The premium for 1 crore life insurance will depend on the type of policy you purchase and the insurer you choose, as well as your personal details such as your age, health, etc. Generally speaking, the premium for a 1 crore life insurance plan with a term of 20 years, can vary between Rs.2,000 - Rs.8,000 per month.
When it comes to premiums, some of the factors that may determine the amount of premium you will pay include:
• Your age - Generally, the younger you are when you purchase the policy, the lower the premium
• Your health - Those with pre-existing health issues may need to pay higher premiums due to the added risk associated with those ailments
• The type of policy you purchase - Whole life insurance and Universal Life Insurance may have higher premiums due to their more comprehensive coverage
• The insurance company you choose - Different companies usually have different premium rates, so be sure to shop around for the best rate
• The claim settlement ratio of the insurer you choose - A higher claim settlement ratio generally indicates that the insurer is more balanced and transparent with their premiums.
To get an exact amount for your 1 crore life insurance premium, you can use online calculators to find out what your estimated premium might be. You can also speak to an insurance broker to discuss your specific needs, and they will be able to advise you of the best option for you.
