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Term Insurance – Premium Rates 2012


Term Insurance  – A Friend In Need

Term Insurance the most basic form of insurance where policy holder pays premium to protect his / her Economic value against unfortunate events like death.Endowments and money back policies are mere attractive and polished forms of term insurance and comes costly for the additional polished features.

Term Insurance Premium Rates 2012:

Here are few selected Premium Payment Rates of different insurance companies for pure risk plans.

Premium rates are for following specifications –

  • No Smoker – Male
  • Age completed -30 Yrs.
  • Term insurance  – Rs.50 Lakhs.
  • Term – 30 Yrs.
Company Plan Yearly Premium
LICIndia LIC Amulya Jeevan 18,876
ICICI –Prudential ICICI-Pru I-Care 8,652
Bajaj Allianz Bajaj Allianz I-Secure 7,623
Aviva Life Insurance Aviva i-life 4,473
Aegon Religare Aegon Religare i-term 4100
HDFC Life Insurance HDFC Click 2 Protect 6,742
Kotak Kotak E-Preffered Term Plan 6,910
Edelweiss Tokio Edelweiss Tokio Life Protection 7,865
IndiaFirst IndiaFirst Life Plan 12,753
Reliance Life Insurance Reliance e-Term Plan 6685

Pl.Note -Premiums are always subject to change.

Selection Of Term Insurance Plan :

More options = more confusion.Which is the best term insurance plan?Though its not possible to generalize the things,one can consider following factors.

  • Premium Payable – Customized quotes can be extracted from respective insurance company’s website.One can chose the option based on the premiums.
  • Claim Settlement Ratio – This is another metric to select the term insurance but one should remember that its ratio only..not number.IRDA declares claim settlement ratio time to time.
  • Combination – One can minimize the claim rejection risk by opting for cover of 2-3 companies.But do not forget to provide the details of earlier bought policies.
  • Online Term insurance Policies – One can view that policies which are available to buy online have cheap premiums.There is no harm in buying online policies but if any one is buying policy online then keep acquainted the spouse / nominee about complete details and all processes under the unfortunate events of claim.

Premium Difference – Term Insurance & MoneyBack Plan :

Just for example we will consider example of LIC Term plan and LIC Money Back Policy for term of 25 yrs , Sum assured of Rs. 25 Lakh and age of policy holder 30 Yrs.

Plan Premium
LIC Term Plan 8,200/-
LIC Money Back – 25 Yrs 1,29,345/-

One can view the difference in premiums for two policies.So idea is to buy term insurance and invest remaining money at right place and achieve more returns.

Bottomline:

Term insurance is important risk management tool and very important component of any financial plan.Its necessary to access your need of insurance ,ideally it may be around 10 times of the annual income..   A friend in need is a friend indeed  looks true for term insurance .so opt it today if it is available for you…who knows you may not be eligible tomorrow...

 


Category: Insurance

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9 Responses

  1. Abhishek says:

    Dear Team

    which company is the best in claim settlement ols sugeest 3 company

  2. Sachin says:

    HDFC Click To Protect – Buy or not.

  3. Raj says:

    I recently bought Aviva i-Life and let me tell you it’s a good term plan.

    • admin says:

      If all material facts have stated correctly E.g. any pre-existing illness or information about other existing policies,then no chance of risk of rejection.

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