Term Life Insurance Premium Calculator India 2026

A common guideline is 10-15 times your annual income for salaried individuals, adjusted for outstanding loans (like a home loan) and future goals such as children's education. This calculator uses 12x income as a middle-ground estimate.

Premiums generally qualify for deduction under Section 80C (within the overall ₹1.5 lakh limit) under the old tax regime, and the death benefit payout is typically tax-free under Section 10(10D), subject to conditions. Confirm current eligibility with a tax adviser, since 80C deductions are not available under the new tax regime.

Buying early, typically in your 20s or early 30s, generally locks in lower premiums since age and health are the biggest pricing factors. Premiums usually rise noticeably with each passing year and with any new health conditions.

Insurers price smokers separately because smoking is statistically linked to higher mortality risk. The exact surcharge varies by insurer, but a meaningfully higher premium than the non-smoker rate is typical.

This depends on the insurer, your age, and the coverage amount — lower coverage may be issued without tests, while higher coverage usually requires medical underwriting. Requirements vary by insurer, so check with the specific company you're applying to.