Introducing the smart financial tool for 2025 – the term insurance calculator! Planning your family's financial security has never been easier. With the ACKO Term Insurance Calculator, you have instant answers to your term insurance premium and the coverage your family needs—all within a few clicks! Make smarter insurance decisions in seconds—try the ACKO Term Plan Calculator now
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A term insurance calculator is an online tool that estimates your premium for your required coverage free of cost. Based on minimum information such as age, gender, and smoking, it provides an easy and convenient method of finding a suitable plan according to your requirements and budget.
Using a term insurance calculator in 2025 in India makes it easy and convenient to make sound decisions regarding your insurance requirements. Here is a step-by-step guide to follow:
First, visit the website of a reliable term insurance company or a financial comparison site with a term insurance calculator.
You'll generally come across a section called "Term Insurance Calculator" or something close to that. Click on it and start filling in your details. You'll typically be required to fill in information such as your age, gender, annual salary, desired coverage, and the term (period) for your policy.
When you input your information, the term insurance calculator will instantly provide you with the estimated premium price. You can modify the coverage value and term length to observe how they influence the premium.
Most term insurance calculators provide several insurance policies. Compare premiums, coverage, and benefits to determine the best fit for your requirements and budget.
Click on the plan in which you want to view more information. Note the policy conditions, riders (other coverage options), and exclusions.
Once you've identified a plan that meets your needs, you can ask for a quote directly from the term policy calculator. This will provide a more precise premium estimate based on your personal details.
If you agree with the quote, you can call the insurance company using the given contact information to discuss the policy further, clarify your queries, and finalise the application process.
Following are the benefits of using a term insurance calculator India.
This helps you estimate the coverage amount you need based on your financial situation, ensuring you're neither underinsured nor overinsured.
Saves time by giving immediate quotes, avoiding the need to calculate premiums and coverage values manually.
Assists you in identifying cost-efficient term insurance policies that match your requirements and budget.
This feature allows you to compare prices from various insurance providers, assisting in the choice of the best policy.
Offers a clear breakdown of policy details, sum assured, and premiums, allowing you to make an informed choice.
You can use it at any time, anywhere, from your home or office, which makes it highly convenient.
Remember that some term policy calculators may not cater to complex financial scenarios or unique family situations, affecting the accuracy of results.
If you don't use a term policy calculator, a few of the following things might happen.
You might end up paying more money than you need to for your insurance. Without the Term Plan Premium Calculator, you won't know the exact amount that suits your needs and budget.
You might not buy enough coverage to protect your family properly. If anything happens to you, the insurance money might not be enough to support your loved ones financially.
Without knowing the right premium amount, you could be stressed about whether you can afford the insurance or not. It might affect your financial planning and peace of mind.
The term life insurance calculator offers you a fast, personalised view of your policy requirements and enables you to make an informed choice. This is how it happens in 5 easy steps:
You'll first enter basic details about yourself. Don't worry; this is all to calculate the correct coverage.
Then, you'll choose how much you want your loved ones to get if something were to happen to you. It's the money (sum assured) that your family will receive if you're not around to take care of them.
Term insurance provides life coverage for a limited number of years, such as 10, 20, or 30. You will select how long you'd like to be insured.
Once you've entered everything, the life term insurance calculator will estimate the premiums for your term life insurance policy.
You can use this information to compare various insurance policies and select the one that best suits your budget and needs.
Term Insurance is a type of life Insurance policy that provides financial protection for a specific period, or "term," typically ranging from 10 to 30 years. If the policyholder passes away within the term, a predetermined sum, known as the death benefit, is paid to the beneficiaries.
Term Insurance is generally more affordable than other life insurance options, as it solely offers death benefits without a cash value component.
Ideal for providing financial security for dependents, term Insurance helps cover debts, education, and daily living expenses if the policyholder passes away during the policy term.
Buying a Term Insurance Plan is a commitment to protect your loved ones financially in case something unfortunate happens. It is an effective tool for everyone, including:
The Term Insurance Plan is ideal for all debt holders, and a Term Plan Calculator will help them estimate the amount they can cover for debts such as a car or home loan. This helps ensure your family doesn't experience monetary issues during your absence.
When you're young and in great health, getting a term insurance plan will be ideal as it comes with much lower premiums. You can affordably secure a good amount of coverage, leading to a long-term investment in monetary security.
For all single parents, this policy will deliver monetary support to kids who depend heavily on you. This kind of protection guarantees that your children have a safety net during an unexpected situation and, in return, will keep their future perfectly safe.
If you're the main earner in the family, acquiring Term Insurance will be worth it. That way, you can ensure that your family is protected financially even when you’re no longer there to provide for them. It will give you peace of mind to learn they will not experience hardship.
It is a smart decision if you have loved ones who depend on you financially, such as a spouse, children, or ageing parents.
For all business owners, the Term Insurance Policy will aid in covering all the business-related debits and offer a smooth transition.
The ideal time to purchase a term insurance policy is as soon as possible. The younger you are, the lower the premium you will have to pay. Also, purchasing early guarantees that you are protected against unexpected risks from an early age in life.
Most individuals delay term insurance purchases because they think there is enough time. However, with every passing year, the premium continues to grow based on increased health risks. Second, if an individual develops a health condition later in life, they may be offered a significantly higher premium or even rejected on the application. Purchasing early preserves lower premiums and ensures financial protection.
Proper term insurance coverage is key to protecting your family's financial future. The perfect cover amount varies based on income, expenses, liabilities, and long-term financial goals.
One easy method of estimating your term insurance coverage required is by employing the Human Life Value (HLV) method, which recommends a cover of a minimum of 10-15 times your yearly earnings. You must also account for your current liabilities (home loans, personal loans, etc.), your family's monthly expenditure, inflation, and future expenditures like your child's education and marriage. By thoroughly evaluating these factors, you can ensure your loved ones are financially well-off even in your absence.
A limited pay option for term insurance provides you with the opportunity to pay premiums for a shorter period but get coverage for the entire policy duration. Rather than paying premiums for the entire policy period, you make all payments within a certain time, e.g., 5, 10, or 15 years.
It is highly advantageous if you wish to clear premium payment earlier and be stress-free with no long-term liability. It is best suited for salaried individuals who desire to match their premium payments to earning years or entrepreneurs who want to clear financial liabilities early.
Several payout options are available in term insurance plans, and you can choose how your beneficiaries will get the sum assured. The three most popular payout options are:
The entire sum assured is paid in a lump sum. This is appropriate if your family needs instant money for loans or huge expenses.
Example: Rajesh, who was 40 years old and a professional, had a term insurance policy of ₹1 crore. When he met with an untimely death, his wife got the entire amount at once. She utilised ₹50 lakh to settle their home loan and invested the remaining amount for their children's future education and expenses.
Instead of a lump sum, the money is paid as a fixed monthly income for a specified duration. This facilitates payment of household expenses and provides a regular cash flow to dependents.
Example: Priya, a homemaker, lost her husband, Anil, who had opted for a monthly income payout. She now receives ₹20,000 per month from the insurer, which helps her pay rent, school fees, and daily household expenses without worrying about money.
Under this option, some part of the sum assured is paid as a lump sum and the remaining as monthly income. It provides a combination of both future and immediate needs for money.
Example: Amit, an entrepreneur, had a term plan of ₹1.5 crore sum assured. His family was given ₹50 lakh upfront to clear business loans, and the rest is being received in the form of ₹75,000 for 5 years, providing financial security for the future.
The most suitable payout option depends on your dependents' financial literacy, current liabilities, and how they would like to handle money. The monthly income option or combination payout may be more appropriate if your dependents are less experienced in handling large amounts. You can ensure your family's financial security by choosing the appropriate term insurance coverage, payment mode, and payout option.
When selecting a reliable Term Insurance provider, Acko stands out for its innovative approach and customer-centric services. Whether looking for comprehensive support or straightforward policy options, Acko ensures you have the tools and guidance to make informed financial protection decisions.
ACKO is a digital-first insurance company, which means that you can buy, renew, and claim your life insurance policy online. This is more convenient than having to go to an insurance agent or branch office.
ACKO believes in quick claim settlements. Our online infrastructure is designed to process claims more efficiently and faster. This means your loved ones can access the financial aid you created for them sooner.
ACKO's basic philosophy is to provide fair pricing and convenience. Our products offer more value at a cheaper rate, making the policies affordable and efficient.
Life is unpredictable, but with ACKO, you can enjoy peace of mind knowing that your family's financial well-being is safeguarded in the face of life's uncertainties.
ACKO Life Flexi Term Plan is known for its unmatched flexibility, lower premiums and extensive coverage. With this plan, you can customise how much money your family would receive, how long the plan lasts, how often you make payments, and even how the money is given to your family with just one click in the ACKO App. You can also use the Term Insurance to find out more about the premium and coverage of the Flexi Term Policy.
We believe in being fair and friendly with your wallet. Our insurance plans give you excellent coverage without breaking the bank. So you can stay protected and save money. That's a win-win.
We're all about making life easier! Being digital-first means you can easily buy or make claims with us on your Term Insurance Policy. No more hassle, just simple and quick steps. Use the Life Insurance Premium Calculator to determine how much you will claim through your insurance plan.
You can enhance your ACKO Life Flexi Term Plan with valuable riders. You can opt for:
With just a few clicks, create a will to show which assets go where.
This option allows you to control how your nominees will receive the sum assured. You can choose if the claim settlement is partially done through monthly payments or as a one-time full payment.
To file a Term Insurance claim through the ACKO app, you can follow these steps:
The required documents may vary depending on the type of claim. For a death claim, you will need to upload the death certificate. You may also need to upload a medical certificate, a police report, or other documents.
Once you have submitted your claim, ACKO will review it and process the settlement. The funds will be disbursed according to the terms of your policy.
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet, and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content, and before making any insurance-related decisions.
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Reviewed by Vaibhav Kumar Kaushik 
Acko Technology & Services Private Limited
#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
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