Cheapest Online Term Life Insurance Plans in India – April 2012

Term Life Insurance Plans

Below is the chart showing lowest online term life insurance premium for a particular age for different insurance amount. The tenure of insurance is 60-(age at time of taking insurance). So for 30 Years aged person the insurance tenure is 30 Years, for 40 years age its 20 years and for 50 years age its 10 years.

How to read this table: The cheapest online term plan for a 30 year old with insurance of Rs. 10 Lakh and insurance tenure of 30 years is offered by Aegon i-Term Plan at a premium of Rs. 1,776.

All the premium below is for healthy male only.

[table style=”1″]

Insurance Amount(in Lakhs)	Age at time of taking Insurance
Insurance Amount(in Lakhs)	30 Years	40 Years	50 Years
10	AEGON i-Term	AEGON i-Term	AEGON i-Term
10	1,776	2,769	4,787
20	AEGON i-Term	AEGON i-Term	AEGON i-Term
20	3,044	5,030	7,478
30	AEGON i-Term	AEGON i-Term	Kotak i-Term
30	3,905	6,684	11,168
40	AEGON i-Term	AEGON i-Term	Kotak i-Term
40	5,206	8,206	14,532
50	AEGON i-Term	AEGON i-Term	AEGON i-Term
50	4,522	7,500	15,497
75	AEGON i-Term	AEGON i-Term	AEGON i-Term
75	6,535	11,085	23,246
100	Bharti i-Protect	AEGON i-Term	AEGON i-Term
100	8,052	14,008	30,112
125	Bharti i-Protect	Bharti i-Protect	Bharti i-Protect
125	10,065	18,613	40,397
150	Bharti i-Protect	AEGON i-Term	AEGON i-Term
150	12,078	21,012	45,168
200	Bharti i-Protect	AEGON i-Term	AEGON i-Term
200	16,104	28,016	60,224

[/table]

A few things to note in the table:

No individual plan is the cheapest across all age and tenure. So the cheapest term plan would be specific to your profile and needs.
The premium for Rs. 40 Lakh insurance is less than the premium for Rs. 50 Lakh insurance for 30 and 40 years age from the same company. More details here.

Disclaimer: Data above is as of March 30, 2012 and might change in future. You are advised to check the premium at the respective websites before making final purchase.

Amit

Hi Readers! I am Amit, the mind behind Apnaplan.com I am MBA from NITIE, Mumbai and BIT from Delhi University. This blog is my online diary where I write about my tryst with my investment decisions. In the 400+ posts on this blog you will find articles on Personal Financial Planning, Investments, Retirement Planning, Insurance, Loans, Fixed Deposits, Provident Funds, Stock Markets, Gold, Silver, Real Estate Investment, Credit Cards, Credit Score, Taxation, Inheritance Planning and Reviews on various Financial Products.

Next Allotment Status of REC, L&T, IDFC, IFCI, HUDCO, IRFC, PFC, NHAI, Muthoot »

Previous « SBI Extended Working Hours on April 7, 2012

View Comments

Maddox says:

April 25, 2013 at 7:18 am

I have a term life insurance policy through my job and i wanted to know if the IT Dept will be taking taxes out if and when the policy is paid by insurance company.
- Amit says:
  
  May 1, 2013 at 5:43 pm
  
  No in case of life insurance, if its paid on demise of the policy holder, the amount is tax free.
Chirag says:

April 13, 2012 at 8:41 am

I think you have missed Aviva i-Life which is a great term insurance plan and also is cheap comparatively.
I myself have bought i-Life and think its a good term plan.
- Amit says:
  
  April 13, 2012 at 10:05 am
  
  Aviva i Life is good term plan but I checked and still the mentioned plans are marginally cheaper than Aviva. Let me know if you find any specific cell that needs to be corrected.
  - Chirag says:
    
    April 19, 2012 at 11:27 am
    
    In the above table you have noit mentioned i-life. Guess that should have been included.
Term Plan says:

April 5, 2012 at 8:28 am

Thank you for sharing useful information. By using this information anyone can choose the right plan for the investment. Looking for the more informative article next time also.