Explore our interactive tools & premium calculators to plan for your financial goals.

Explore our interactive tools & premium calculators to plan for your financial goals.

Future Cost of your Child's Education

Plan for your child's future education & bright future, keeping inflation costs in mind

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Retirement Planning Calculator

Find out how much would you need to have a happy, worry-free retired life

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Savings Advantage Plan

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Human Life Value

Find out how much would your family need to continue leading the life that you have created for them, even in your absence

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Mortality Risk Calculator

Find out how your lifestyle choices may be affecting your lifespan. Let go of the risky ones & adopt more healthy habits.

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Child's Marriage Expense Planner

Figure out how much you need to save for your child's dream wedding plans?

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How much Insurance do I need?

How much insurance cover should you have to make sure that your family's dreams can come true, even in your absence? Find out.

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BMI (Body Mass Index) Calculator

BMI is a reliable measure of body fatness leading to health problems. Know your weight category based on your height/weight combination.

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Insurance Premium Calculators

Find the most suitable product for your savings, retirement, child, wealth & protection needs.

Insurance Premium Calculators

Find the most suitable product for your savings, retirement, child, wealth & protection needs.

Max Life Future Genius Education Plan

Max Life Future Genius Education Plan

A non-unit linked plan that will look after your child’s education, even in your absence

 

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Max Life Guaranteed Income Plan

Max Life Guaranteed Income Plan

An Income plan that provides guaranteed income for both planned or unplanned expenses with Survival and Death Benefits

 

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Max Life Online Savings Plan

Max Life Online Savings Plan

Max Life Online Savings Plan gives you competitive plan features and benefits to meet your future needs

 

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Max Life POS Guaranteed Benefit Plan

Max Life POS Guaranteed Benefit Plan

Presenting Max Life POS Guaranteed Benefit Plan. A plan that’s easy-to-comprehend, hassle-free to buy and provides guaranteed benefit to ensure financial security for your Dreams.

 

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Max Life Shiksha Plus Super

Max Life Shiksha Plus Super

Max Life Shiksha Plus Super Plan helps you secure a fund for your child’s future education and lot more.

 

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Max Life Forever Young Pension Plan

Max Life Forever Young Pension Plan

Max Life Forever Young Pension Plan helps you create savings for retirement years while safeguarding you from ups and downs of the equity market.

 

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Max Life Flexi Wealth Plus Plan

Max Life Flexi Wealth Plus Plan

Max Life Flexi Wealth Plus helps you create wealth through systematic savings into various equity and debt fund options.

 

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Max Life Premium Return Protection Plan

Max Life Premium Return Protection Plan

A premium return policy with comprehensive life cover.

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Max Life Whole Life Super

Max Life Whole Life Super

A plan that provides life cover till the age of 100 years and a legacy for the next generation

 

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Max Life Life Perfect Partner Super

Max Life Life Perfect Partner Super

A perfect partner to lead a stress-free retirement with 212.5% of sum assured on maturity

 

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Max Life Smart Term Plan

Max Life Smart Term Plan

Max Life Smart Term Plan: A customizable term plan that offers comprehensive protection against critical illness, disability, and death and while giving you an option to get all your premiums back

 

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Max Life Platinum Wealth Plan

Max Life Platinum Wealth Plan

Max Life Platinum Wealth Plan, an ideal plan that helps you accumulate and grow your savings so that you achieve your long-term goals easily.

 

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Max Life Assured Wealth Plan

Max Life Assured Wealth Plan

Max Life Assured Wealth Plan, Get fully guaranteed lump sum maturity benefit to meet your savings goals.

 

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Max Life Super Term Plan

Max Life Super Term Plan

A term plan that looks after your family’s needs with annually increasing benefit payout

 

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Max Life Monthly Income Advantage Plan

Max Life Monthly Income Advantage Plan

A life insurance plan that gives a guaranteed monthly income for 10 years

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Max Life Online Term Plan Plus

Max Life Online Term Plan Plus

Max Life Online Term Plan gives you Flexibility to choose the death benefit payout as lumpsum or lumpsum & monthly income

 

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Guaranteed Lifetime Income Plan

Guaranteed Lifetime Income Plan

Max Life Guaranteed Lifetime Income Plan is an annuity plan that allows you to convert your life-savings into a lifelong regular income source

 

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Max Life Fast Track Super

Max Life Fast Track Super

Max Life Fast Track Super Plan is one such plan that aims to provide insurance options with a simplistic and safe approach to invest in the market with multiple fund options.

 

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Max Life Smart Wealth Plan

Max Life Smart Wealth Plan

Max Life Smart Wealth Plan, A comprehensive life insurance savings plan to meet all the milestones in your life.

 

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Use our Plan Finder to find the right Life Insurance plan in 2 easy steps.

Before buying insurance, people look to clear all doubts related to policy coverage. They ask questions about the right insurance cover for their themselves, the appropriate policy term, and most importantly, the premium payable against the insurance coverage.

To help customers learn about the various policy benefits and get an estimate of the insurance coverage and the required premium, insurance companies provide online insurance premium calculators. With an insurance premium calculator, consumers can quickly determine themselves the premium payable against any insurance policy on offer, before buying that plan.  

An online insurance premium calculator helps prospective buyers in comparing quotes for different policies. Based on the type of policy chosen, the insurance calculator enables them to buy a suitable plan matching their needs. 

How are Insurance premium Calculators Beneficial?

An insurance premium calculator is a valuable tool that allows quick and easy comparison of insurance plans based on various parameters. Using an insurance premium calculator, buyers can quickly evaluate their needs and make an informed decision of choosing an appropriate plan.

Here are some prominent benefits of using an insurance premium calculator:
 

1. Simplified Process of Insurance Purchase

Without using an insurance premium calculator, calculating the premium is a tricky thing. Previously, policy buyers had no option but to agree with the premium that insurance agents ask them to pay.

However, in this Internet age, online insurance premium calculators have made it easier to calculate the premium in just a few clicks.
 

2. Easy to Manage Finances

Paying the premium on time becomes a liability for policy buyers, which does have an impact on their finances. Knowing a tentative premium amount using an insurance premium calculator makes it easier for them to plan a financial schedule that incorporates their insurance needs.

An insurance premium calculator also enables them to check how a specific policy fits well into their finances without causing financial trouble.
 

3. Hassle-free Comparison of Insurance Policies

Unlike using an insurance premium calculator, comparing the policies offline simply means visiting various agents for detailed discussions about choosing a plan. Doing this takes time and efforts, and you have to pay the agent’s commission as well.

On the other hand, the process of using an online insurance premium calculator is quite easy and with no hassles.
 

4. Access to Information About Factors That Affect Premium

Various parameters determine the premium payable for a specific insurance policy. These include an individual’s age, gender, smoking habits, the chosen policy period, and health condition. Online insurance premium calculators are calibrated with such parameters to reach an optimum premium payable.

In other words, you can get much information about the dependency of premium on these parameters using an insurance premium calculator.  

How to Use Life Insurance Premium Calculator?

Life insurance acts as a protective blanket that helps protect your family members financially when you are not around. The sum assured they would receive, works as financial aid to deal with the tough times. Using an insurance premium calculator, you can quickly get an estimate of the premium payable.

Most of the renowned insurance companies in India have insurance premium calculators available on their official websites.

You must follow a few steps to use an insurance premium calculator. These include:

1. Filling personal details like age, gender, and annual income in the insurance premium calculator

2. Selection of an insurance policy with the desired sum assured for a specific tenure

3. Selection of add-on riders available with that policy, as shown in the insurance premium calculator

4. Paying premium online as the last step of using an online insurance premium calculator
 

 Steps to Use Max Life Insurance Premium Calculator 

We, at Max Life Insurance, offer simplified insurance premium calculators to help policy buyers in selecting a suitable plan [1].

Let us consider using our life insurance premium calculator for Max Life Smart Term Plan (UIN: 104N113V03) that offers comprehensive protection against death, disability, and critical illnesses.

The steps to use this life insurance premium calculator are as follows:

1. Visit the following link to use our life insurance calculator:

https://www.maxlifeinsurance.com/term-insurance-plans/get-quote

2. Enter the details in the respective fields of the insurance premium calculator, as shown below:

 

3. In the next step of using insurance premium calculator, select the life cover for a specific age limit.

The premium varies as you change the life cover or the age while using the insurance premium calculator. At this step, you can check the premium for different combinations of age and life cover.

4. Choose the premium payment tenure, which can be less than or equal to the chosen policy period.

For instance, by selecting ‘Pay till age 60’ option visible in the insurance premium calculator above, you choose to pay the premium till you reach the age of 60. But the life cover will continue till the age of 70 years (as shown above).

5. Enhance your life insurance plan by selecting add-ons/riders available while using insurance premium calculator.

The premium estimate shown in the insurance calculator will vary as you select suitable add-ons.

6. Enter the personal information required in the insurance premium calculator, which makes you a step closer to insuring your life.

7. Pay the premium online to buy Max Life Smart Term Plan.

Types of Various Insurance Premium Calculator

Max Life Insurance facilitates premium calculation for its policy buyers by offering a wide range of insurance premium calculators [2]. You may calculate the insurance premium for the following plans –

Life insurance plans –

a) Max Life Online Term Plan Plus (UIN: 104N092V04)

b) Max Life Smart Term Plan (UIN: 104N113V03)

ULIPs

a) Max Life Assured Wealth Plan (UIN: 104N096V04)

b) Max Life Online Savings Plan – Variant 1 (UIN: 104L098V03)

c) Max Life Online Savings Plan – Variant 2 (UIN: 104L098V03)

What Other Calculators Might Help You?

Other than insurance premium calculators, Max Life Insurance also helps its customers with other interactive tools that help in analysing various financial goals.

Type

Description

Human Life Value Calculator

To help you know how much money your family will need in your absence

Child Education Cost Planning Calculator

To plan for your child’s higher education needs

Mortality Risk Calculator

To know how your lifestyle choices are affecting your lifespan

Retirement Planning Calculator

To calculate how much money, you will need to live a worriless retired life

Child’s Marriage Expense Planner

To calculate the amount, you will need for your child’s wedding plans

Frequently Asked Questions

Frequently Asked Questions

How do you calculate how much life insurance do you need?

You can easily calculate life insurance coverage by considering your human life value, current monthly expenses and liabilities, and total income. You are advised to choose a life cover of at least ten times your annual income while using an insurance premium calculator.

How do you calculate life insurance premium?

The simplest way to calculate the premium for a specific life insurance plan is to check out the corresponding insurance premium calculator online. 

Is there any option to choose how one wants to receive the life insurance payouts?

At the time of buying a life insurance policy, you can choose how your family would receive the insurance policy payout. Based on your family’s financial needs and preferences, you can usually decide the payouts to be disbursed, either in the form of a lump sum, monthly income, or increasing monthly income. The number of payout options will depend on the selected insurance; thus, you need to read through the policy documents thoroughly, before choosing the payout mode.  

How to calculate insurance cost?

An online insurance premium calculator can help you determine the cost of buying a specific life insurance policy. 

How does insurance premium calculator work?

Every insurance premium calculator is based on a pre-built algorithm defined for various parameters, such as the buyer’s age, type of policy selected, the policy period, and riders.

While using our online insurance premium calculator, you are asked to enter the value of these parameters. Accordingly, it will display an estimated quote of premium payable under the plan.

Disclaimer: - In some cases, the premium shown upfront may change basis underwriting decision.

What are the advantages of investing in a life insurance policy?

In addition to giving you, and your family, financial protection investing in life insurance offers many other benefits.

  • Encourages the habit of saving so you are provided with financial security at the time of retirement or your family is provided with financial assistance at the time of your demise.    
  • Through a Life Insurance policy you can claim a tax benefit under section 80C of the Income Tax Act, up to Rs. 1,00,000.
  • The maturity benefits from a life insurance policy are tax free under section 10(10D) of the Income Tax Act.
  • You can invest in a policy that offers you a loan against your amount invested, if you need financial assistance in the case of an emergency. You can also take a loan from a bank or financial institution and put your policy up as collateral for the loan.
  • You can invest in a policy that allows you to withdraw a part of your investment at the time of a financial emergency.
  • You can add a critical illness rider to your policy, which offers you medical aid in case you are inflicted by a serious illness or injury. Under this rider you can also claim a tax benefit up to Rs. 15,000 as specified in section 80D of the Income Tax Act.
  • You can also invest in policies in the name of your spouse and children and claimtax benefit, under section 80C, on those policies as well.

Is Life Insurance necessary?

Life Insurance is not necessary but is a smart investment to make, especially if you have a dependent spouse and children.

It offers your family the benefit of financial support even after your death. In addition to this, it offers a number of advantages and provides a lot of flexibility on your investment. For example, you can add a  critical illness rider  to cover the cost of expensive for surgeries and operations; you can withdraw a part of your maturity benefit in case of an emergency or for your child's education or marriage, etc. Life Insurance policies come with a lot of flexibility.

How much Insurance cover do I need?

While deciding the cover, it is important to remember that the objective of insurance is to provide financial support to your family and/or dependents, in case you (as the primary breadwinner) are no more, or are unable to earn because of a permanent disability or illness. The life cover you decide on should be adequate to help your family maintain the standard of living you would have provided for them always.

You should keep the following things in mind as you go about the calculations:

  • Your current annual income
  • Your current and future financial liabilities
  • Your financial goals
  • Your age at the time of policy purchase & number of working years left
  • Number of dependent family members & their expenses

Why choose Max Life Insurance?

Max Life’s claim assurance is one of the best among private insurance companies in India. The company has an impressive individual death claims paid percentage of 98.26% in FY'18 (Src: Max Life Public Disclosure FY 2017-18). Such a healthy claim settlement ratio means that you are more than likely to get your claims on time, and at the time when you probably need it the most.

The ability of Max Life to offer feature-rich products has demonstrated the company’s robust financial strength and stability.

In the FY 17, the company posted its best finances in a decade. The gross written premium touched Rs. 10,780 crore, which was higher by 17% than the FY 16. Moreover, the net profit of the company grew by 50% and reached Rs. 660 crore, while the renewal premium grew by 12% and reached Rs. 7,114 crore. The solvency ratio reached 309%, for FY 17- way above the mandatory requirement of 150%.

Another great thing about Max Life is that they offer personalized assistance during claims. A dedicated claim settlement officer engages the customer within 5 working days after the submission of a claim.

Sources:

[1]:https://www.maxlifeinsurance.com/term-insurance-plans/get-quote

[2]:https://www.maxlifeinsurance.com/insurance-calculators

ARN: PCP/IC02

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Let’s Connect

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SMS 'LIFE' to 5616188

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