Insurance Calculators
15+ Tools for complete insurance protection
Insurance calculators estimate premiums for life, health, motor, and term insurance based on age, cover amount, and health profile. India’s insurance penetration at 4.2% of GDP (FY 2023-24) remains below the global 7% average, with a life insurance protection gap of ₹1,053 lakh crore (Swiss Re, 2023) — making correct insurance planning critical for every Indian household.
📊 Insurance Calculators — Key Data
- IRDAI Annual Report 2023-24: Total insurance premium: ₹11.1 lakh crore. Life: ₹8.3L cr. Non-life: ₹2.8L cr. Insurance penetration: 4.2% of GDP.
- IRDAI 2024: India’s life insurance protection gap: ₹1,053 lakh crore — most families are severely underinsured.
- Finance Ministry Budget 2025: Section 80D deduction: ₹25,000/year (self+family), ₹50,000 (senior citizen parents). Available only under old regime.
- IRDAI Motor Insurance 2025: India has 33 crore registered vehicles. Third-party motor insurance is mandatory under the Motor Vehicles Act.
A ₹1 crore term plan for a 30-year-old costs ₹8,000–12,000/year. Health insurance for a family of four costs ₹15,000–25,000/year — one hospitalisation without cover can equal 5–10 years of premium. CalcWise’s insurance tools cover term insurance premium, health insurance with 80D tax benefit, PLI and RPLI maturity values, ULIP returns, life insurance maturity, motor insurance premium, and travel insurance cost — all based on IRDAI-approved rate structures for FY 2025-26.
Life Insurance Calculators
Calculate term life insurance premium for coverage
PopularCalculate maturity value of traditional life insurance
PopularPostal Life Insurance maturity calculator
Govt. SchemePM Jeevan Jyoti Bima Yojana – ₹2 lakh life cover
Govt. SchemeHealth Insurance Calculators
Calculate out-of-pocket medical expenses after insurance
PopularCalculate health insurance premium estimates
PopularCalculate Section 80D tax benefits on health insurance
Tax SaverPM Suraksha Bima Yojana – Accident insurance
Govt. SchemeVehicle Insurance Calculators
Calculate car and bike insurance premium
PopularCalculate road tax for vehicles across India
ULIP & Investment-Linked Insurance
Calculate ULIP investment returns and maturity value
PopularCompare ULIP returns with mutual fund investments
PopularCalculate surrender value if you exit ULIP early
Other Insurance Calculators
Calculate travel insurance premium for trips
PopularPM Fasal Bima Yojana – Crop insurance for farmers
FarmersOptimize your complete insurance portfolio
Advanced❓ Frequently Asked Questions — Insurance Calculators
How much life insurance cover do I need?
A common rule: life cover = 10–12× your annual income. For a ₹12L/year earner: ₹1.2–1.44 crore cover. Also add outstanding loans (home loan balance, etc.) to the sum assured. At age 30, a ₹1 crore term plan costs approximately ₹8,000–12,000/year from major insurers. Buying at 25–30 locks in the lowest lifetime premium.
What is Section 80D deduction for health insurance?
Section 80D (old tax regime only): Premium paid for self+spouse+children: ₹25,000 deduction (₹50,000 if anyone is a senior citizen). Premium for parents: additional ₹25,000 (₹50,000 if parents are senior citizens). Maximum total 80D deduction: ₹1,00,000 if both you and your parents are senior citizens. This deduction is NOT available under the new tax regime.
What is the difference between PLI and RPLI?
PLI (Postal Life Insurance) is for government and semi-government employees — higher bonus rates (up to ₹85/₹1,000 SA/year), higher SA up to ₹50 lakh. RPLI (Rural Postal Life Insurance) is for rural residents with no employment restriction — lower premiums, bonus up to ₹65/₹1,000 SA/year, max SA ₹10 lakh. Both are GST-free from September 2025 and offer EEE tax treatment.
Is third-party motor insurance mandatory in India?
Yes — third-party (TP) motor insurance is mandatory under the Motor Vehicles Act, 1988. Driving without TP insurance can lead to a fine of ₹2,000 and/or 3 months imprisonment. TP premium rates are fixed by IRDAI. Comprehensive insurance (TP + own damage) is optional but strongly recommended for vehicles under 5 years old.
How is ULIP different from a term plan + mutual fund?
ULIP combines life insurance and investment in one product. A ₹1L/year ULIP: ₹8,000–15,000 goes to mortality charge (insurance), ₹85,000–92,000 invested in funds. A pure term plan (₹1 crore cover) costs ₹8,000–12,000/year; the remaining ₹88,000–92,000 invested in equity MF SIP grows much faster due to lower charges. ‘Buy term, invest the rest’ is generally recommended for most investors.