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Want To Buy Rs. 1 Crore Term Insurance Plan? Check How Much Premium You Will Pay

Team BankBazaar
·3-min read


A term insurance plan is a must-buy for all working individuals as it works as an income replacement tool for your family in the unfortunate event of your untimely demise. Ideally, it should be your first life insurance plan once you start working to protect your loved ones. 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 21 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. The table also provides 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, the 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?

Insurance Company Name

Premium Costs for Sum Assured of Rs 1 Cr

Claim Settlement Ratio (FY-2018-19)**

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-Enhanced Life Secure

INR 13,538

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 10,821

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%

Shriram Life Online Plan

INR 9,763

85.30%

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 15 Dec, 2020. Companies listed on the basis of claim settlement ratio in descending order. *According to IRDA annual report. Data compiled by BankBazaar.com

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