacco?

  • Yes
  • No

Choose required coverage to secure your family’s future

50L
1Cr
1.5Cr
2Cr
Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

How To Pay Life Insurance Premiums?

There are several premium payment options provided by the life insurance company premium payment. The policyholder can choose to pay premiums on a monthly, quarterly or health year basis, the policy can also choose to make a single premium payment. This is known as premium payment mode/frequency.

Premium payment frequency determines the premium payment term under which the policyholder makes the regular premium payment for a fixed period of time. The policyholder can choose to make the premium payment online or through offline methods which are demand draft, cash, cheque etc.

What Happens If You Fail To Pay Life Insurance Premiums?

In case the policyholder fails to pay a premium on the due date, it causes the life insurance policy to step into the grace period offered by the life insurance company. Grace period is additional period of time provided to the life assured for making premium payments after the due date. In case the life assured fails to pay the premium even during the grace period the life insurance policy will lapse causing the policy to discontinue.

Therefore, it is advised to make regular premium payments to avoid policy lapse and termination.

What Factors Impact Life Insurance Premiums?

Below listed are some factors that affect life insurance premium:

  • Age
  • Gender
  • Medical History
  • Present Medical Condition
  • Personal Habits (Consumption of alcohol/tobacco)
  • Profession
  • Lifestyle Choices
  • Profession
  • BMI (Body Mass Index)

Life Insurance Companies User Reviews

What users are saying
  • Securing Family

    I was looking for a meaningful gift for my niece’s wedding when I came across the Life Insurance policy from InsuranceDekho. I gifted her LIC Life Insurance, and there couldn’t have been a better gift for her future. Thank you, team. You are doing a wonderful job. 

    S
    LIC
    By Sandeep Bishnoi
    On: June 24, 2024
  • Perfect Gift for my family

    My parents are getting older, I surprised them with a life insurance policy from Bajaj Allianz Life Insurance. I purchased it through InsuranceDekho; the process was smooth and a totally easy breeze. Thank you team, for helping me secure my family.

    A
    Bajaj Allianz
    By Asraf Ali
    On: June 24, 2024
  • User-Friendly Portal

    InsuranceDekho has helped me find a perfect Life Insurance Plan from ICICI Prudential. It fits my budget and all my family's needs. Thanks to the online premium calculator, I was able to compare all my plans before making a decision. They have such an easy-to-use portal. Recommend to everyone. 

    J
    ICICI Prudential
    By Jipin TP
    On: June 21, 2024
  • Supportive team

    Insurancedekho helped me understand the importance of a joint life insurance plan for both me and my wife. Based on their recommendation, we bought HDFC Life Insurance. Their advice has come in handy, and now we enjoy the benefit of safety it provides. Thank you so much, team. 

    K
    HDFC
    By Karthick arjuna
    On: June 21, 2024
  • Customer Satisfaction

    My child has special needs, and upon referral from my family friend, I bought PNB MetLife Insurance for my kid from InsuranceDekho. Shruti from the customer support team helped me at every stage, and now my family has financial security for their care after I am gone. Thank you. 

    N
    PNB Met
    By Niliska D’Souza
    On: June 21, 2024

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