Term insurance 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. It provides financial protection to the insured person’s nominees in case of his untimely death. 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.
Let’s take a look at what these policies cost.
What Does A Term Insurance Plan Cost?
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 November 06, 2018. Data compiled by BankBazaarInsurance.com
Insurance Company Name
Premium Costs for Sum Assured of Rs 1 Cr
Premium Costs for Sum Assured of Rs 50 lakh
|Edelwiess Tokio Life – Zindagi Plus||INR 7,159||INR 4,207|
|Canara HSBC OBC Life Insurance – Iselect||INR 7,379||INR 4,203|
|Aegon Life – iTerm||INR 7,497||INR 4,223|
|Reliance Nippon Life Online Term Plan||INR 7,687||INR 4,231|
|DHFL Pramerica – FlexiETerm||INR 8,149||INR 4,569|
|Bharti AXA Life Flexi Term Plan||INR 8,260||INR 4,543|
|Future Generali Life – Flexi Online Term||INR 8,353||INR 4,900|
|Max Life Online Term Plan Plus||INR 8,378||INR 4,720|
|Aviva i-Life Term Plan||INR 8,694||INR 4,868|
|PNB MetLife Mera Term Plan||INR 8,756||INR 5,428|
|Kotak e-Term Plan||INR 8,968||INR 5,546|
|IDBI Federal – iSurance Flexi Term Plan||INR 9,251||INR 5,050|
|Aditya Birla Sunlife – DigiShield Plan||INR 9,523||INR 5,452|
|HDFC Life Click2Protect||INR 9,717||INR 5,550|
|ICICI Prudential Life – iProtect Smart – Life||INR 9,740||INR 5,562|
|Shriram Life Online Plan||INR 9,763||INR 5,177|
|Exide Life Elite Term Plan||INR 9,810||INR 5,938|
|Bajaj- eTouchOnline- Shield||INR 10,371||INR 6,168|
|SBI Life- eShield||INR 11,092||INR 6,372|
|IndiaFirst Life Insurance- Life Plan||INR 12,036||INR 6,018|
|TATA AIA – Maha Raksha Supreme- V2||INR 13,000||INR 7,500|
|LIC e- Term Plan||INR 15,850||INR 7,925|
|Star Union Dai-ichi- SUD Life Premier||INR 18,172||INR 10,384|
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