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What Does Life Insurance Of Rs. 50 Lakh Cost?

Team BankBazaar

Term insurance, which gives financial protection to the insured person’s nominees in case of his untimely death, is pure insurance availed for a fixed number of years. Unlike other types of life insurance policies, term insurance 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 50 lakh Claim Settlement Ratio (FY-2017-18)**
Max Life- Online Term Plan Plus INR 4,720 98.26%
LIC- Tech Term INR 6,254 98.04%
TATA AIA – Maha Raksha Supreme- V2 INR 7,500 98.00%
ICICI Prudential Life – iProtect Smart – Life INR 4,728 97.88%
HDFC Life- Click2Protect INR 5,550 97.80%
Bharti AXA Life Flexi Term Plan INR 4,543 96.85%
Exide Life Elite Term Plan INR 5,938 96.81%
SBI Life- eShield INR 6,372 96.76%
DHFL Pramerica- FlexiETerm INR 4,569 96.62%
Aditya Birla Sunlife – DigiShield Plan INR 5,452 96.38%
Aegon Life – iTerm INR 4,165 95.67%
Edelwiess Tokio Life – Zindagi Plus INR 5,042 95.24%
CanaraHSBCOBC Life Insurance- Iselect INR 4,203 95.22%
Reliance Nippon Life-Digi Term-Life Secure INR 4,687 95.17%
Aviva i-Life Total- Protect INR 5,751 94.45%
Kotak e-Term Plan INR 4,838 93.72%
Future Generali Life – Flexi Online Term INR 4,229 93.11%
Star Union Dai-ichi- SUD Life Premier INR 10,384 92.26%
Bajaj- eTouchOnline- Shield INR 6,166 92.04%
IDBI Federal – iSurance Flexi Term Plan INR 5,050 91.99%
PNB MetLife Mera Term Plan INR 5,428 91.12%
IndiaFirst Life Insurance- Life E-Term Plan INR 3,599 89.83%
Shriram Life Online Plan INR 5,177 80.23%
Data Compiled By:
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.
**As per IRDA annual report is a leading online marketplace for loans, credit cards and more.