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Complete Term Insurance Solution at Low Premium

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.

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What is Low Premium Term Insurance?

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.

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+

Best Term Insurance with Low Premiums in India 2024

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 insurance calculator to get an estimate of the low premium insurance you would need to pay for the desired life cover.

one crore term plan

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

Controllable Factors Affecting Low Premium Term Insurance

Here is a list of factors that can be controlled to get low premium insurance:

  1. Lifestyle Factors

    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.

  2. Profession

    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.

  3. Policy Value and Tenure

    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.

  4. Premium Payment Mode

    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.

  5. Riders

    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. 

  6. Mode of Policy Purchase

    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.

Factors Beyond Control that Affect Low Premium Term Insurance

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.

Wrapping it Up!

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. 

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