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How Much is the Cost of Life Insurance In India?

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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What is the Cost of Life Insurance? 

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.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

How Much Do Life Insurance Plans Cost in India?

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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What Factors Affect Life Insurance Premiums?

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. 

Wrapping it Up!

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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