Term Plan Premium for Sum Assured of Rs.1 crore from 10 Insurers

Term plans are one of the most important policies you can invest in. They allow you to select high sum assured amounts at cost-effective premiums. However, determining the price of a term plan can be difficult task as each insurance provider has their own rates and algorithms.

The following table illustrates the price of term plans of 10 popular life insurance providers based on the age of the applicant. The prices quoted below are for male applicants aged 30 years, 35 years, and 40 years for a sum assured of Rs.1 crore. Additionally, the claim settlement ratios of these insurers will give you an idea of the possibility of your claims being accepted.

Premium rates

Insurance provider Plan name Premium according to age Claim settlement ratio
30 years 35 years 40 years
Max Life Insurance Online Term Plan Plus Rs.8,378 Rs.10,384 Rs.13,334 95.26%
Edelweiss Tokio Life Insurance MyLife Rs.8,496 Rs.10,042 Rs.12,827 97.78%
Aegon Life Insurance iTerm Rs.7,497 Rs.9,512 Rs.12,717 94.56%
Bharti AXA Life Insurance Flexi Term Rs.8,260 Rs.10,385 Rs.13,570 96.29%
Tata AIA Life Insurance Life Insurance iRaksha Supreme Rs.8,732 Rs.10,974 Rs.15,104 94%
SBI Life Insurance eShield Rs.11,092 Rs.13,228 Rs.16,154 92.13%
Aviva Life Insurance iTerm Smart Rs.7,886 Rs.9,662 Rs.12,409 92.25%
ICICI Prudential Life Insurance  iProtect Smart Rs.9,740 Rs.11,919 Rs.15,252 92.03%
Exide Life Insurance Elite Term Rs.9,809 Rs.11,680 Rs.14,343 89.61%
IDBI Federal Life Insurance iSurance Flexi Term Rs.9,251 Rs.11,257 Rs.14,089 89.39%


This table will help you get an idea of the price structure of plans offered by these insurers. However, to get an accurate quote, you can use the premium calculator service available on most insurers’ websites. Term plan premiums are largely affected by your age, gender, smoking habits. Therefore, it is difficult to calculate the price on your own. Using a premium calculator, you can get the accurate premium quotes in seconds just by entering a few basic details.

Why you should invest in term plans

Mentioned below are some of the important reasons why you should invest in term plans:

  • Financial security: Term plans act as a safety net in your absence. With the high sum assured that it offers, your family can fulfil their financial needs comfortable even in your absence. However, to ensure that, you must invest in the right cover which is adequate for your loved ones’ needs.
  • Cheaper: Term plans are one of the cheapest insurance policies available in the market. Term plans usually have low prices because they only offer death benefit unlike endowment plans which offer a lump sum amount after the policy matures.
  • Flexible: Numerous insurance providers now offer online and offline term plans. In online term plans you may not even have to go through a medical check. Most term plans allow customers to choose their policy term according to their requirements.
  • Add-ons: Though term plans do not offer any additional benefits on their own, customers always have the option of investing in add-on riders to enhance the policy.
  • Low commission: The commission charged by insurance agents on term plans is lower when compared to other traditional plans. The commission is a recurring expense and is calculated as a part of the premium.