Yes, it directly impacts the premium you pay as there are certain professions that are riskier than others. For example, soldiers, pilots, fishers, miners, offshore oil or gas sector personnel, and others are regarded more dangerous jobs by insurers compared to working in offices with a desk job, shop workers, teachers, and so on. As a result, those who work in safer fields pay lesser rates.

In earlier times, premium calculation was done using manual calculation which gave room for some errors in the calculations. Online term insurance premium calculator tools have removed the scope of errors in the calculation. It provides a hassle-free way to check your premium amount within minutes. This means you don’t have to spend days and hours finding out the right coverage amount for you; all you need is few minutes. Just a few simple steps and you have your suggestions for term insurance plan ready!

The cost of a 1 Cr Term Plan varies depending on various factors such as age, annual income, premium amount, tenure of insurance coverage, health condition and whether you are a smoker/non-smoker.

Riders are optional benefits that come at a low cost with your term insurance policy. Riders such as the Critical Illness Rider, Accidental Death Benefit Rider, Accidental Total & Permanent Disability Rider, Hospital Cash Benefit Rider, and Waiver of Premium on Critical Illness Rider are available in plans such as Edelweiss Life – Zindagi Protect. If the individual also completes their medical examinations within the first seven days of purchase, a 6% discount is applicable on the first-year premium.

Tax Benefits under a term insurance plan are available for all policyholders in the form of deductions and exemptions under Section 80C, Section 80D and Section 10(10D). These benefits are covered under the Income Tax Act, 1961, in India. Below are the details of the deductions:
Section 80C deductions - The premiums you pay for term insurance allows you to deduct up to ₹1.5 lakh in expenses under Section 80C.
Section 10 (10D) benefits - Tax exemptions are also applied to the death benefit. When a tragic event occurs, the family receives the necessary financial protection while avoiding tax penalties. Maturity benefits are also tax exempt provided your policy meets the terms and conditions listed in the section. 
Section 80D - Premiums paid for term plans with a critical illness cover option are eligible for a deduction of up to ₹25,000 under Section 80D.

If you are someone looking for long-term coverage under term insurance but don’t want to keep paying for your premiums forever, this option is suitable for you. Furthermore, while the burden is focused for a set period, the duration is determined and personalised by you. Also, since the payment term is limited, there are fewer chances of you failing to pay for the premiums, thus reducing the risk of policy lapse. 

If you are young and have fewer financial liabilities, this option allows you to finish your premiums early while enjoying lower premium rates due to your good health condition. You can also contribute more at this stage, which will allow you to claim a larger tax deduction under Section 80C for up to 1.5 lakhs per year.

A simple answer to this question will be "yes!" You may have a term insurance plan from your employer today, but what if you decide to leave your employer tomorrow? What if they choose to discontinue the plan or customize it with the insurer? Once you leave the job, the insurance is automatically discontinued.

Another factor to keep in mind is that your employer’s plan may not be enough for your family’s financial security in the event of your sudden demise. Plus, you can never be certain that all your critical illnesses and diseases are covered under the employer’s plan.

Hence, it is always recommended to buy a term insurance plan that acts as an umbrella for you and your loved ones, no matter what the situation is!