Affordable Life Insurance Policy
- List of cheapest life plans
- Coverage for 100 years
- Benefits of Buying Life Insurance
While adding a life insurance policy to your financial plan, it's important to know that it's a long-term commitment but totally worth it. Whether you want to secure your family member financially, make wise investments, or save for after retirement, leave it to life insurance to do for you.
However, the most challenging part of buying insurance is paying premiums regularly to keep the plan active without compromising living standards. It's advisable to opt for a cheap life insurance plan so paying premiums won't burden you.
Finding an affordable life policy might be a hassle - but don't worry. We've got your back with a list of the cheapest life insurance in India.
Here, we've compiled the list of the cheapest life insurance plans in India for a person aged 30 years old, a non-smoker earning 15 to 20 lacs residing in Delhi NCR, and looking for insurance coverage of 1 cr till 100 years.
| Life Insurance Plan | Entry Age | Maturity Age | Life Cover | Policy Term | Monthly or Annual premiums |
|---|---|---|---|---|---|
| Tata AIA Sampoorna Raksha Supreme | 18 - 60 years | 28 - 100 Years | 1 Crore | 100 years | Rs. 1,793/month Rs. 20,312/year |
| Edelweiss Tokio Zindagi Protect | 18 - 65 years | 23 - 70 Years | 1 Crore | 100 years | Rs. 1,793/month Rs. 20,312/year |
| Canara HSBC Young Term Plan | 18 - 45 years | 28 - 99 Years | 1 Crore | 99 years | Rs. 2,905/month Rs. 33,376/year |
| ICICI Prudential iProtect Smart | 18 - 65 years | 65 - 85 Years | 1 Crore | 99 years | Rs. 3,004/month Rs. 34,026/year |
| PNB MetLife Mera Term Plan Plus | 18 - 65 years | 28 - 99 Years | 1 Crore | 80 years | Rs. 2,854/month Rs. 32,214/year |
Life insurance is an ideal financial product for assurance. It allows you to provide a guaranteed legacy for your loved ones during tough times. To do so, you must make a long-term commitment to paying premiums and keeping the plan active. Apart from a life cover in your absence, there are other benefits associated with buying life insurance such as:
However, the money can be used to pay:
The best time to purchase cheap life insurance is at the early stages of life because you'll qualify for lower premiums at a younger age. During the older phases of life, you may develop health problems that lead to expensive premiums or disqualify you from some plans. Youngsters when they start earning may face expenses like EMIs, and student loans. However, missing out on opting for life insurance may have a significant economic effect on life, such as delaying retirement savings. Indeed, the sooner you buy life insurance, the better.
While buying life insurance, you've to submit a set of necessary documents to your insurer. Below, we've mentioned the list of documents you may need to give your insurer for buying a life insurance policy.
Life insurance is an essential financial tool that must be added to everyone's financial portfolio. There are many cheapest life insurance plans available in India. If you don't opt for life insurance yet, now is the right time to buy one because it is also better late than never.
Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.
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Sahil is a passionate content writer with over two years of expertise in the insurance domain. He uses his knowledge in the field to create engaging content that the customer can relate to and understand. His passion lies in simplifying insurance terminology, ensuring a hassle-free understanding for potential policyholders. With his outstanding collaborative efforts with people, he understands different perspectives and keeps readers' viewpoints at the forefront of his content writing approach.
