Term plan with monthly premium less than Rs 600? Here is what insurance firms offer
Term insurance assures the holder a certain amount as life cover, providing the much-needed financial security. Additionally, term insurance tends to provide the same benefits as life insurance, but instead is cost effective for the applicant. Moreover, in case of life insurance, the premium is paid throughout lifetime while with term insurance, the applicant has the power to decide the duration of the said plan. This means the applicant has the sole discretion over the term duration. Let us compare the monthly premium for various insurance companies –
SBI Life Insurance
The SBI Life Insurance provides with a monthly premium of Rs 617.95 per month for a term insurance for 30 years, for an individual aged 28 years. The sum assured after maturity with this term plan is Rs 1 crore.
ICICI Prudential Life Insurance
In case a person opts for a term insurance with ICICI Prudential Life Insurance, one needs to pay a premium of Rs 572 per month for a term insurance that has a duration of 30 years. Here we are considering the life cover limp sum amount as Rs 1 crore and the applicant’s age as 28 years.
Max Life Insurance
With the term insurance plan that Max Life Insurance gives which assures Rs 1 crore cover amount for a term duration of 30 years, one needs to pay a premium of Rs 509 per month.
Bharati Axa Life Insurance
With a term plan with Bharati Axa Life Insurance, one can attain Rs 1 crore lump sum coverage with just Rs 532 per month premium. For this, the term duration is 30 years and the customer is 28 years of age.