15 Cheapest Term Life Insurance Policies For Your Age

Insurance

oi-Olga Robert

By Olga Robert

Published: Tuesday, August 7, 2018, 12:37 [IST]

Term life insurance policies are not very attractive to Indians who prefer endowment plans as it allows savings and life insurance coverage at the same time. However, with the abundance of investments options available to Indians today, one should not merely rely on endowment policy for savings. One important point to consider is that life insurance coverages should not be looked at as investment or savings options but protecting your loved ones financially, and which is why term insurance plans are a good bet.

Term insurance policies also come with a good amount of benefits. If you are mainly looking to leave your family with a good coverage, term insurance serves the purpose well with its large death benefits at a smaller premium.

Here is a list of some policies with a sum assured of Rs 1 crore for ages 30, 35 and 40 years and policy terms of 30, 25 and 20 years. These are ranked on the basis of claim settlement rates, which means that the ones with the lowest number of claim rejections are on the top, as it is also an important factor while choosing the insurance policy for the benefit of your family.

Sl. No	Claims settled in FY 2017	Name	Plans	Premium for 30 year-old (in Rs)	Premium for 35 year-old (in Rs)	Premium for 40 year-old (in Rs)
1	96%	LIC	E-Term	17,145	21,122	26,550
2	94%	Max Life Insurance	Online Term Plan Plus	8,378	10,384	13,334
3	94%	AEGON Life Insurance	iterm	7,497	9,512	12,717
4	94%	Canara HSBC Oriental Bank of Commerce Life Insurance	iSelect Term Plan	7,379	8,849	11,464
5	91%	Exide Life Insurance	Elite Term	9,810	11,680	14,343
6	91%	Birla Sun Life Insurance	Protect@Ease	9,328	11,363	13,266
7	90%	TATA AIA Life Insurance	Life InsuranceiRaksha Supreme	8,510	10,695	14,720
8	89%	ICICI Prudential Life Insurance	iprotect smart	9,740	11,919	15,252
9	87%	IDBI Federal Life Insurance	iSurance FlexiTerm	9,251	11,257	14,089
10	87%	Bharti AXA Life Insurance	FlexiTerm	8,260	10,384	13,570
11	86%	SBI Life Insurance	eShield	11,092	13,228	16,154
12	86%	Kotak Mahindra Life Insurance	Kotak e-term Plan	8,702	10,826	14,838
13	84%	Aviva Life Insurance	iTerm Smart	7,886	9,662	12,409
14	84%	Edelweiss Tokio Life Insurance	mylife+	8,496	10,042	12,826
15	83%	Bajaj Allianz Life Insurance	etouch	10,371	12,531	15,895

Note: The data as been taken from the IRDAI's annual report for financial year 2017. Ages are assumed for the same year. Premiums include 18 percent GST.