Term Insurance Premium Calculator (2026) — ₹1 Crore Life Cover

A healthy, non-smoking 25-year-old typically pays ₹600–₹800 per month (approx. ₹7,000–₹9,500/year) for a ₹1 Crore term plan up to age 60 or 65. For a 30-year-old, the premium is around ₹850–₹1,200/month, and for a 40-year-old, it rises to ₹1,600–₹2,400/month. Buying early locks in lower premiums for the entire policy tenure.

Yes. The AbacusHand Term Insurance Calculator is 100% anonymous. Unlike insurance portals that mandate your mobile number and spam you with telemarketing calls, you can calculate quotes and explore scenarios completely private with zero spam.

Insurance companies classify applicants into tobacco users (smokers, gutkha, vape) and non-smokers. Smokers generally pay 40% to 70% higher premiums due to higher mortality risk. Never hide your smoking habit when applying, as non-disclosure can lead to claim rejection under Section 45 of the Insurance Act.

Under the Old Tax Regime, premiums paid for term insurance are deductible up to ₹1,50,000 per financial year under Section 80C. More importantly, under Section 10(10D), the entire sum assured (death benefit) paid to your nominee is completely tax-free under both Old and New Tax Regimes.

A standard thumb rule is 15x to 20x your gross annual salary, plus any outstanding debts (such as home loans or personal loans), minus existing liquid investments. For example, if your annual income is ₹12 Lakh with a ₹30 Lakh home loan, you should ideally opt for a life cover of ₹2 Crore to ₹2.5 Crore.