If you’re looking to purchase a term insurance plan, here are the approximate annual premium costs for policies with a sum assured of Rs 1 crore currently being offered by 21 insurers in our country.
The starting of a new year is a perfect occasion to take stock of our finances, lay down the financial plans for the year, review the progress made in the previous year, identify problematic areas and take effective corrective measures, if required. It is all the more important this year as the world is yet to recover from the Covid-19 pandemic which exposed our vulnerabilities like nothing before.
In fact, the previous year made many among us realise the true importance of having in place a life insurance plan to protect the financial interests of our dependents if something untoward were to happen to us. As such, if you still don’t have a life insurance policy, you must prioritise getting one with an adequate sum assured at the earliest.
If you are not sure how much sum assured would be adequate, you may consider the popular rule of thumb which states that your life insurance plan should be worth at least 10 times your current annual income. You may want to go for a higher sum assured based on your requirements.
It may be noted that there are different types of life insurance policies available in the market with varying features and benefits and you should choose the one that best meets your requirements after carefully comparing all your options. These include term insurance plans, unit-linked plans, endowment policies, retirement plans, money-back plans, whole life policies, child insurance plans, etc. Now, many people choose term insurance plans for a high sum assured at relatively cheaper premiums, according to BankBazaar.
Do note, however, the premiums of any life insurance policy would increase as you grow older. So, if you’re planning to get one, you’ll be well-advised to get one at a younger age.
That being said, the cost of the premiums shouldn’t be the only consideration while choosing a particular insurance policy. You also need to factor in other important things like the chosen insurer’s claim settlement ratio, policy features, add-on benefits, etc. to make a pragmatic choice that best meets your requirements, informs BankBazaar.
So, if you’re looking to purchase a term insurance plan, here are the approximate annual premium costs for policies with a sum assured of Rs 1 crore currently being offered by 21 insurers in our country. Do note, the premiums costs of all the below-mentioned policies are calculated for a 30-year-old non-smoker salaried male residing in Bangalore with an annual income of Rs 5 lakh for a policy tenure of 30 years.
Your applicable premium could be different based on your age, income, place of residence, occupation, chosen policy’s features, sum assured, premium payment term, or your insurer’s terms and conditions, among others.
How Much Does A Rs 1 Crore Term Insurance Policy Cost?
Disclaimer: Data pertains to term insurance cover for a 30-year-old, salaried, non-smoker male, residing in Bangalore, earning Rs 5 lakh annually, for a 30-year term. The list is not exhaustive. The table excludes insurance companies for which data is not available on their websites. Data as on January 5, 2021. *Claim settlement ratios as per IRDAI Annual Report FY2018-19. Data compiled by BankBazaar.com