Term Insurance Price List In India 2024

Term insurance is an insurance product that protects against the financial risks associated with death or disability. Term life insurance policy provides protection for a specific period, typically up to 5 to 60 years. The cost of term life insurance is determined by the amount of coverage you purchase and your age at the time you apply. Term life insurance policies are often cheaper than whole life insurance policies because they have lower ongoing costs and require less maintenance.

When you buy a term policy, you pay a fixed amount of money over a specific period. That fixed amount is generally less than the cost of the policy. The difference between what you pay and what you get back is called your premium. If you die during this period, your beneficiary will receive a lump-sum payment from your insurance company. In this article, you will know about the term insurance price list in detail to get an affordable premium for a term insurance policy.

What is Term Insurance Price?

Term insurance price is the amount of premium you pay for a specific period to the insurance company. Term insurance is usually issued in annual premiums and it also has a maximum duration of one year. The price of term insurance depends on several factors such as your age, gender, health condition, the length of time you want to cover, etc. Pricing can vary depending on the insurer and its specific needs as well as the customer's need for coverage.

Term insurance offers less price as compared to whole life insurance. A term insurance price list is a list of rates and premiums for term insurance policies. A term life insurance price list helps you to compare premiums for different term life insurance policies in different states. Compare different types of term life insurance prices using the term insurance premium calculator at PolicyBachat to get the best term insurance policy at an affordable price.

Term Insurance Plans and Prices

• Level Term Insurance Plan Price: Level term insurance plan is a plan where the sum assured remains constant throughout the term of the policy period and the benefits are paid to the nominee on the death of the policyholder.

A 28-year-old male, with an annual salary of 10 lacs with no Tobacco habit opted for a level term insurance plan with a sum assured of Rs. 1.5 Crores he would pay Rs. 12k per year.

• Increasing Term Insurance Plan Price: The increasing term insurance is a type of term insurance policy in which the sum assured of the policy increases with the completion of each year. The sum assured in the second year would be greater than that of the first year and so on up to a certain limit mentioned under the policy.

A 28-year-old male, with an annual salary of 10 lacs with no Tobacco habit opted for a level term insurance plan with a sum assured of Rs. 1.5 Crores he would pay Rs. 18k per year.

• Decreasing Term Insurance Plan Price: Decreasing term insurance plan is the type of term insurance plan in which the sum assured under the policy would be decreasing with each passing year. The percentage to be decreased under the plans can be pre-defined and the sum assured decreases every year until either the policy pays out or the coverage period comes to an end.

A 28-year-old male, with an annual salary of 10 lacs with no Tobacco habit opted for a level term insurance plan with a sum assured of Rs. 1.5 Crores he would pay Rs. 20k per year.

• Return of Premium Term Insurance Plan Price: The Return of premium term insurance plan is the plan where the premiums paid by the policyholder under the plan will be returned by the life insurance company to the policyholder in case the policyholder survives the policy period. In case of death during the policy period, the nominee would receive the sum assured

A 28-year-old male, with an annual salary of 10 lacs with no Tobacco habit opted for a level term insurance plan with a sum assured of Rs. 1.5 Crores he would pay Rs. 40k per year.

Comparison of Term Insurance Prices in India

Term insurance has become popular in recent times as it provides protection against the risk of death and disability. Term insurance is a type of life insurance policy that can be purchased to provide coverage for a specific period.  It is important to consider how much life insurance costs for different insurers and how to compare them with one another. Let’s look at the comparison of term insurance price lists for different insurers

• Pay Type: Regular Pay
• Payout Type: Lump Sum
• Total Payout: 1 Crore
• Premium Payment Mode: Monthly
• Annual Income: 10 Lakhs
• Tobacco Consumption: No
• Gender: Male
• Term: 10 years

*The Premiums above given are just for illustration purposes*. Please refer to the website for the exact premium.

Term Insurance Price Calculator in India

The term insurance price calculator is a tool that can help you to find the best term insurance plan for you. It takes into account your age, gender, health, lifestyle, and other factors. The calculator will help you find the best term insurance plan for your needs. It will also calculate how much of a monthly premium you need to pay and what kind of coverage you should get.

The online term insurance calculator is easy and hassle-free and can be used free of cost. PolicyBachat provides the best term insurance premium calculator to calculate the price of term insurance plans. Compare term insurance plan prices for different insurance side by side at PolicyBachat and get the best term insurance plan at an affordable price.

Best Term Life Insurance Price Quotes

Best term life insurance quotes can be sorted from our online portal where the basic process is to fill in the details of the applicant for quote generation.The best term life insurance quotes are calculated for a 29-year-old Male, with no Tobacco habit, an annual income of 10Lacs, and a Salaried individual. Premium payment mode is Monthly and the Sum assured is 2 Crores, Payment term is up to retirement (65 years) based on the extra coverage in the form of add-on or riders.

Term Insurance Price Factors

The cost of term insurance is determined by many factors. This includes the type of insurance policy and coverage amount you want to purchase. And also factors that affect the price of term life insurance, such as age, health, location, gender, lifestyle, policy term, occupation, etc.

• Age: Term insurance premium is based mainly on the age of the customer. If lower the age of the policyholder, lower would be the term insurance premium. This is due to the increase in mortality rate with the increase in age of the people. It is advisable to take a term insurance policy at a very young age to reduce the premium amount payable during the policy period.
• Gender: Term insurance premium changes with the gender of the customer as well. This is due to the loss ratio experienced by the insurance companies. The premium for Male policyholders of the same age and same sum assured would be higher than that of the Female policyholder due to the mortality rate being high in the Male population in comparison to the female population.
• Sum Assured: Sum assured is the maximum liability of the insurance company in case of the death of the policyholder. The sum assured selected by the policyholder decides the premium under the term insurance policy. The higher the sum assured, higher would be the premium to be paid under the term insurance policy.
• Health: Insurers will also look at the state of your health at the time you apply for the term policy. If you have been suffering from any chronic illness in the past or your current medical condition indicates any future health issues your policy premium rates might be affected. Healthy applicants often have to pay lower premiums in comparison.
• Lifestyle: The lifestyle of a person decides the term insurance premium to be paid. Lifestyle includes Smoking and drinking habits, entertainment in risky work, etc. In comparison, the term insurance premium of a smoker and drinker would be high than that of a teetotaler. This is due to the increase in the risk of death due to diseases and illness.

Price Difference between Whole Life Insurance and Term Life Insurance

Whole life insurance is a type of life insurance policy that offers lifetime coverage. Term life insurance, on the other hand, offers coverage for a fixed term or several years. Whole Life Insurance is usually more expensive than Term Life Insurance because it provides lifetime coverage while Term Life Insurance only provides coverage for a fixed period. The price difference between Whole Life and Term Life Insurance can vary depending on the company, policy term, and type of policy.

The Average Cost of Term Insurance by Age, Gender:

• Total Payout: 1 Crore
• Annual Income: 10 Lakhs
• Tobacco Consumption: No
• Policy Term: 10 years
• Pay Type: Regular Pay
• Payout Type: Lump Sum
• Premium Payment Mode: Monthly

The Average Cost of Whole Life Insurance by Age, Gender:

• Total Payout: 1 Crore
• Annual Income: 10 Lakhs
• Tobacco Consumption: No
• Cover up to: Whole life
• Pay Type: Regular Pay
• Payout Type: Lump Sum
• Premium Payment Mode: Monthly

Term Insurance Price List FAQs:

What Is Insurance Term Price?

The term "price" refers to the amount of money that an insurance company agrees to pay for the loss of life or limb, which is called "premium." The price that an insurance company charges for its services is determined by several factors. Insurance companies use this term price to calculate how much they will charge their customers.

Who Has The Best Prices On Term Life Insurance?

The best prices for term life insurance can be found online. With the rise in technology, more and more people are turning to online resources for information and services. PolicyBachat is an online insurance web aggregator that provides term insurance plans by comparing life insurance quotes of different insurers. By comparing these quotes you can get the best prices on term life insurance.

Is Term Insurance Prices Increasing?

Life term insurers on the drive of global insurers are set to hike premiums on term plans because rising mortality after the second wave of the pandemic has led to an increase in the number of settlements. Higher premiums may mean higher profitability for insurers but could also impact demand for policies at a time when awareness about insurance is at a peak. Expectations are that premiums will rise between 20% and 40% as reinsurers will look to cover increased losses due to higher claims.

Many companies have already applied to the Insurance Regulatory and Development Authority of India (IRDAI) asking permission to term insurance hike charges while some are negotiating with global reinsure to minimize the hikes. The hike in the premiums is likely to impact both online and offline policies.

What Is The Average Price Of Term Life Insurance?

A term life insurance policy is a type of life insurance that pays a fixed amount of money to the policyholder for a specific period. The average price of term life insurance in India is Rs. 11,000 per year for a 29-year-old Male, with no Tobacco habit, an annual income of 10Lacs, and a Salaried individual. Premium payment mode is Monthly and the Sum assured is 2 Crores, Payment term is up to retirement (65 years).

What Is A Good Price For Term Life Insurance?

Some people might be tempted to get cheap term life insurance on the assumption that it is not worth paying more than what they would spend on food and other necessities in the same month. However, this might not be true as there are many factors to consider when determining what is a good price for term life insurance such as the amount of coverage, age, health status, etc.