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How to Calculate Life Insurance Premium Amount?

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The premium payable under a life insurance policy varies according to the policy buyer’s age, selected coverage (or Sum Assured), medical history, gender, lifestyle, and annual income, among other factors. Moreover, the amount of premium for the same life coverage may vary from one insurer to another. Here is an insight into the calculation of life insurance premiums and reasons why the quoted amount varies between insurers.

Factors that Contribute to Differential Premium Quotes between Insurance Companies

Factors that work as key determinants for insurers while determining life insurance premium quotes include –

  • Mortality and Underwriting Process: Insurance companies determine the life insurance premium payable through the process of underwriting. The underwriting process considers various factors, including your age, gender, lifestyle, policy tenure, opted overage, and family medical history. Different insurance companies have a different process for underwriting and assessing risk, and based upon the assessment, may offer a lower or higher premium for the same insurance coverage. The amount of premium also calculated on an actuarial basis, which is essentially a statistical method to assess the insurance risk for an applicant, using the probability of death occurring at a given age level.

  • Profit Margins and Expenses: The premium amount quoted for life insurance coverage varies based on the expenses incurred by the insurance company in writing the policy. Insurance companies have different cost structures, risk assessment processes, operational costs, and investment returns. Subsequently, they may quote different premium quotes after considering various risk cost analysis factors related to the policy applicant.

How to Calculate Life Insurance Premiums?

Insurance companies offer different life insurance premium calculators on their websites, which you can use to determine the premium payable for the chosen insurance coverage.

The process of using a life insurance premium calculator is easy – you provide details such as your birth date, annual income, lifestyle habits, and gender. Subsequently, you select the choice of life insurance plan variant, premium payment frequency, the amount and duration of the coverage.

Calculate Term Insurance Premium

A term insurance calculator is a useful online tool that helps you determine how much coverage you need based on your income, lifestyle, and family’s needs.

1
My Income
2
My current Cover
3
Additional Details
4
Our Recommendation
My Income
My current Cover
Additional Details
Our Recommendation
Total Life Cover Recommended
50 Lakh
12.5 Lakh
75 Lakh
Zero
1 Crore
Where do you stand
Additional Life Cover
Hi {name}
To secure your family’s financial future and protect their dreams,
you’ll need an additional cover of
rs 10,000
Note: This is a very brief calculation of HLV
Secure Now
Recalculate
Disclaimer-

The above calculation and illustration of figures are indicative only and not on actual basis.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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