Here are the top insurance plans with the cheapest premiums that you can avail

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  • 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.
With the coronavirus pandemic, the need for insurance has only become higher. From e-commerce firms offering insurance to the delivery workers to the likes of Paytm entering the insurance industry, people are more aware about insurance plans and are planning on how to manage hospital expenses.

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.

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Here are the top term insurance plans with the cheapest premium plans

CompanyLife 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
Source: PolicyBazaar

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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