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How Much Will Be the Premium Amount for a Rs. 1 Crore Term Insurance Plan?
If you’re planning to buy a term insurance plan to secure the financial future of your dependents, here are the annual premiums for a Rs. 1 crore policy from India’s leading 20 insurers. Do note we have covered term insurance plans with Rs. 1 crore sum assured from each of these insurers and the premiums have been calculated for a 30-year term for a 30-year-old non-smoker male residing in Bangalore with a Rs. 5 lakh annual income at the time of policy purchase. We have also provided the claim settlement ratios for each of the insurers according to IRDA annual report for FY2018-19 to help you make informed decisions. Do note, your premiums could be different depending on your age, income, gender, place of residence, chosen sum assured and term, type of policy, add-ons among other riders laid down by your insurer.
How Much Will A Rs. 1 Crore Term Plan Cost?
Insurer and Policy Name | Annual Premium for Sum Assured of Rs. 1Cr | Claim Settlement Ratio (FY2018-19)* |
TATA AIA – Maha Raksha Supreme | INR 12,744 | 99.07% |
HDFC Life- Click2ProtectPlus | INR 10,648 | 99.04% |
Max Life- Smart Term Plan | INR 9,417 | 98.74% |
ICICI Prudential Life – iProtect Smart – Life | INR 10,348 | 98.58% |
LIC- Tech Term | INR 11,007 | 97.79% |
Reliance Nippon Life-Digi Term-Life Secure | INR 8,402 | 97.71% |
Kotak e-Term Plan | INR 8,614 | 97.40% |
Bharti AXA Life- Premier Protect | INR 10,384 | 97.28% |
Aditya Birla Sunlife – LifeShield Plan | INR 10,372 | 97.15% |
Exide Life Elite Term Plan | INR 9,810 | 97.03% |
Star Union Dai-ichi- SUD Life ABHAY | INR 13,545 | 96.74% |
Aegon Life – iTerm | INR 7,087 | 96.45% |
PNB MetLife Mera Term Plan | INR 14,514 | 96.21% |
Edelwiess Tokio Life – Simply-Protect | INR 9,180 | 95.82% |
IDBI Federal – MyLife Protection Plan | INR 12,723 | 95.79% |
Future Generali Life – Flexi Online Term | INR 7,682 | 95.16% |
SBI Life- eShield | INR 11,092 | 95.03% |
BajajAllianz- – Shield | INR 10,372 | 95.01% |
CanaraHSBCOBC Life Insurance- iSELECTSTAR | INR 9,219 | 94.04% |
IndiaFirst Life Insurance- Life E-Term Plan | INR 7,080 | 92.82% |
Disclaimer: Data pertains to term insurance cover for a 30-year-old, salaried, non-smoker male, residing in Bangalore, earning Rs. 5L annually, for a 30-year term. Table excludes companies for which data is not available on their website. Data as on 24 Nov, 2020. Companies listed on the basis of claim settlement ratio in descending order. *According to IRDA annual report. Data compiled by BankBazaar.com
