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A Group Term life insurance premium calculator is a useful online tool that can be accessed free of cost. It helps you compare different group term plans and allows you to fund the right policy as per your requirements.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
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Group Term Life Insurance plan is a type of life insurance coverage offered to a group of people under a single policy. It provides financial protection and security to the nominees/beneficiaries in case of any unforeseen event during the coverage time.
Term Plans
Here are the benefits of Group Term Life Insurance plans to employees as well as an employer:
Cost-effective: These plans are generally inexpensive as compared to other individual plans.
No Medical Test: There is no requirement for undergoing a medical examination under this plan. Anyone availing of such type of policy is automatically covered right from the point they bought the plan.
Default Coverage: A group term insurance plan offers insurance cover to members by simply being part of that group. It ensures standard insurance covers for those individuals who do not have a personal life insurance plan.
Gratuity Funding: Employers are assisted with a systemic process of building funds for their future gratuity liability to the employees. A group term life insurance plan helps the employer with the same type of process, along with offering life insurance coverage to employees, with better ease.
Tax Benefits: Group term life insurance plans offer tax savings benefits to both employees and employers. The death payouts are exempted from tax u/s 10(10D) of the ITA, 1961. In addition
The premium amount of a group term plan varies based on the type of premium payment mode opted by the policyholder. So, in order to help the buyers to calculate the premium price of the policy, the group term life insurance calculator comes to the rescue. Let’s discuss in detail:
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A Group term insurance premium calculator is a freely available online tool that helps compute the premium amount that you are required to pay for the desired coverage and plan benefits. The term calculator considers certain factors such as current income, age, marital status, debts, medical conditions, and the number of dependents to help you select an insurance policy that best fits your requirements and life objectives.
Using a Group term life insurance calculator is so easy and convenient. You can compute the premium rates of term insurance online in a couple of minutes by following the below steps:
Step 1: Enter your details
The policyholder will need to enter personal details such as birth date, marital status, number of children, life cover, gender, annual income, etc. You may also be asked about your lifestyle habits such as tobacco and smoking.
Step 2: Enter the desired sum assured
Then, enter how much sum assured amount you want and for how many years. You would also be required to inform how would your family wants to receive money – A one-time lump-sum payment or monthly income.
Step 3 Enter the Estimated Yearly increase in income
Fill in the estimated yearly increase in income to make the right calculation
Step 4 Comparison of plans
The group term life insurance premium calculator will display the right term plans based on your chosen parameters and the details submitted. Choose the right plan and proceed to buy.
A group term life insurance premium calculator comes with a number of benefits. It is easy and simple to use, besides being accurate and quick. Using a term calculator helps you compare different term insurance plans and zero in on the one plan that rightly suits you.
Here are the important benefits of a Group term life insurance premium calculator are as follows:
This online tool can help you find the right plan in just a few clicks. With a group term life insurance calculator, you can directly buy a plan online, without the intervention of any intermediaries or agents.
The group term life insurance premium calculator provides you the option of comparing different group term plans and choosing the best that fits your requirements.
If you are looking out for an economical term plan, then use an online group term insurance calculator to compare and select the right cost-effective plan.
A group term life insurance premium calculator provides you with an estimate of the right coverage amount. It helps cover your liability and family’s financial requirements and the premium amount payable under the insurance policy. The selection of coverage depends upon certain parameters such as annual income, marital status, existing liabilities, and the number of dependents and other factors.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
The term calculator helps you know the premium amount to be paid immediately. Once you know the amount that you are required to pay regularly, you can plan your budget accordingly.
The following parameters play an important role in determining your group term plan premium rates:
Plan Tenure: Term plan duration selected by the policyholder determines the premium payable
Premium paying tenure: Life assured can choose to pay premium amounts monthly, quarterly, half-yearly, or yearly.
Life cover: The amount of life cover chosen by the policyholder affects the premium amount
Age and lifestyle: The policyholder’s age at the time of issuing the policy determines the premium amount. Your lifestyle (smoking or non-smoking habit) will also be considered while determining the premium rates.
Premium payment option: You can choose the following options to pay premiums:
Regular pay
Limited pay
Single Pay
Note: Know what is term insurance first and then buy a term plan for your loved ones.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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