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How is term insurance premium calculated?

Nov 20, 2017 | 3 years ago | Read Time: < 1 minute | By iKnowledge Team

Wondering how much premium you need for your term insurance? Use our term insurance premium calculator and get your premium calculated. All you need to share is your age, outstanding debt obligations, and annual income.

If you are starting early, here are two thumb rules you need to keep in mind when calculating your insurance coverage:

  • Age 25 to 35 years old: Add 15 – 18 times to your present annual income + outstanding debts or loans
  • Age 35 to 45 years old: Add 10 – 15 times to your present annual income + outstanding debts or loans

Although the above rules may be used to calculate the term insurance coverage, it may not provide an accurate amount. It is recommended you consider other factors such as your present age, retirement age, inflation, future expenses, existing liabilities, and others to calculate the required insurance coverage.

The amount you will pay as the premium is also a deciding factor. It is advisable to input as much accurate information as you can to get your quote, as each quote is personalised according to your policy needs.

You will need to provide the following information while using an online calculator.

  • Name
  • Riders
  • Age
  • Purchase year
  • Gender
  • Total premium amount
  • Date of birth
  • Tax liability
  • Type of plan
  • Premium payment term
  • Sum assured
  • Policy duration

An online term insurance calculator is a handy tool that allows you to compare and analyse different plans. Moreover, you are able to understand the workings of various policies and thus make an informed decision.

To know about AegonLife’s life insurance products, visit our home page.


iTerm Plan

Life Insurance Plan with 3 Options to Choose from

  • Life Protect (Life cover till age 100 years)
  • Protect Plus (5% Automatic Increase of life cover)
  • Dual Protect (Protection + Regular Income)
iTerm Plus Plan

Life Insurance Plan with 4 Options to Choose from

  • Life Plan
  • Life Plus Plan
  • Life & Health Plan (10 Critical Illnesses covered)
  • Life & Health Plus Plan (36 Critical Illnesses covered)
iInvest Plan

iInvest Plan with 3 Options to Choose from

  • Increases Your Investment
  • Boost Your Fund Value
  • Withdraw Your Investment
Why do You Need a Critical Illness Cover
A-Z of How to buy term insurance online
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Date of Birth

Your Monthly Premium for Aegon Life iTerm Insurance Plan