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What Does Life Insurance Of Rs. 1 Crore Cost?

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Term insurance provides financial protection to the insured person’s nominees in case of his untimely death. It can be defined as a type of pure insurance availed for a fixed number of years. The basic differentiating feature of term insurance is that unlike other types of life insurance policies, it costs less, and has no cash value or investment benefit. Term insurance policies are offered by almost all major insurance providers and these come for various terms like 10 years, 20 years, 30 years etc.

What Does A Term Insurance Plan Cost?
Insurance Company  Name Premium Costs for Sum Assured of Rs 1 Cr Claim Settlement Ratio (FY-2017-18)**
Max Life- Online Term Plan Plus Rs. 8,378 98.26%
LIC- Tech Term Rs. 11,007 98.04%
TATA AIA – Maha Raksha Supreme- V2 Rs. 13,000 98.00%
ICICI Prudential Life – iProtect Smart – Life Rs. 8,279 97.88%
HDFC Life- Click2Protect Rs. 9,717 97.80%
Bharti AXA Life Flexi Term Plan Rs. 8,260 96.85%
Exide Life Elite Term Plan Rs. 9,810 96.81%
SBI Life- eShield Rs. 11,092 96.76%
DHFL Pramerica- FlexiETerm Rs. 8,149 96.62%
Aditya Birla Sunlife – DigiShield Plan Rs. 9,523 96.38%
Aegon Life – iTerm Rs. 7,087 95.67%
Edelwiess Tokio Life – Zindagi Plus Rs. 8,529 95.24%
CanaraHSBCOBC Life Insurance- Iselect Rs. 7,379 95.22%
Reliance Nippon Life-Digi Term-Life Secure Rs.8,402 95.17%
Aviva i-Life Total- Protect Rs. 9,262 94.45%
Kotak e-Term Plan Rs. 7,552 93.72%
Future Generali Life – Flexi Online Term Rs. 7,682 93.11%
Star Union Dai-ichi- SUD Life Premier Rs. 18,172 92.26%
Bajaj- eTouchOnline- Shield Rs. 10,366 92.04%
IDBI Federal – iSurance Flexi Term Plan Rs. 9,251 91.99%
PNB MetLife Mera Term Plan Rs. 8,732 91.12%
IndiaFirst Life Insurance- Life E-Term Plan Rs. 7,080 89.83%
Shriram Life Online Plan Rs. 9,763 80.23%
Data pertains to term insurance cover for a 30-year-old, salaried, non-smoker male, residing in Bangalore, earning Rs. 5 L annually, for a 30 year term. Data as on 04 Dec, 2019.
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