Prices Increasing soon Prices Increasing Soon

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: 

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:-

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

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

Term Plans


Life Cover

@ Starting from ₹ 16/day+


Life Cover

@ Starting from ₹ 8/day+


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. 

one crore term plan

Secure Your Family Future Today


Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

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.

Premium By Age

Term insurance articles

  • Recent Article
  • Popular Articles
23 May 2024

Term Insurance for Individuals with a 35K Salary

Securing your financial future is essential, especially when

Read more
07 May 2024

Term Insurance for 45K Salary Individuals

In life, unpredictability looms large, and while you may

Read more
07 May 2024

Term Insurance for 30K Salary Individuals

Turning your dreams into reality, like owning your home and car

Read more
11 Apr 2024

Government Term Insurance Schemes 2024

The Government of India is committed to the welfare and

Read more
03 Apr 2024

How Policybazaar Helps With Dedicated Claim Assistance

Mr. Kumar has been working with a Public sector bank in Delhi.

Read more
20 Aug 2014

Term Insurance for Women in India

Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and

Read more
03 Dec 2020

What Is Saral Jeevan Bima

Saral Jeevan Bima (SJB) is a simple term insurance plan that offers financial protection for policyholder’s

Read more
13 Apr 2021

2 Crore Term Insurance Plan

2 Crore term insurance provides cover amount of 2 Crore as death benefit to your family in the event of your

Read more
07 Mar 2023

TATA AIA Smart Sampoorna Raksha Param Rakshak Plus

TATA AIA Smart Sampoorna Raksha Param Rakshak Plus is a comprehensive life insurance policy for individuals

Read more
Need Help? Request Callback
View Plans
Download the Policybazaar app
to manage all your insurance needs.