🧮 Interactive Calculator Workbench
How Private Term Insurance Calculator Works — Step by Step
Use PolicyBazaar, Ditto, or insurer websites to compare term plans from HDFC Life, ICICI Prulife, Max Life, Tata AIA.
Select sum assured (typically 10–15× annual income) and policy term (until age 60 or 75 recommended).
Fill online health declaration. High cover amounts require medical tests (blood sugar, BP, ECG, etc.).
Annual premium payment offers the best rate. Policy document issued within 7–15 days of medical clearance.
On policyholder's death, nominees file claim with death certificate. Settlement typically within 30 days of all documents received.
Frequently Asked Questions
A common rule: 10–15× your annual income. Also consider outstanding loans, children's education costs, and spouse's financial dependency.
CSR is the % of death claims settled by the insurer. Look for insurers with CSR above 95% — HDFC Life (99.5%), Max Life (99.3%).
Yes. Buying directly online is typically 15–25% cheaper than buying through agents, as commissions are excluded.
All term policies have a 30-day free-look period. You can return the policy for a full refund within 30 days if not satisfied.
This calculator uses 2026 official government gazette rates and standard financial formulas. Results are highly accurate for planning purposes. Always confirm final numbers with the respective bank, insurer, or government portal before making financial commitments.
No. All PolicyVani calculators are 100% free, require no registration, no login, and no personal data.