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Life Insurance Price List in India

Life insurance is a contract between two parties, where one party agrees to insure the life of the other. This contract is most commonly in the form of a policy which is an agreement between two or more parties to provide protection or indemnity against financial loss.

Life insurance companies use their policies as a way to generate revenue by charging premiums on the policy. The premium will be paid periodically over time and will be used to compensate those who have lost their lives due to death.

Life Insurance Price List in India

When buying life insurance, it is important to know what type of coverage you need, what options are available, and how much do these covers cost? This article provides an in-depth view of the life insurance price list and the factors that should be considered when buying life insurance. This will give you a better idea of which one to go with.

What is Life Insurance Price?

The price of life insurance is the amount of money that you paid to insurance companies for financial protection for your life. Pricing in Life Insurance can be complex and confusing. There are a lot of factors that affect the price of life insurance policies, such as age, health status, gender, family size, and location. And also the price of life insurance can be depending on the type of policy you want to buy, the amount of coverage you want, the amount you are willing to pay, and more. The cost of life insurance can vary depending on these factors.

Pricing can vary depending on the company and its specific needs as well as the customer's need for coverage. A life insurance price list is a list of rates and premiums for life insurance policies. A life insurance price list helps you to compare premiums for different life insurance policies in different states. Compare different types of life insurance prices using the life insurance premium calculator at PolicyBachat to get the best life insurance policy at an affordable price.

Life Insurance Price Calculator

When you are considering buying life insurance, the first thing that comes to mind is how much does it cost? A life insurance price calculator is a tool that helps you to calculate the approximate amount of premiums you will have to pay for your life insurance policy. It is an easy-to-use and free-of-cost online tool that helps you get a conclusive decision on the premium amount and it helps the policy buyers find out life insurance premiums simply and quickly.

Life insurance calculators provide premium calculation results instantly. Moreover, a life insurance price calculator also helps you calculate an estimate of the sum assured that you and your loved ones may require for financial security. It provides the premium for your life insurance policy according to the data entered by you.

For an example:

A 30-year-old male, with no Tobacco habit, a monthly income of 30 thousand, and a salaried individual and the total sum assured is 1 Crore, the payment term is up to retirement (70 years) would pay

  • Monthly Premium of Rs. 927/-
  • Quarterly Premium of Rs. 2300/-
  • Half Yearly Premium of Rs. 5200/-
  • Annual Premium of Rs. 10200/-

Click on the below button to calculate the life insurance price as per your requirement

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Factors Affecting Life Insurance Price in India

  • Age: As people age, the need for life insurance increases. When you are young, you have a higher probability of living longer. This means that the cost of life insurance will be lower for people under 40 than for those over 40. The younger you are, the cheaper your life insurance will be. But it is important to note that younger people might not get as much coverage as older people because they have a lower probability of dying and therefore a lower risk for the company.
  • Life Insurance Price Comparison:

    Age Average Price
    For 20 Years Old 660/-
    For 30 Years Old 890/-
    For 40 Years Old 1520/-
    For 50 Years Old 6000/-
    For 60 Years Old 12500/-
  • Gender: Gender affects life insurance price. This is because the gender of the applicant is a factor in determining the risk of mortality. Men tend to be more expensive than men because they have a higher risk of dying than women do. That's why men are charged more for life insurance than women are.
  • Life Insurance Price Comparison:

    Parameter Male Female
    Age 30 30
    Tobacco consumption No No
    Income 10 Lakhs per Year 10 Lakhs per Year
    Pay type Regular Regular
    Life Cover Whole Life Whole Life
    Premium Payment Mode Monthly Monthly
    Sum Assured 1 Crore 1 Crore
    Average Price 2200/- 1550/-
  • Health History: Health history is a very important factor in life insurance pricing. As people grow older, they are more likely to develop chronic diseases and die prematurely. Every insurance proposal requires the health history of the prospect to be taken into consideration before deciding on the acceptance of the proposal. So, the cost of life insurance is often higher for people who have a history of health problems or who have been diagnosed with certain conditions.
  • Lifestyle: Some lifestyle factors would increase the price of your policy. The premium in the life insurance calculator increases if your lifestyle is risky i.e. smoking, drinking, or consuming tobacco. The chance of death happening is high in the case of people smoking or drinking or consuming alcohol, this increases the mortality ratio when people have these habits.
  • Type of Policy: The major factor determining life insurance plans using the life insurance price calculator is the type of life insurance policy you want to buy. There are many types of life insurance policies such as Term insurance plans, Endowment insurance plans, Child plans, Pension plans, etc. All these types of life insurance policies have different premiums but all of them cover the life of the insured.
  • Sum Assured: Sum assured is the maximum liability of the insurance company in case of death of the policyholder or maturity of the life insurance policy. The sum assured is paid to the nominee or legal heir in case of the death of the policyholder. Most insurance companies offer a sum assured of annual income x 10 times + loans/liabilities and this can be calculated using the online calculators available. The life insurance premium calculator India increases the premium if the sum assured is increased and decreases the premium when the sum assured is decreased.

Comparison of Life Insurance Price List for Different Coverages

Life insurance pays out a lump sum to the beneficiary upon the policyholder’s death. It is usually used for covering financial liabilities in case of accidental death or terminal illness. It is important to consider how much life insurance costs for different coverages and how to compare them with one another. Let’s look at the comparison of life insurance price lists for different coverages

  • Pay Type: Regular Pay
  • Payout Type: Lump Sum
  • Premium Payment Mode: Monthly
  • Annual Income: 10 Lakhs
  • Tobacco Consumption: No
  • Gender: Male
  • Cover up to: Whole Life Insurance
Sum Assured 10 Lakhs 20 Lakhs 50 Lakhs 1 Crore 2 Crore 5 Crore 10 Crore 20 Crore
For 20 Years Old 622/- 645/- 752/- 1017/- 1756/- 4258/- 8962/- 22500/-
For 30 years Old 765/- 965/- 1052/- 1360/- 2600/- 8500/- 13650/- 35250/-
For 40 years Old 890/- 1080/- 1350/- 2548/- 3620/- 12478/- 22410/- 42578/-
For 50 years Old 1050/- 1450/- 2483/- 4572/- 6587/- 18540/- 25487/- 54872/-
For 60 years Old 1548/- 2487/- 5478/- 8754/- 10527/- 22548/- 34215/- 78549/-

*The Premiums above given are just for illustration purposes*. Compare quotes to get the actual premiums of a life insurance policy

How to Compare Life Insurance Price Quotes

The life insurance price quote is one of the most important things in your life. Because it helps you plan for the future and decide what to do with your money. Life insurance quotes vary from company to company, but in general, the more coverage you have, the higher the price.

With the advent of online life insurance, it is now easier than ever to compare quotes from different providers. But before you consider getting a quote, be sure to do your research and understand what each provider offers.

Online life insurance quote comparison in India has been made easier for people with the help of digital technology. It's important to note that it is not just about getting a cheap quote but also about getting the best one from a range of insurers.

 You can just compare quotes online and get your quote in minutes. Below are the steps to compare life insurance price quotes

  • Visit the Policybachat Website and select the ‘Life’ tab.
  • Enter your Name, Date of Birth, and Mobile Number.
  • Click on the ‘View Plans’ button.
  • Just Answer 5 Simple Questions.
  • Select your ‘Gender’.
  • Select ‘YES’ or ‘No’ if you have Smoked or Chewed Tobacco in the last 12 months.
  • Select your ‘Annual Income’.
  • Select your ‘Education Qualification’.
  • Choose your ‘Occupation Type’.
  • Enter your ‘Email Address’.
  • Then click on ‘Start Saving Money’.
  • Premium quotes of top life insurance plans will be displayed as per data entered by you
  • Compare them and pick the best one as per your requirement.

Tips to Reduce Life Insurance Price

  • Online Purchase: Premiums for life insurance policies purchased online are comparatively less than purchasing life insurance policies offline as it requires no additional premium cost of purchasing them directly from the insurance company.
  • Avoid Consumption of Tobacco/Alcohol: Health is considered the most important factor while calculating the premium for life insurance. The premium rates for non-tobacco/alcohol consumers are low compared to those who consume tobacco/alcohol.
  • Choose the Best Possible Policy Term: The period of the whole policy term plays an important role in the calculation of policy premiums. If you buy a life insurance policy for a longer term you can get low premiums as compared to premiums for short policy tenure.
  • Add Riders Only If Required: Choose the riders wisely and opt for them only if you require them because additional coverage riders increase the number of premiums.

Life Insurance Price List FAQs:

What is pricing in Life Insurance?

Life insurance price is the amount a company charges for life insurance. The price of life insurance depends on several factors, including:

  • Age of the person
  • The health of the person
  • Gender
  • Type of Policy
  • Coverage Amount, etc.

What Is the Average Life Insurance Price Per Month?

When it comes to life insurance, the price per month can vary depending on how much coverage you want and how much coverage you are willing to pay. For example, A 30-year-old male, with no Tobacco habit, a monthly income of 30 thousand, and a salaried individual and the total sum assured is 1 Crore, the payment term is up to retirement (70 years) would pay Rs. 920/- per month approximately.

How to Price Life Insurance?

Life insurance is a form of financial security that helps to protect the lives of family members in the event of death. When deciding on what type of life insurance policy to buy, there are a few factors that must be considered. Some factors include your age, health, and family members who might need coverage, health history, etc.

Are Life Insurance Prices increasing?

Yes, life insurance prices have been increasing in India for a long time now. This is due to the rising inflation rate and also because of the increase in life expectancy. The rise in life expectancy has led to a rise in the number of people who need life insurance and due to covid-19 the higher claims would be done results increasing in life insurance prices.  You may have to pay 20 to 40% more for a life insurance policy.

Why are Life Insurance Prices going to increase?

The cost of life insurance is on the rise due to several factors. One of them is higher claims costs arising out of increasing medical expenses in India and the cost of life insurance is increasing because of the need for more sophisticated and expensive medical care. It is estimated that premiums will rise 20 % to 40% as reinsurers will look to cover increased losses due to higher claims.

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