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A common myth surrounding insurance policies is that higher coverage translates to a proportionate increase in premiums. However, this is not true – higher covers are not directly proportional to higher premiums and just a few simple steps could help you keep your insurance premiums well within your control.
Explained below are some tips on how you can lower the premium on your term insurance policies.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
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Before we take a look into the low premium insurance plans, let us first try to understand what is term insurance. Term insurance is essentially a pure risk cover plan, which means it financially protects the family in case of the policyholder’s death. These plans offer the life cover as a death benefit to the nominee in case of the policyholder's death during the policy term. However, you can make the cover more comprehensive by adding riders to the base plan.
Similar to regular term insurance, low premium term insurance offers a high life cover at low premiums. This allows a large number of people to be able to afford term insurance and secure their loved ones without breaking the bank. Let us take a look at some of the best term insurance with low premiums that you can buy in India to protect your family.
Term Plans
Let’s take a look at the best term insurance with low premiums available in India 2024:
| Low Premium Term Insurance | Entry Age | Maturity Age | Policy Term | |
| ICICI Pru iProtect Smart | 18 - 65 years | 99 years | 5 - 69 years | |
| HDFC Life Click 2 Protect Super | 18 - 65 years | 85 years | 5 - (85 - entry age) years | |
| Max Life Smart Secure Plus | 18 - 60 years | 85 years | 10 - 67 years | |
| Tata AIA SRS Vitality Protect | 18 - 60 years | 85 years | 10 - 67 years | |
| Bajaj Allianz eTouch | 18 - 55 years | 99 years | 10 - 81 years |
* You can use the term plan calculator to get an estimate of the low premium insurance you would need to pay for the desired life cover.
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Here is a list of factors that can be controlled to get low premium insurance:
Excessive drinking and/or smoking or chewing tobacco adversely affects your health, elevating your mortality risk. Insurance companies, therefore, ask prospective policyholders about these habits before evaluating how much premium should be charged for his/her term policy. A non-smoker would receive a low premium term insurance plan, whereas smokers would have to pay a higher premium for the same plan. The same logic applies if you drink alcohol excessively.
For policyholders in regular office jobs, the insurer may offer low premium term insurance plans compared to individuals in high risk professions such as firefighting, mining, deep sea diving, skydiving, bomb demolition and similar occupations. Certain insurers may even refuse to insure those involved in highly risky professions. Therefore, the riskier and dangerous your profession, higher is your mortality risk and higher the risk you pose for the insurance company, as a result of which your premium will be higher.
A higher life cover/sum assured translates to a higher risk for the insurance company in the unfortunate event that the policyholder passes away while the policy is in force. Similarly, the longer the tenure of the policy, the higher will be the premium. This is because the insurance company is covering the risk of the policyholder’s death for a longer period.
If you see that the insurance company is quoting a high premium for your policy, consider lowering one of these factors so that the premium also becomes lower. You can also use a human life value calculator to get an estimate of the right life cover you should opt for in your profile.
Insurance companies usually offer policyholders a choice for premium payment frequency – it could be a one-time payment, yearly, bi-yearly, quarterly, or monthly. Not only that, but insurers in India also offer the option of paying the premiums in a single go, limited term, or for the entire policy term. With these many options, you can customise the most suitable premium payment option for your low premium term insurance plans.
With term insurance riders, you can enhance the base coverage of the plan at nominal premiums. You can get comprehensive coverage within the same low premium term insurance plan and get protection against critical and terminal illnesses, accidental total permanent disability, accidental death, and waiver of premium.
Premiums charged on term policies purchased online are usually lower than what you would pay for the same policy purchased through an agent or some other intermediary, i.e. offline. The reason for discounted premiums on online sales is because it helps insurance companies eliminate agent commissions, administrative and distribution costs.
Of course, the decision to buy a policy online or offline will depend on the extent of customised advice you require in the process of deciding the policy most suited to your needs.
Here is a list of factors that cannot be controlled while buying low premium term insurance:
Age: Younger applicants are charged lower premiums because mortality risks and the tendency to fall ill increase with progressing age.
Gender: Some studies say that women generally tend to live longer than men. Hence, other things being equal, women are mostly charged lower premiums than men of the same age for the same policy.
Genetic Predisposition: If you are genetically predisposed to major ailments like heart problems, diabetes, blood pressure, etc. then it is likely that your term insurance premium will be higher.
The final extent to which each factor will affect your low premium term insurance will vary as per each insurer’s rating and underwriting policies. It is best to compare the top insurance companies in India based on their claims settlement ratio, customer service records, reputation, policy coverage, etc.
Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.
Simply follow the aforementioned advice in order to lower your term insurance premiums. While you can hardly do anything to take care of factors beyond your control, you can easily take care of general factors including mode of payment, policy value and tenure.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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