A Life Insurance contract called Life Insurance is established between a policyholder and an insurer. In this arrangement, the insurer commits to providing a designated sum of money to a beneficiary upon the demise of the insured individual or after a predefined period in exchange for premium payments made by the policyholder.
Top 10 Life Insurance Policies in India
Aditya Birla Sun Life Insurance
SBI Life eShield
HDFC Life Click 2 Protect Plus
Aviva i-Life
Future Generali Care Plus
Birla Sun Life BSLI Protect@Ease Plan
LIC’s Jeevan Pragati Plan
Max Life Online Term Plan Plus Basic Life Cover
Bharti Axa Life Elite Secure
PNB MetLife Mera Term Plan
Factors Influencing Your Life Insurance Premiums
Age – Your age is a significant determinant of the premium for a life insurance plan. Younger individuals typically pay lower premiums, and the premium gradually increases as they age.
Health – Both your current health and medical history can impact the cost of your life insurance policy. If you have pre-existing conditions or a history of health issues that could reoccur or affect your well-being, you may face higher premiums.
Family’s Medical History – A family history of certain medical conditions can increase your possibility of developing them as well. Consequently, you might be required to pay a higher premium if your family has a history of hereditary ailments.
Type of Coverage -The type of coverage you choose will determine how much your life insurance plan will cost. For example, the cost for your plan will go up if you add more riders. In addition, a premium for a longer policy term could be more than for a shorter one. Additionally, the premium will vary depending on the kind of life insurance policy you choose. For example, the most economical choice is typically term life insurance.
Status of your Employment – If you have a high-risk occupation, your life insurance premium may be higher than average. Jobs with inherent risks, such as those in construction or involving regular exposure to hazardous substances, often result in higher premiums.
Aditya Birla Sun Life Insurance
Minimum age at entry
18 Years
Maximum age at entry
65 years
Minimum term period
5 years
Maximum term period
30 years
Minimum sum assured
Rs.30,00,000
Maximum sum assured
No limit on maximum sum assured
Premium payment mode
Monthly, quarterly, half-yearly or annually
Premium term
Equal as policy term
SBI Life eShield
Cover options under the eShield plan
Level CoverLevel Cover with Accidental BenefitIncreasing CoverIncreasing Cover with Accidental Benefit
Maximum age at entry
65 years for both Level Cover and Level Cover with Accidental Death Benefit60 years for Increasing Cover and Increasing Cover with Accidental Death Benefit
Minimum age at entry
18 years
Minimum sum assured
Rs.20,00,000
Maximum sum assured
No limit (subject to underwriting)
Minimum policy term
5 years (For Level Cover & Level Cover with Accident Benefit)10 years (For Increasing Cover & Increasing Cover with Accident Benefit)
Premium payment mode
Yearly
Premium term
Same as policy term
Minimum premium amount
Rs.3,500
Maximum premium amount
No limit
PNB MetLife Mera Term Plan
Minimum entry age
18 years
Maximum entry age
65 years
Minimum sum assured
Rs.10,00,000
Age at maturity
75 years
Policy term
10 years to 40 years
Premium payment term
Equals the policy term
Bharti Axa Life Elite Secure
Minimum entry age
18 years
Maximum entry age
75 years for the policy term of 10, 15, 20, and 25 years.65 years for a term period of 5 years
Minimum sum assured
Rs.25,00,000
Premium payment term
Equals policy term
Premium payment modes
Yearly, half-yearly, quarterly, and monthly
Max Life Online Term Plan Plus Basic Life Cover
Minimum entry age
18 years
Maximum entry age
60 years
Policy term
10 years to 40 years
Minimum sum assured
Rs.25 lakhs
Maximum sum assured
100 Crores
Premium payment term
Equal to policy term
Premium payment mode
Yearly, half-yearly, quarterly, and monthly
LIC’s Jeevan Pragati Plan
Minimum entry age
12 years
Maximum entry age
45 years
Policy term
12 to 20 years
Minimum basic sum assured
Rs.1,50,000
Maximum basic sum assured
No limit
Maximum age at maturity
65 years
Premium payment modes
Yearly, half-yearly, quarterly, and monthly
Birla Sun Life BSLI Protect@Ease Plan
Minimum entry age
18 years
Maximum entry age
65 years
Plan options
Level Term InsuranceIncreasing Term Insurance
Minimum policy term
5 years
Maximum policy term
40 years
Premium paying term
Single paymentLimited PaymentRegular Payment
Premium payment mode
Yearly or monthly
Minimum Sum Assured
Rs.30,00,000
Maximum Sum Assured
No limit (subject to underwriting)
Riders available
BSLI Accidental Death & Disability RiderBSLI Hospital Care Rider
Future Generali Care Plus
Minimum entry age
18 years
Maximum entry age
60 years
Minimum sum assured
Rs.10,00,000
Maximum sum assured
Rs.24,99,999
Minimum policy term
5 years
Maximum policy term
30 years
Maximum coverage age
65 years
Minimum premium
Rs.2,500 per annum
Premium modes
Yearly, half-yearly, quarterly, and monthly
Features of Future Generali Care Plus (Premier Option):
Life option: It offers a lump sum at death of the policyholderExtra life option (Accidental Death Benefit): It provides an extra sum assured in addition to the lump sum offered on deathIncome Option: Provides 10% of sum assured on death and the remaining is paid out on a monthly for 15 yearsIncome Plus Option: The option provides 100% of sum assured on death and an arrears on 100% of sum assured which is paid monthly
