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Features
Ref. No. KLI/22-23/E-BB/492
The cost of life insurance is the premium you pay to keep your family financially protected in your absence. It can be as low as ₹30-₹40 per day, depending on factors like your age, the coverage amount, and the type of policy. You can save money by buying a term plan early and selecting the right sum assured for your needs.
The cost of life insurance refers to the premium you pay to an insurance company in exchange for financial protection for your loved ones in your absence. The cost ensures that the insurer will provide a predetermined sum assured to your beneficiaries upon your unfortunate passing. It represents the price of safeguarding your family’s future and depends on the coverage and benefits you choose.
The cost of life insurance in India varies widely based on the type of policy, sum assured, and personal factors like age, health, and lifestyle.
Let us assume that you are a 30-year-old individual who does not smoke. In such a case, you can buy ₹1 crore term insurance with a tenure of 40 years at the cost of ₹13,334 per year. On the other hand, if the same policy is bought by a 40-year-old individual who smokes, he will have to pay ₹47,554/year as premium.
It is clear that there is not a single premium rate for all life insurance plans. So, how do insurers determine the cost? Most companies consider the following factors:
Now that you understand how much does life insurance costs and the factors that influence it, let us explore the reasons to invest in a life insurance plan. The following benefits highlight why it is a wise long-term commitment:
Making smart choices about life insurance today sets the foundation for your family’s tomorrow. You should remember not to focus solely on the cost of insurance life insurance. It is equally important to consider other policy details like coverage amount, riders, flexibility, and more. The best plan is not the cheapest or most expensive. It is the one that aligns with your financial goals, your family’s needs, and your budget.
1
The cost of life insurance is influenced by factors such as age, health condition, lifestyle habits (like smoking), sum assured, policy tenure, and the type of policy chosen (term or whole life). Insurers also consider your occupation and family medical history.
2
The younger you are when purchasing life insurance in India, the lower your premium will be. Premiums increase with age as the risk to the insurer grows.
3
Yes, life insurance premiums are significantly higher for smokers and individuals with pre-existing medical conditions due to the increased risk of health complications.
4
Term insurance premiums are generally much lower than whole life insurance premiums because term plans offer pure risk cover without any maturity benefits. They have a limited tenure, whereas whole life policies provide protection for the entire lifetime of the individual.
5
Higher sum assured amounts lead to higher premiums, as the insurer assumes greater financial risk.
6
You can reduce your life insurance premium by maintaining a healthy lifestyle and opting for a policy with fewer riders or add-ons. Additionally, renewing policies on time avoids lapses that can increase costs.
1. Waiver of Premium Rider in Life Insurance
2. Key Things to Review in Your Life Insurance Policy Document
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Features
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
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