Rs 1 cr Term Plan Premiums Compared: Check out current offers from 20 insurers

by Joseph K. Clark

If you want to purchase a term life plan, here are the indicative annual premiums for 20 such policies with a sum assured of Rs 1 crore and a policy term of 30 years.

The ongoing Covid-19 pandemic has reminded us that life could be highly uncertain. But the fact is, we might not be able to predict what lies ahead; however, taking specific essential steps in advance to minimize the impact of life’s vagaries on our family’s finances is something in our control.

One of these steps is to get adequate life insurance protection so that our dependent family members are not left in the lurch if something untoward unexpectedly happens to us. In doing so, it might be a better idea to get a term life insurance policy instead of a traditional policy or an endowment plan because a much more significant sum assured could be secured at affordable premiums with the former, especially if the procedure is started at a young age.

But how do you determine the ideal term insurance coverage level for your family’s future financial requirements? Your life policy should ideally cover your remaining long-term debts (like an existing home loan) and other critical financial goals of your family members.

A popular rule of thumb states that the ideal sum assured of your life insurance plan should be 10 – 20 times your current annual income. If your current yearly income is Rs 10 lakh, your life insurance plan should have a sum of at least Rs 1 crore to Rs 2 crore. However, the more accurate way would be to evaluate your coverage requirements by factoring in your current finances, financial goals, and inflation, according to BankBazaar.

Premiums Compared

You may calculate this by multiplying your current annual expenses with the years left till retirement combined with the current value of your life goals and your total loans and liabilities minus your existing savings and investments. Remember, the maximum coverage level applicable to you would be based on your current income, so you might not be allowed to buy a policy whose sum assured is more than 30 times your current annual income in some cases.

So, if you’re looking to purchase a term life plan, here are the indicative annual premiums for 20 such policies with a sum assured of Rs 1 crore and a policy term of 30 years. All the indicative yearly premiums have been calculated for a 30-year-old salaried non-smoker unmarried male residing in Bengaluru earning Rs 5 lakh annually.

You’ll be well-advised to focus on the premium obligations and the insurer’s claim settlement ratio, policy features, and benefits while finalizing your decision. Remember that the premiums applicable to you could differ depending on your age, income, gender, policy features, or any other terms and conditions of your chosen insurer.

Disclaimer: Data pertains to term insurance cover of Rs 1 crore for a 30-year-old, salaried, non-smoker male (unmarried) residing in Bengaluru, earning Rs 5 lakh annually, for a 30-year term. The table is not exhaustive as it excludes companies for which data is unavailable on their website. Data as of 20 July 2021. *The insurers have been listed in descending order based on their death claim settlement ratios per the IRDA Annual Report 2019-2020. Data compiled by, an online marketplace for loans, credit cards, and more.

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