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|
|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.