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Life insurance is considered one of the most important financial tools for everyone’s financial portfolio. To buy life insurance, you must pay regular premiums to ensure the policy coverage for the desired term. However, to ensure a smooth and uninterrupted premium payment, you should buy term plan with premiums fitting your budget. But before we learn more about how much life insurance is sufficient, let us look at the factors that affect life insurance:
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If you are still younger, you can enjoy lower premiums on your life insurance policy. Term insurance plans are the most affordable options, providing a death benefit in the event of the life assured’s death within the specified term. In India, a life insurance plan can be obtained between Rs. 30 to Rs. 40 per day, ensuring protection against any financial losses that may arise throughout your lifetime.
Note: Know what is term life insurance first and then buy a term plan for your loved ones.
Note: It is suggested to calculate the term plan premium on the term insurance premium calculator online tool before buying term insurance plan.
Term Plans
Here is a list of the best 5 term life insurance plans and their premium rates for a 20-year-old healthy non-smoker male looking for a 1 Crore life cover till 60 years of age.
| Term Life Insurance Plans | Entry Age | Sum Assured | Premium | |
| ICICI iProtect Smart | 18 - 65 years | 50 Lacs - 20 Crores | Rs. 824 | |
| HDFC Click 2 Protect Super | 18 - 65 years | 50 Lacs - 20 Crores | Rs. 817 | |
| Max Smart Secure Plus | 18 - 60 years | 25 Lacs - 10 Crores | Rs. 746 | |
| Tata AIA SRS Vitality Protect | 18 - 60 years | 50 Lacs - 2 Crores | Rs. 690 | |
| Bajaj Allianz eTouch | 18 - 55 years | 50 Lacs - 10 Crores | Rs. 585 |
* You can use a life insurance calculator to estimate the premiums you must pay for your desired life cover.
** Information Sourced from policybazaar's official website.
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Below is the list of factors that affect your life insurance premiums:
Age
The older you get, the more premium you would have to pay. That is why buying life insurance plans as early as possible is suggested to secure a large cover and maximum benefits at lower premiums.
Gender
Insurers usually offer lower premium rates for female customers as, statistically, women have a longer life expectancy than men. Thus men are offered the same life insurance plan at slightly higher premiums than female
Health History
Most insurers require you to submit your and your family’s medical history to accurately assess your existing conditions and potential illnesses that may be hereditary. The insurer may increase the premiums in case of serious hereditary illnesses.
Tobacco Use
Insurers offer a lower premium rate for non-smoking customers compared to smoking customers. This is because of their increased risk to life due to smoking. Similarly, people who regularly drink may have to pay a higher premium.
Adventure Sports
Many people like the adrenaline rush and opt for various adventure sports like paragliding, bungee jumping, and other such activities. However these hobbies can result in an increased premium due to increased risk to life.
Occupation Types
Your occupation type, like having a desk job or working in high-risk places, can also affect your premiums. People working in mines or other high-risk jobs can be charged higher premiums. Not only that, but being self-employed or salaried may also impact your premium amount.
Coverage Amount
A larger sum assured will have a larger premium. Therefore, it is suggested that you use a human life value calculator to estimate the life cover you should buy accurately.
Life insurance is an important tool to have in everyone’s financial kitty. However, before buying the most suitable life insurance plan, you must ensure that you opt for one that fits your budget. You can check and compare the available plans on Policybazaar and buy the plans from the comfort of your home in just a few minutes.
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+All savings provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.
