Here are the top insurance plans with the cheapest premiums that you can avail
- With the coronavirus pandemic, the need for insurance has only become higher.
- According to a study by PolicyBazaar, more than 60% of Indians want to opt for health insurance after having personally faced a hefty hospital bill.
- For a change, Indians are not just looking at as insurance as a tax-saving instrument anymore.
Recently, the Insurance Regulatory Development Authority of India (IRDAI) had also announced two standard COVID-19 health insurance policies – 'Corona Kavach' and 'Corona Rakshak'.
But the coronavirus pandemic, only stresses on the importance of having an insurance cover. According to a study by PolicyBazaar, more than 60% of Indians want to opt for health insurance after having personally faced a hefty hospital bill. “Nearly one in three Indians are thinking about buying health insurance, motivated by the fear of Covid-19 this year. When it comes to life insurance, nearly seven in ten respondents purchased a term insurance plan as a means to protect their family’s financial future and not merely as a tax-saving instrument,” said the report.
Here are the top term insurance plans with the cheapest premium plans
|Company||Life Cover||Cost per month|
|India First e-term plan||₹1 crore||₹422|
|Aegon Life Insurance – iTerm||₹1 crore||₹479|
|Canara HSBC iSelect+||₹1 crore||₹480|
|Future Generali - Flexi online term||₹1 crore||₹486|
|Reliance – Digi Term||₹1 crore||₹500|
|Edelweiss Tokio – Zindagi+||₹1.1 crore||₹526|
|PNB Met Life – Mera term plan||₹1 crore||₹585|
|SBI Life Insurance eShield||₹1 crore||₹589|
|Aditya Birla Capital – LifeShield plan||₹1 crore||₹623|
|Max Life Insurance – Smart term plan||₹1 crore||₹623|
|Bajaj Alliance Smart Protect||₹1 crore||₹638|
|Kotak e-term plan||₹1 crore||₹654|
|HDFC – C2PP life option||₹1 crore||₹709|
|ICICI Prudential – iProtect smart||₹1 crore||₹774|
|Exide Life Insurance – Smart Term Comprehensive||₹1 crore||₹926|
|Tata AIA – Maha Raksha plan||₹1 crore||₹927|
India is home to over 59 insurance companies – 24 of which are in the life insurance business while 35 are non-life insurers. “The life insurance sector dominates the insurance market in India with a huge share of 74.7%, whereas non-life insurance accounts for the remaining 25.3%(IRDAI, 2018),” said a report by ICRIER from July.
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