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15 Cheapest Term Life Insurance Policies For Your Age


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.

15 Cheapest Term Life Insurance Policies For Your Age

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.

Story first published: Tuesday, August 7, 2018, 12:37 [IST]
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