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The premium for a term plan is based on how the insurer assesses your risk. If you and another person chooses the same ₹1 crore cover, both of you may pay different premiums because your age, health, income, lifestyle, policy choices, etc., may be different.
If bought early, a ₹1 crore term plan may be affordable for a healthy non-smoker. However, the exact cost should be checked with a premium calculator, as the premium varies based on your personal details, policy term, premium payment term, and selected riders.
| Step | What actions to take |
|---|---|
| Step 1 | Find out if ₹1 crore is enough to cover your family. |
| Step 2 | Use a term insurance premium calculator with accurate details. |
| Step 3 | Compare scenarios with the same policy term, payment term, and rider choices. |
| Step 4 | Treat the result as indicative until underwriting is completed. |
| Step 5 | Read the exclusions, claim process, and premium payment terms before you buy. |
Take the Quiz!
Take the Quiz!Before You Buy Any Insurance Plan, Answer These Questions
Premiums are lowest when risk is lowestPremiums are lowest when risk is lowestThink protection, not investment.Think protection, not investment.It reflects how many claims are actually honored.It reflects how many claims are actually honored.It should replace your income for good number of years.It should replace your income for good number of years.Same section applicable as ELSS & PPF.Same section applicable as ELSS & PPF.Here's how you performed
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