Affordable Life Insurance Policy
  • List of cheapest life plans
  • Coverage for 100 years
  • Benefits of Buying Life Insurance
Affordable Life Insurance Policy
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Cheapest Life Insurance Plans in India 2024

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.

Affordable Life Insurance Plans for all Age Groups

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

Benefits of Buying the Cheapest Life Insurance

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:

  • Guaranteed protection

    Whether your family depends on your income or you're the sole member of the business, with life insurance, you can save your family or business from the potential financial losses that could result in your absence. However, life insurance acts as a financial safety net with guaranteed protection. When you die, your dependents will get guaranteed life cover, which can help them pay off debts, maintain living standards, and pay any medical expenses.
  • Income replacement

    Have you ever wondered what will happen to your dependents when the income you provide suddenly disappears? Isn't it devastating? With life insurance, you can ensure your family members have a substitute for your income when needed.

    However, the money can be used to pay:

    • Pay off debts
    • Maintain living standards
    • Pay for kids' higher education
    • Afford medical care or other services.
    • Eliminate outstanding loans
    • Preserve a family business

  • Tax benefits

    Buying a life insurance policy makes you eligible for different tax benefits according to Indian Income Tax laws. Under Section 10 (10D) of the Income Tax Act 1961, your dependents can enjoy a sum assured amount you leave for them without any tax deduction. It's because the life cover of life insurance is typically passed along federal income tax-free. Under Section 80C of the Income Tax Act 1961, you can opt for a tax exemption of up to Rs. 1.5 lakh for premiums paid towards the policy.
  • Guaranteed cash value growth

    When you buy your life insurance and pay premiums to keep your plan active, your policy builds cash value that is assured to grow—tax-deferred—and can help your dependents and you meet a variety of financial plans:
    • Becomes retirement income
    • Pay off kids' higher education
    • Pay off a mortgage
    • Protect existing assets
    • Create an emergency fund
  • Optional riders

    Life insurance policies can be tailor-made with inbuilt options and add-on covers to meet individual needs. In exchange for additional premiums, you can buy rider protection and enhance your base cover. Whether you wish to add an accidental death cover rider because you've off-road jobs or a critical illness rider to pay for chronic illnesses, you can get additional cover for specific conditions with riders.

When is the Right Time to Buy Cheap Life Insurance Plans

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.

Documents Required for Buying Affordable Life Insurance

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.

  • Identity Proof
  • Address Proof
  • Income Proof
  • Medical Reports
  • Employee - 3 months salary slip and bank statements of salary crediting
  • Self-employed - ITR of the last 3 years with Computation of Income (COI)
  • Two passport-size photographs
  • Policy invoice number and coverage of pre-existing insurance policies (if any).


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.

Affordable Life Insurance Policy: FAQ's

1. Which life policy is the least expensive?

Term life insurance policy is typically the cheapest type of life insurance that offers coverage for a specific period, such as 10 to 40 years and some of them go up to whole life cover as well.

2. Which is the cheapest life insurance policy in India?

Below, we've mentioned the top 5 cheapest life insurance policies in India:

  • Tata AIA Sampoorna Raksha Supreme
  • Edelweiss Tokio Zindagi Protect
  • Canara HSBC Young Term Plan
  • ICICI Prudential iProtect Smart
  • PNB MetLife Mera Term Plan Plu

3. Which is better, term life or whole life insurance?

Simply put, term life has lower premiums but only covers a fixed period. On the other hand, whole-life insurance has higher premiums but offers coverage for a lifetime.

4. What age should you get life insurance?

The best time to buy life insurance if you seek lower premiums is typically between 18 and 30 years old. However, premiums may vary depending on an individual's health.

5. What is not covered in life insurance?

There are some exclusions in life insurance, such as death occurs due to war, natural disaster, suicide, intoxication, or criminal activity.

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Sahil Singh Kathait

Written By: Sahil Singh Kathait

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.