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General

Term plan premiums

A number of people have asked me what the premiums are plain term plans offered by various companies. Here’s the figures I’ve collated:

Company

Age: 31 years (30 yr term)

Age: 40 years (15 yr term)

Reliance Life

5585

7850

SBI life

4709 (25 years term max)

8001

Prudential ICICI

6052

9095

MetLife

5250 (29 years term max)

8100

HDFC Standard

5070

7590

OM Kotak (non smoker)

5555

7050

LIC

6133 (25 years term max)

8628

Notes:

1) For Age 31: the values are for a sum assured of Rs. 15 Lakhs, for a 30 year term.

2) For Age 40: the values are for a sum assured of Rs. 15 Lakhs, for a 15 year term.

3) Some companies don’t offer a 30 year term (mentioned in brackets) and therefore are not strictly comparable.

4) Disclaimer: All values are from the online premium calculators in these companies’ web sites. Nothing above is guaranteed, and I am not an agent or representative of these companies. The values may change with time, so there is no assurance of accuracy either.

5) Extra Service Tax + Cess may be applicable. Please confirm before you buy a policy.

For an age of 31 (my age): HDFC Standard seems to be very good value. (Don’t consider the smaller term plans)

For an age of 40: OM Kotak seems to be the cheapest.

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