I have compiled a list of Term Insurances Plans offered by various companies.
The table below shows premium payable for a healthy 28 year old non-smoker Male for an insurance term of 25 Years.
| Life Insurance Cover for 28 Year Old Healthy Non Smoking Male for 25 Years Term | 1 Crore | 50 Lakhs | 20 Lakhs | 10 Lakhs |
|---|---|---|---|---|
| Aegon Religare iTerm Plan | 9,400 | 5,050 | 3,060 | 1,730 |
| ICICI Prudential Life Insurance – ICICI Pure Protect | 17,306 | 8,653 | 4,035 | 2,468 |
| HDFC Standard Life – Term Assurance Plan | 18,986 | 10,692 | 5,269 | 2,717 |
| Canara HSBC OBC Life – Pure Term Plan | 19,100 | 10,300 | 5,020 | 3,260 |
| Bajaj Allianz Life – New Risk Care | 19,725 | 10,425 | 4,771 | 2,760 |
| Kotak Mahindra Old Mutual Life – Term Plan | 20,300 | 10,150 | 5,120 | 2,559 |
| Reliance Life – Term | 22,700 | 11,600 | 4,940 | 2,720 |
| ING Vysya Life – Term Life | 23,749 | 11,874 | 4,881 | 2,749 |
| Future Generali – Future Care | 24,100 | 12,050 | 5,220 | 2,810 |
| Tata AIG Life – Raksha | 24,300 | 12,150 | 4,860 | 2,430 |
| Bharti AXA Life – SecureConfident | 24,500 | 12,250 | 5,660 | 2,830 |
| Birla Sunlife Insurance – Term Plan | 24,600 | 12,451 | 5,760 | 3,031 |
| Max New York Life – Level Term Policy | 24,742 | 12,371 | NA | 2,474 |
| Met Suraksha | 25,300 | 12,800 | 5,300 | 3,100 |
| SBI Life – Shield | 25,410 | 12,705 | 5,082 | 2,591 |
| LIC – Amulya Jeevan(Plan – 190) | 26,500 | 13,250 | 5,300 | 2,650 |
| Aviva Life Insurance – Life Shield | 28,568 | 14,285 | 5,714 | 2,857 |
As from Table it’s clear that Aegon Religare iTerm Plan is the cheapest as of date. Its premium is nearly half of its nearest competitor ICICI Prudential Life Insurance – ICICI Pure Protect and one third of LIC for insurance of Rs 1 Crore.
Though cost is a major factor for buying a Life Insurance, you should also look other factors like convenience, claim settlement ratio, riders available among other things.
i like to have claim settlement ratio of term plan of 2011-12 of all insurance companies in india
Even I would like to know that but unfortunately none of the Insurance companies make it available as of now 🙁