Term Insurance Calculator

Key Benefits of our Term Insurance Plan

key Benefits
Terminal Illness Coverage
At Zero Additional Cost
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Add-On
key Benefits
Coverage Against 64 Critical Illnesses@
Lumpsum Payout on diagnosis of critical illnesses
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key Benefits
Premium Break~
Option to skip a premium, after 10 policy years
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key Benefits
Income Tax Benefits
Save upto Rs. 54,600 on taxes~#
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What is Term Insurance Premium Calculator?

A term insurance premium calculator is a freely available online tool that helps calculate the amount of premium that you need to pay for the desired insurance coverage and policy benefits. A term insurance premium calculator takes into consideration various factors such as our age, current income, debts, marital status, health conditions and the number of dependents to help you choose an insurance plan that best fit your needs and life goals.

What Does A Term Plan Calculator Do for You?

Essentially, a term insurance calculator helps you get an estimate of the insurance coverage that you would need to protect your loved ones financially and the premium payable. Ideally, the life insurance coverage should be large enough to secure your family's financial needs in case of an eventuality. On the other hand, the premium payable for the insurance coverage chosen should fall within your monthly budget. A term insurance premium calculator provides the required premium amount payable for the selected insurance coverage amount, based on the following factors:

Life Cover Amount

  Life cover amount is the amount insurance company will pay your family or nominee in case your demise occurs within the policy period. The recommended life cover amount to opt for should be at least 10times your annual income.

Policy Term

  The policy term is the period for which the insurance plan provides you cover. In case of your unfortunate demise within this period, your family or nominee would receive the life cover amount.

Flexibility to Choose Add-ons

  Riders are an add-on that you can choose while purchasing the term insurance policy by paying an additional premium. These riders help provide benefits such as additional financial coverage over and above the life cover amount.

Following rider options are available with Max Life Smart Secure Plus Plan:

MAX LIFE CRITICAL ILLNESS AND DISABILITY RIDER (UIN: 104B029V03)

Critical illness benefit option Upon diagnosis of any of the 40 specified critical illnesses including cancer and cardiovascular diseases, the benefit amount is paid as a one-time lump sum.

Max Life Waiver of Premium Plus Rider (UIN: 104B029V03)

In case you are unable to continue paying the premium due to loss of income (because of accidental injury or life-threatening ailments), the insurance company will waive off any future premiums payable while the policy benefits continue as intended.

Accidental Cover - Max Life Comprehensive Accident Death Benefit Rider (UIN: 104B025V03)

The rider provides additional coverage to compensate for the loss of income due to temporary/permanent disability or death due to an accident.

How to Use the Term Insurance Premium Calculator?

Step 1

- To use the term insurance premium calculator, you need to provide the following details:

Name, Gender, Date of Birth, Annual Income, Mobile number, E-mail ID, Lifestyle choices such as whether you are a smoker/non-smoker.

Step 2

- Select the following values:

Life cover amount, Policy tenure, Duration of premium payment, Premium payment mode (there are four premium payment modes - Annual, Half Yearly, Quarterly, and Monthly)

Step 3

- Choose between the following rider add-ons (on payment of the additional premium)

Accelerated Critical Illness (ACI) Benefit, Future Waiver of Premium, Accidental Cover.

Benefits of Using A Term Insurance Premium Calculator

Choose the Right Amount of Cover

A term insurance premium calculator gives you an estimate of the life cover amount that helps cover your liabilities and your family's financial needs, and the premium payable under the insurance policy. The choice of coverage depends upon different factors such as your annual income, existing liabilities, marital status, and the number of dependents and several other factors 

Cost-saving

Using a term insurance premium plan calculator, you can opt for the highest possible life cover amount that suits your budget. Given the fact that investing in life insurance is a life-long commitment, you do not want to end up purchasing a term insurance plan that offers sub-par financial protection or for which you are unable to sustain the payment of future premiums.

In simple terms, you can opt for the maximum insurance coverage and plan benefits at the best possible rate of premium.

How Does the Term Insurance Calculator Work? (Backend Calculation on Mortality)

Just like any other sector, life insurance, too has its own set of terms that you need to understand. One such term is the Mortality Charge. When you purchase a life insurance plan, the insurance company levies a charge to cover the expenses for providing insurance protection upon death.

This levied charge is known as the mortality charge. The estimation of mortality charges is done as per the Standard Annual Mortality Charges 1 table, which, in turn, is based on the historical data on life expectancy in India. On the other hand, the mortality rate is defined as an insurer's anticipation of the number of deaths occurring amongst a group of insured individuals, for a certain age.

Typically, mortality rates are considered lower for younger, healthier individuals who do not work in a high-risk job profile. Therefore, the term insurance premium rates vary with age.

Effectiveness of Max Life Term Plans

The primary purpose of life insurance, especially term insurance cover, is to provide all-around financial security to your loved ones, helping them to take care of their lifestyle expenses and goals. In case of your untimely demise within the policy period; therefore, the insurance company settles your claim and provide the insurance coverage amount to your family.

There are; however, several instances where your settlement may get delayed due to reasons such as incomplete paperwork, lack of communication in terms of claim submission, or misrepresenting of claim aspects. Any delays in setting the insurance claim will only add to the emotional turmoil of the grieving family.

Max Life Insurance understands your concerns. To show their commitment towards swift and effective claim settlement; therefore, Max Life Insurance endeavors claim settlements within a day after receiving them, under the InstaClaimTM process.

InstaClaimTM is subject to the following conditions:

> The claim amount on all eligible policies^ should be up to one crore

> The policy should have completed three continuous years

> All the necessary policy documents# must be submitted before 3 PM on a working day

> Claim does not warrant field verification

Herein, a dedicated Claim Settlement Officer will be assigned to your family, who would initiate the claim submission process and handhold your family through the nuances of claim settlement and ensure quick claim processing and disbursal. 

What Factors Determine Your Term Plan Premium?

Age, Gender, Occupation, Geographical location, Height and Weight, Lifestyles habits (smoking, tobacco use, alcohol consumption), Medical history of you and your family, Sports and Hobbies, Plan you have opted for, Period of coverage you have chosen etc. All these factors and other decisions that you have made in your life can significantly affect the amount of premium you have to pay.

What Is the Impact of Premium Calculation on Smokers?

Smoking can increase your chances of developing life-threatening ailments such as lung cancer or throat cancer. Insurance companies; therefore, categorize smokers as high-risk and ask them to pay higher premiums.

If you smoke regularly or have been consuming any tobacco product for 12 months before purchasing term insurance, you will be considered a high-risk asset by the insurance company and will have to pay a higher premium amount than non-smokers.

Why Occupation Impacts Term Insurance Premium Calculation?

Your occupation also plays an integral part in determining your term insurance premium amount. Insurer categorizes some professions as high risk than others, such as defense, aviation, oil, and coal mining. On the other hand, individuals working in offices with a desk job, IT professionals, shop owners, and teachers are a low-risk asset. Generally, people working in safer environments may pay a lower premium than those working in a high-risk work environment.

Example of other calculators you may want to use

Human Life Value Calculator2

> It calculates the life cover based on your expenses and savings

> You can choose riders to avail additional financial protection, over and above your basic life cover by paying an additional premium

BMI (Body Mass Index) Calculator5

> It calculates your body mass index with the help of your height and weight.

> BMI is a vital factor because the fitter you are your chances of living a healthy life is much higher 

Mortality Risk Calculator3

> The mortality risk calculator reflects the effect of your choices on your life, based on your exercise routine, food intake, lifestyles habits, and general health conditions.

> It draws an approximate picture of the risk your life is prone to

> You must fill day to day information of your lifestyle, daily routine, and your family's health background

> It calculates mortality risk, lower the risk better it is

Retirement Planning Calculator4

> It calculates your current age and your planned retirement age and then asks for your monthly expenses and your savings for life after retirement

> Based on this information, it calculates whether you are covered or not

Source: 1- https://www.actuariesindia.org/subMenu.aspx?id=191 & val=Mortality_Table & AspxAutoDetectCookieSupport=1 2- https://www.maxlifeinsurance.com/online-insurance-plans/insurance-calculators/human-life-value-calculator 3- https://www.maxlifeinsurance.com/insurance-calculators/mortality-risk-calculator 4- https://www.maxlifeinsurance.com/power-of-compounding-calculator 5- https://www.maxlifeinsurance.com/insurance-calculators/bmi-calculator

^ InstaClaimTM is available for all versions of Max Life Smart Secure Plus Plan (UIN: 104N118V01)#Mandatory Documents: Original policy document, Original / attested copy of death certificate issued by local municipal authority, Death claim application form(Form A), NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominee's photo identity proof, Discharge/ Death Summary attested by hospital authorities or FIR & post mortem report /viscera report (in case of accidental death); Mandatory Documents : > Original policy document > Original/attested copy of death certificate issued by local municipal authority > Death claim application form (Form A) > NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominee's photo identity proof > Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

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BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS

IRDAI clarifies to public that:

  • IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.
  • Public receiving such phone calls are requested to lodge a police complaint.

IRDAI - Registration No. 104. Category: Life. Validity: Valid.
Corporate Identity Number (CIN):U74899PB2000PLC045626.
Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd. respectively and with their consents, are used by Max Life Insurance Co. Ltd

All Rights Reserved. An ISO 9001:2008 Certified Company. 

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. 

Corporate Office

: Max Life Insurance Co. Ltd. 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) - 122002.
Operation Center: Max Life Insurance Co. Ltd, Plot No. 90-A UdyogVihar, Sector 18, Gurugram (Haryana) - 122015.

Customer Helpline: 1860 120 5577 (9:00 A.M to 6:00 P.M Monday to Saturday) * Call charges apply.
Online Helpline -  0124 648 8900 (09:00 AM to 09:00 PM Monday to Saturday).
Fax Number:0124-4159397.

Email ids: service.helpdesk@maxlifeinsurance.comonline@maxlifeinsurance.com

Website: www.maxlifeinsurance.com

*Life insurance coverage is available in this product. For more details on risk factors, Terms and Conditions please read the prospectus carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws. Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd. respectively and with their consents, are used by Max Life Insurance Co.
Insurance is the subject matter of solicitation. For more details on the risk factors, Terms and Conditions, please read the sales and rider prospectus carefully before concluding a sale. Tax benefits are eligible for tax exemption on fulfilling conditions mentioned under Section 10(10D) of income tax act 1961. Tax exemptions are as per our understanding of law and as per prevailing provisions of income tax at 1961 . Policy holders are advised to consult tax expert for better clarification /interpretation. Please note that all the tax benefits are subject to tax laws at the time of payment of premium or receipt of policy benefits by you. Tax benefits are subject to changes in tax laws. The monthly Income Benefit and Terminal Benefit may be taxable subject to extra premium being loaded at underwriting stage.

Privacy Policy

**Standard Premium For 24-Year Old Healthy Male, Non-Smoker, 25 Years Policy Term, 25 Year Premium Payment Term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN: 104N118V01)

^^On completion of policy term

#The savings indicated is the maximum premium difference as compared with offline plan & depends on the variant purchased.

 ^*All claims that qualify for InstaClaim™ will be paid within 1 working day from date of submission of all mandatory documents else Max Life will pay interest at Bank Rate as on beginning of financial year in which claim has been received (4.65 % p.a. for FY’20) for every day of delay beyond one working day. Interest shall be at the bank rate that is prevalent at beginning of the financial year in which death claim has been received.
Claims for policies completed 3 continuous years. All mandatory documents should be submitted before 3:00pm on a working day.Claim amount on all eligible policies4 is less than Rs. 1 Crore. Claim does not warrant any field verification.Mandatory Documents :> Original policy document > Original/attested copy of death certificate issued by local municipal authority > Death claim application form (Form A) > NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominee's photo identity proof > Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

7CMO Asia BFSI Excellence Award 2019

5Criteria applicable only for “Term plans” for Graduate, Indian resident with declared income >= 10 lacs with CIBIL score >= 650 (salaried) and >= 700 (self-employed) with no disclosed medical condition

4InstaClaimTM is available for all versions of Max Life Online Term Plan (UIN 104N078V01); Max Life Online Term Plan Plus (UIN 104N092V01 / UIN 104N092V02 / UIN 104N092V03/ UIN 104N092V04), Max Life Smart Term Plan (UIN: 104N113V01 / 104N113V02/ 104N113V03/104N113V04) and Max Life Smart Secure Plus Plan (UIN:104N118V01). Mandatory Documents : • Original policy document • Original/attested copy of death certificate issued by local municipal authority • Death claim application form (Form A) • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominee's photo identity proof • Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

Tax conditions:

##Save 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime

~#Save 54,600 on taxes if the insurance premium amount is Rs.1.5 lakh per annum for life cover and 25,000 for critical illness cover and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.

Disclaimer for 5% salaried discount

3The discount is applicable if you are a salaried employee with a corporate. During policy issuance, Max Life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case.

CI Rider disclaimers:

MAX LIFE CRITICAL ILLNESS AND DISABILITY RIDER (UIN- 104B033V01) available as a rider on payment of additional premium.

>Extended cover of up to 85 years is available with gold and platinum variant only

 @64 critical illnesses covered in platinum and platinum plus variant on payment
 22 critical illnesses covered in gold and gold plus variant
 6The life insurer is eligible for a discount on renewal premium under regular pay variant by accumulating Healthy Weeks as per terms and conditions of the rider

*^Total premiums paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies and modal extra. Return of premium option is available on payment of additional premium.

Max Life Smart Secure Plus Plan (UIN: 104N118V01) A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan

~1Conditions for premium break:Available at an additional premium for policies with policy term greater than 30 years and premium payment term greater than 21 years. Option to skip paying premium for 12 months. 2 premium breaks will be available during the premium payment term separated by an interval of at least 10 years

~Conditions for Special exit value:

Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of Premium variant is not chosen. No additional premium to be paid.
~2Voluntary Top-up Sum assured:
Option to double your insurance cover, basis underwriting, at the time of your need by increasing your sum assured up to an additional 100% of base sum assured, chosen at inception

^^*^^Free look period conditions:
The policyholder has a period of 30 days from the date of receipt of the policy document, to review the terms and conditions of the Policy, where if the policyholder disagrees to any of those terms or conditions, he / she has the option to return the Policy stating the reasons for his objections. The policyholder shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for the period of cover and the expenses incurred by the company on medical examination of the lives insured and stamp duty charges.

^As per IRDAI Annual Report for the year 2019-2020

8https://www.moneycontrol.com/news/business/economy/buy-term-insurance-now-as-rates-may-rise-from-april-1-4930921.html
2Total premium will be charged at the time of the policy issuance (subject to underwriting’s decision).

Terms and conditions for availing 5% employee discount:
<Due to system constraints, employee is requested to select 5 Lakh and above income which can be changed to actual amount on the information page.
1The 5% employee discount will be refunded to you once your policy is issued. Submit your documents for getting your policy issued and get 5% employee discount
9The percentage savings is for a regular pay Max Life Smart Secure Plus Plan ( A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN - 104N118V01)– Life Option for 1 cr life cover for a 35 year old, non-smoker male for a policy term of 40 years vs a 10 year policy term with the same details’

ARN - ARN/Web/01/11052021